This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
The perils of credit
It's that time of year again when retailers get ready for the big holiday rush. The orders have been placed. The new merchandise is coming in. The holiday wrapping paper and bows are set, and you're ready to go. You...
It's that time of year again when retailers get ready for the big holiday rush. The orders have been placed. The new merchandise is coming in. The holiday wrapping paper and bows are set, and you're ready to go. You have extended yourselves financially to ensure that you can give your customers a fresh and exciting selection of jewelry, and many of you go into the season owing a lot of money to your suppliers. You take a lot of risks to have an appealing store that will bring customers in and have them leave with beautifully wrapped packages. You don't just do it for the sense of pride that it gives you: There is a financial reward for you at the end of December that you hope will let you keep your stores open during the winter and spring months that follow.
One of the difficult things about being a retailer is having to accept returns. Most stores today have a fairly generous return policy, but small retailers have a particularly hard time accepting returns because, for them, the difference between a good season and a bad one can often be in the amount of returns. When a customer buys an item and removes it from your inventory during the critical holiday season and then returns it to your store in January, you may end up sitting on that piece of inventory for years until it is sold again. But this is part of the risk of business and you accept it as such.
Many retailers are not aware that when they take credit cards as payment for goods sold, they are taking a second risk as well. First, remember that when you accept a credit card for goods or services sold, you're being assessed a fee by the processing company for not only the cost of the goods but the tax as well. So, in effect, you are being charged a fee on the tax. If your tax rate is 7 percent and you sell an item for $10,000, the tax is $700. If you have to pay 3 percent to your credit card processor, that amounts to $21 of additional charges that you, as the retailer, must pay. The total fee for that $10,000 sale is now $321.
Are you also aware that when the item is returned to you, the credit card
The small merchant has always been in a difficult battle with bigger business. The banks and credit card companies in recent years have found so many ways to charge for so many things that they are making it harder and harder for the small merchant to stay in business.
Editor's note: James Alperin owns James Alperin Jewelers in Pepper Pike, Ohio. If you would like to share ideas on how to deal with this credit dilemma, comment on this story.
The Latest

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

The “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.


The entrepreneur and “Shark Tank” star will share his top tips for success.

Two existing executives have been given new roles.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Meredith Tiderington, an electrical engineering student, was selected for the award.

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Her new role is director of strategic initiatives.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

The large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The diamond industry veteran has been named its senior sales executive.

The company plans to raise the prices of select watches to offset the impact of tariffs.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.