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.
For the jeweler: A new growth opportunity
In today’s ultra-competitive retail environment, sales, margin and market share are increasingly hard to come by, columnist Jan Brassem writes. That’s why retailers shouldn’t be afraid to step outside their ‘comfort zone’ and consider acquisition as a way to grow their business.

What’s happening to cause all these large and well-publicized jewelry mergers lately? First, was Signet Jewelers, with approximately 1,400 stores primarily under the Kay Jewelers and Jared the Galleria of Jewelry brands acquiring Zale Corp. and their 1,600 U.S., Canada and Puerto Rico-based stores. Signet now owns approximately 3,000 U.S. jewelry stores and, adding its 500 stores in the United Kingdom, it will be the largest jeweler in the world, a rank currently held by Hong Kong-based jewelry retailer Chow Tai Fook.
Following that transaction was the 2,000-store Chow Tai Fook chain acquiring Boston-based Hearts on Fire. Then came the sale of Hong Kong-based, Bali-made brand John Hardy. Before these were the Ben Bridge and Helzberg purchase by Berkshire Hathaway and the Fred Meyer purchase by Kroger Co. You get the picture.
More consolidating transactions will certainly follow. It will be hard to keep up.
Having spent almost thirty years in the jewelry mergers and acquisition (M&A) field, the current consolidation is not a shocker. It is simply a normal component of an industry moving through the classic maturity phase of the product life cycle. It comes as no surprise that in today’s jewelry industry, where executives constantly are seeking sales, margin and market share growth, opportunities now are harder to find.
Signet, Berkshire Hathaway and Kroger simply are trying to continue their growth in sales and profitability.
What should an ambitious jeweler do in this difficult environment? From my, and my partners’, experience he/she should consider leaving their comfort zone of worrying about diamond prices and store layout and become a strategic thinker. Start by developing an acquisition growth initiative just like Signet and Kroger did, but obviously on a smaller scale.
Businessmen that have pursued “external” growth through M&A, of course, are not always successful. Without an effective advisory team, a careful plan and a detailed strategy, failure is virtually assured.
Conversely, for those jewelers who have figured out how to buy a company carefully and profitably, their success can add the acquired sales and profit to their bottom line. All this, of course, can lead to increased market share, diversification and a refreshed customer base. As Bruce Nolop wrote in the Harvard Business Review, “Acquisitions are faster, cheaper and less risky than ‘internal,’ (or organic), expansion …”
Donald M. DePamphilis’ classic Mergers, Acquisitions, and Other Restructuring Activities, a book we refer to
Successful--some say extremely successful--jewelers who grew their bottom line through acquisition over the last 20 years or so are plentiful. Here are a few examples: Daniel’s (grew to 64 stores located in California), Greenberg’s (grew to 9 stores in Nebraska, Iowa and South Dakota), Harry Ritchie Jewelers (grew to 16 stores in Washington, Oregon, California, and Idaho), and Rogers Jewelers (grew to 9 stores in Kentucky, West Virginia, Indiana, and Tennessee). There are, of course, more.
My partners and I, with input from Nolop’s assessments, have developed a simple and basic four-tip initial primer, of sorts, to help you get the ball rolling on your acquisition growth strategy. With your first-class team of professional advisors to reduce pitfalls and obstacles, the primer should point you in the right direction to start a rewarding and challenging journey. So jewelers, start your engines.
First Round. Instead of starting by acquiring a sizeable organization, and maximizing your risk, acquire a bunch of smaller ones. “You’ll ensure that each one will be a manageable size and you’ll have a sufficient number to hedge the risk,” and adapt to changing conditions, says Harvard’s Nolop.
Do It Yourself. Don’t assign the acquisition process to an in-house team. Since you are the best judge of the various risks, rewards and strategic fit of at least the first acquisition, do that one yourself. Use the professional team and your in-house managers only as your advisors. Make the critical decisions yourself.
“Ease of Fit.” Expect quick, short-term results, with less risk, by acquiring companies that fit neatly into your market but at a difficult geographic location. This will allow you, writes Nolop, to cross-sell and reduce costs by combining inventory and staff.
Don’t Be a “Bottom Feeder.” Don’t acquire firms that are performing poorly in areas of your strength. For example, if your strength is in wedding rings, don’t acquire a firm where weddings ring sales are a weakness, thereby wasting time and resources. Take advantage of your strength(s) and grow on those, not on someone else’s weaknesses.
Don’t forget, acquiring jewelers are expected to move away from their comfort zone into the brain-numbing matrix curves and SWOP analysis, metric averages and implementation plans and be recognized as a sophisticated businessman. From my experience in working with them, the acquisition process transforms veteran jewelers into dynamic and enthusiastic strategic thinkers with a new and exciting outlook on life. Please stand by.
The Latest

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

“The Jewelry Book” comes out this September.


The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

AGS also named the recipient of its “Women in Leadership” scholarship.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker started at Williams Jewelers when she was 18 years old.

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.