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!
Editors' Picks
Sponsored by
More on Columnists
The Latest
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Weekly QuizJul 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
