CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
OtherJul 06, 2014
Changing times, and the growing wealth gap
Retailer and columnist James Alperin, who owns a jewelry store in suburban Cleveland, reflects on the shrinking middle class and what it means for jewelers today.
Jim Alperin owns James Alperin Jewelers in Pepper Pike, Ohio. He can be reached at alpjewel@aol.com.
Our country, like the rest of the world, is in a time of great flux. The economy has pulled people in two directions--rich and poor--as historically seen only prior to revolutions. Russians were starving on the streets in 1917 as the tsar indulged himself and the nobles with fineries from the jewelry house of Fabergé. And remember the phrase “Let them eat cake,” uttered about the masses at the time of the French Revolution?
Statistics prove the point that wealthy Americans’ salaries are many multiples larger than their worker counterparts. A larger gap than ever has been seen has developed and the gap keeps growing. What this has done to our society is to divide the haves from the have nots and the middle class, which made America strong and supported many jewelry businesses.
The days of making a jewelry sale between $1,000 and $5,000 has pretty much given way to sales in the $50 to $500 price range, due in part to the divide of rich and poor. The middle class has been squeezed with college tuition costs having skyrocketed and the desire for what we now consider necessities, like smartphones and big flat-screen TVs. Then add the cost of the monthly bills that go along with cell phones and cable and you’re left with a class of people who no longer can afford the luxuries that their parents took for granted as part of a successful life, in a successful country.
Jewelers today are faced with a dilemma. We need to sell our products in order to keep our businesses open and we need to be able to sell that product at a margin that will allow us to pay ourselves a salary commensurate to the amount we have invested in our businesses in terms of dollars and time. We need to sell to a middle class, but that group of people is rapidly shrinking.
The costs of our businesses are somewhat fixed. The insurance, rent and utilities are fairly constant. Staff, perhaps our most important asset, in hard times, like it or not, can be reduced. The fact is that the cost of running a business remains somewhat the same from year to year and yet we are being forced to sell a product whose value is perhaps a tenth of what it used to be. It would take ten times the number
of customers coming through your door to sell as much product as jewelers used to sell in the glory days of the industry, shortly after World War II and beyond.
The Internet has given the public free information and it has become expected that today’s brick-and-mortar merchants will disseminate information for free as well. So, when a customer comes into a store they want to know all the details of where something has been made, what the materials used are and does it come longer, shorter, wider or thinner? The amount of time that it takes to sell a piece of costume jewelry or silver jewelry is often longer than it is to sell a piece of fine jewelry. It just doesn’t pay. We now spend thirty minutes or more selling a $50 item, assuming the sale is made, in an industry with expenses that require us to sell much more expensive items to survive.
Would your attorney sit with you in his expensive office for 30 minutes and then say, “You owe me $50?” It would be more like $300. Yes, of course there is the possibility that the customer will come back because you gave them good service and they may make a purchase from you in the future, but how often has that happened? How many times have you shortened a watchband on a new watch purchased on the Internet only to have that customer come back two weeks later with another watch from the Internet asking you to shorten that one as well? After all, you did such a good job on the first one and you didn’t charge too much.
Jewelers need to sell fine jewelry to survive and I’m afraid those days are waning. We went into this industry because those before us made a good living selling a product unlike any other, one that we love. The feel, the look, the finish, the color, the luxury of real jewelry is like no other.
Are you looking for the answer on this page? I wish I had it. Art work and exceptional jewels are selling at record prices at auction to the wealthy but most of us don’t have the financial ability to stock 20 diamonds at $1 million each. That’s why we lean on our suppliers but, even if we could afford that inventory, there are few stores outside of major world cities that have the clientele for those kinds of goods. So there we remain caught between the rich and the poor and inventorying more fashion jewelry and silver.
Stay tuned, let’s see where this ride is taking us.
More on Other
The Latest
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
