ColumnistsMay 09, 2023
Creative Connecting: The Dos & Donts of Pre-Trade Show MarketingColumnistsMay 23, 2023
Squirrel Spotting: The Case of the Pricey Repair
When it comes to pricing jewelry repairs, you should start by asking a simple question about the piece at hand, Peter Smith writes.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
After completing my sales “Masterclass” at a store recently, I had the good fortune of spending a few minutes with the gentleman who ran the repair shop for the company.
Ray was curious, conflicted even, about the inexact science of pricing repairs for the store’s customers.
As he explained it, he was constantly balancing competing interests each time he quoted a price for a repair.
There seemed to be a prevailing assumption that the customer always wanted the lowest price that could be offered.
The salespeople, more often than not, adopted the role of passionate advocates for the customer getting nothing less than the lowest price possible.
After all, they reasoned, the customer would surely consider them and the store in a poor light if the repair quote was perceived as too expensive.
On the other hand, and perhaps most poignantly, Ray believed that the customer’s best interests, and the store’s best interests, were better served by quoting a price that allowed the shop to deliver the finest repair possible.
Not the bare minimum, not the obligatory repair, but the absolute best job a craftsman could do.
That inherent conflict is, of course, not exclusive to quoting repairs. It is often true for special orders, for custom work, or for any of the many essentials that pepper our days in a typical retail environment.
In thinking about Ray’s pricing dilemma, it occurred to me that there are both practical and psychological factors at play.
We assume customers have a clear sense of what they should pay for repairs when, in fact, the opposite is often true. More often than not, a customer has absolutely no idea what a given repair should cost.
I recently engaged with an appliance repair man about what I perceived to be a small matter with my fridge and, when he let me know what was needed, I decided that it was time to invest in a new refrigerator, after 13 years of fine service.
I didn’t go into the conversation with the appliance repair guy with any awareness of what a repair should cost, and I didn’t immediately conclude that I was being “ripped off” when he listed the possible remedies and the costs of said repair.
The fridge conversation was very matter-of-fact. Certain things needed addressing, and if I wanted them done, it was going to cost me a few hundred dollars.
There was no emotional component to the conversation about my fridge, unless you count its devilment of being too accessible whenever I got even a hint of a craving … darn you to hell, fridge!
Ray was curious, conflicted even, about the inexact science of pricing repairs for the store’s customers.
As he explained it, he was constantly balancing competing interests each time he quoted a price for a repair.
There seemed to be a prevailing assumption that the customer always wanted the lowest price that could be offered.
The salespeople, more often than not, adopted the role of passionate advocates for the customer getting nothing less than the lowest price possible.
After all, they reasoned, the customer would surely consider them and the store in a poor light if the repair quote was perceived as too expensive.
On the other hand, and perhaps most poignantly, Ray believed that the customer’s best interests, and the store’s best interests, were better served by quoting a price that allowed the shop to deliver the finest repair possible.
Not the bare minimum, not the obligatory repair, but the absolute best job a craftsman could do.
That inherent conflict is, of course, not exclusive to quoting repairs. It is often true for special orders, for custom work, or for any of the many essentials that pepper our days in a typical retail environment.
In thinking about Ray’s pricing dilemma, it occurred to me that there are both practical and psychological factors at play.
We assume customers have a clear sense of what they should pay for repairs when, in fact, the opposite is often true. More often than not, a customer has absolutely no idea what a given repair should cost.
I recently engaged with an appliance repair man about what I perceived to be a small matter with my fridge and, when he let me know what was needed, I decided that it was time to invest in a new refrigerator, after 13 years of fine service.
I didn’t go into the conversation with the appliance repair guy with any awareness of what a repair should cost, and I didn’t immediately conclude that I was being “ripped off” when he listed the possible remedies and the costs of said repair.
The fridge conversation was very matter-of-fact. Certain things needed addressing, and if I wanted them done, it was going to cost me a few hundred dollars.
There was no emotional component to the conversation about my fridge, unless you count its devilment of being too accessible whenever I got even a hint of a craving … darn you to hell, fridge!
“Understanding what a given repair request really means is not a rationalization for overcharging the customer, but an indicator of the best course of action.” — Peter Smith
When it comes to jewelry repairs, believing the customer always expects the lowest price is to assume they have no emotional involvement with the piece in question.
We assume the exchange of payment for labor and materials is nothing more than pure economics just like my refrigerator, minus the edible goodies inside.
Mercifully that is not how the cookie crumbles, at least not every time.
There obviously are occasions when a customer must decide whether a given piece of jewelry matters enough to them to invest their hard-earned money in fixing it.
The condition of the piece may be such that the price of repair will determine whether they will have it fixed or return to whatever little drawer it was nestled in prior to the store visit.
More often than not, however, the jewelry in question is extremely meaningful to the customer. They have a strong emotional bond with the piece, whether it is an important family heirloom or otherwise.
It may have been something acquired or gifted that is imbued with meaning and symbolism. Its restoration might signal something much more profound than the sum total of labor hours and material costs.
Psychological research has definitively established that we place considerable value on things we already own, far beyond what any rational assessment by others might conclude. That means anything we currently own always will be worth more to us than things we have yet to acquire.
Understanding what a given repair request really means is not a rationalization for overcharging the customer, but an indicator of the best course of action.
If the sales or service person engages the customer and asks the right questions, they will have a better understanding of the customer’s emotional quotient.
Ask a simple question such as, “That’s a lovely ring. What’s its story?”
A discovery question like this will result in one of two outcomes.
The first suggests keeping the work a bare minimum, and the price consistent with a lesser effort and fewer materials. And a second option that demands a much higher level of deliverable at a very different price.
The two prices can be offered to the customer (we all love to have choices and control) with a necessary proviso and a strong recommendation.
“Look, we can do the repair for ‘x’ and it will get back to wearable condition. However, I fear that such a repair is a temporary fix and I worry you may have issues down the road.”
That solution might be just what the doctor ordered for the customer, and the qualifier about future issues will have been delivered as a necessary note of caution.
Depending on your conversation with the customer it might also warrant a very different recommendation, such as: “On the other hand, this is what we should do, and it will likely take care of those problems for years to come.
“It is your decision, but I would strongly recommend the second option as I want you to have the absolute best outcome when you pick your ring up next week. What would you like to do?”
If the customer has minimal emotional investment in the ring, they may choose the least expensive option, the bare minimum to make the ring wearable.
If, however, they have a strong emotional investment in their ring, they will want and expect the absolute best repair and restoration possible.
Do the work of engagement and discovery, stop spending from your own pocket, and remember, the very best value is always a satisfied customer.
Happy selling!
More on Columnists
The Latest
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
