Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
WatchesMar 23, 2017
Ask the Watch Guy: Maximizing Your Backroom Bonanza
When it comes to watch and jewelry tools and supplies, the most important thing is to understand what you have, Jess Gendron says.
Jess Gendron is a seventh generation watchmaker, having learned by his father Dan Gendron’s side since childhood. He can be reached at talktothewatchguy@gmail.com.
We all know the importance of “turning” your inventory to increase profits.
It makes no difference if you think old, not-yet-sold inventory someday will become popular again; in the meantime, your money is sleeping.
If you have, for example, what was $5,000 in inventory at retail, and, let’s be kind and say it is 5 years old with keystone mark-up, you may look at this as only a loss of $2,500. But in real terms, your loss is much greater and becomes greater over time.
In addition to readily visible old retail inventory, almost every jewelry store I have visited has “sleeping” inventory most aren’t even aware of.
I was in a mom-and-pop store in the Midwest and asked them if they had any unclaimed repairs, watch or jewelry repair tools, or watch part assortments they would like to sell. The owner’s wife said she didn’t think so, but asked her husband if he still had his uncle’s watch repair “junk,” whereupon he said he wasn’t sure where it is. She then remembered: “All that stuff is under the gift wrap bench.” They asked me if I wanted to see it and, of course, I said yes.
After digging through gift wrap and ribbon remains, I found a 19th century watchmaker’s bench full of watch and jewelry repair tools. In the chair well of the bench were staking sets, a complete Boley lathe, a Tempo watch cleaning machine and lots of old American pocket watches.
I offered them $1,500 for all this equipment, and they accepted. They both said they had no idea that the stuff was worth anything.
In another buy, I found a Spiro Agnew watch from the 1960s that was owned by a jeweler who did not know who Spiro Agnew was. (He was Richard Nixon’s first vice president). These look like real junk, but they are worth a quite bit of money.
Here are some things that may be lurking in your back room and hidden under counters:
--Old inventory;
--Watch repair tools, such as cleaning machines, watch bands, staking sets, timing machines, lathes, watch part assortments and crystal assortments;
--Unclaimed repairs;
--Ring stretchers;
--Ring engravers;
--Tabletop engravers;
--Miscellaneous hand tools;
--Ultrasonics; and
--Old watches of all types.
Old inventory--jewelry items that did not move--sell very well on eBay in assortments. Let’s say that you have old stock earrings and bracelets. Make assortments of good, bad and ugly out of what you have.
When it
comes to watch and jewelry tools and supplies, the most important thing is to understand what you have.
If you’re not sure what something really is, ask someone. Knowing what things are is especially important so that you know their value. Sure, you can post watch repair items for sale on eBay but if you don’t know what you are selling, you’ll leave money on the table.
For example, a Marshall lathe is worth $200 on average, but a Boley is worth $500. So if you are not sure what something really is, again, ask someone. We field calls like this from time to time, and we don’t mind. Feel free to contact us at talktothewatchguy@gmail.com.
There are many reputable buyers, but beware of “cherry pickers” who only want the cream of the crop and leave you with a hard-to-sell mess.
Think of what you could do with extra money from “sleeping items,” and try to avoid buying your future dead items with your proceeds.
Note: For those of you who have been asking for the free battery changing video, our low-tech staff has finally gotten the link to work.
Jess Gendron is a seventh generation watchmaker, having learned by his father Dan Gendron’s side since childhood. He is now the owner of Colorado Timeworks, a watch repair service center in Colorado Springs. Gendron can be reached at talktothewatchguy@gmail.com.
If you’re not sure what something really is, ask someone. Knowing what things are is especially important so that you know their value. Sure, you can post watch repair items for sale on eBay but if you don’t know what you are selling, you’ll leave money on the table.
For example, a Marshall lathe is worth $200 on average, but a Boley is worth $500. So if you are not sure what something really is, again, ask someone. We field calls like this from time to time, and we don’t mind. Feel free to contact us at talktothewatchguy@gmail.com.
There are many reputable buyers, but beware of “cherry pickers” who only want the cream of the crop and leave you with a hard-to-sell mess.
Think of what you could do with extra money from “sleeping items,” and try to avoid buying your future dead items with your proceeds.
Note: For those of you who have been asking for the free battery changing video, our low-tech staff has finally gotten the link to work.
Jess Gendron is a seventh generation watchmaker, having learned by his father Dan Gendron’s side since childhood. He is now the owner of Colorado Timeworks, a watch repair service center in Colorado Springs. Gendron can be reached at talktothewatchguy@gmail.com.
More on Watches
The Latest
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.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.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%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.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe 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.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
