Gassman: Bridal Life-Long Relationship

Opportunities abound for jewelers who want to have a share of the bridal industry, IDEX Online analyst Ken Gassman said at his keynote address at the JCK show on Saturday. Bridal jewelry sales, he said, is a gateway to life time of business for an independent jeweler.

Titled Minimize Inventory While Maximizing Your Bridal Opportunity, Gassman described to the crowd key points they must remember to do to create this long term relationship. "When an engagement ring is bought in your store, don't forget to get the wedding date. According to a The Knot survey, 40 percent of jewelers don't do that," Gassman exclaimed. "They are missing out on the next sale!"

The U.S. bridal jewelry market is $12 billion, about 20 percent of all jewelry sales. It is predicted to grow to $15 billion by 2016. Engagement rings alone account for $7.7 billion annually, with an average ticket of $4,500 to $6,000.

Style, Gassman said, is the first consideration for today's brides. “It’s all about the look.”

He urged jewelers to collect key data from the buyers, contact details and personal dates, such as birthdays, and keep in touch with them as those dates and anniversaries are nearing. “Let them know that you’re still there.”

"Show them your tattoo," he said on the difference between the Millennial generation and the Boomers. "They want different, and tattoos are away to customize their bodies. The Millennials don’t want what we’ve been selling to their parents. We have to give them something different and something unique.”

Other points of consideration are that Millennials, in their desire for something unique, are willing to wait for the 'right' design and are environmentally conscience. "So offer recycled gold."