Designer’s Diary: The price of going overseas

Her post brought light to something that retailers seem to be missing out on: no one is selling goods in a bubble. Sure, buying product solely from a vendor who produces overseas will increase your margin temporarily, but overall it’s causing the U.S. economy to suffer. We essentially are funding overseas production and slowly constructing a country that doesn’t create goods, and let’s be real, when your sales are soft, what is the first thing that every retailer usually blames? The economy.

The problem gets even trickier when claiming product as “Made in U.S.A.” is not an easy task. James Binnon, master jeweler and community leader, was quick to point out that the responsibility of “American-made” falls on the jeweler, sharing the Federal Trade Commission’s compliance standards. Much like the rigor and vigor bestowed upon organic farms to certify that their eggs do not carry 30 harmful chemicals, jewelers are getting the short end of the stick when it comes to proving our origin. 

So how can we all become part of a global solution and keep our businesses alive? We can’t operate alone, and buying overseas definitely has its place. What we can do is take careful consideration about what types of product we decide to carry in our store moving forward. Is a significant portion of your product line American-made? That’s great! But if you look around your shop and don’t know where the jewelry is produced, you might be doing yourself a disservice.

Brian Gavin, an online retailer with a knack for cutting diamonds to perfection, keeps an open-minded view. He said “I am a true believer in free trade, keeping jobs and competition available both in the U.S. and overseas.” 

Abby Lane from Trinity Jewelers, a fine jewelry retailer based in Pittsburgh, has a slightly different take, saying, “Often many places overseas are paid by the quantity of pieces they finish in a day rather than the quality. We have seen mismatched stones, poorly set diamonds, and been sent work with loose stones. At our store, we value making a quality piece that can be cherished for a lifetime.”

As with most things in life, balance is always key. Of course shops can’t discard the profit-makers that are made in Turkey, but you can simultaneously support local talent. Have you thought about doing trunk shows for local artisans around the holidays? Bringing in a new artist each week leading up to Christmas is a great way to bring a new audience to your shop, and helps support the small guy, not to mention it will keep your inventory costs low. Do you have any local jewelers’ work in stock? What type of marketing do you do to help bring much needed attention to your rising stars? Not only by buying American-made are you helping the bigger picture economy, but by buying local you are also helping the environment, something that millennials care about quite a bit. Let’s not forget that this demographic is slowly starting to become the biggest market for luxury goods. 

Buying American-made might hurt your pocket book for a short while, but it’ll bring a renewed interest in your shop, help build local community, provide exposure to talented jewelers right in your neighborhood, and eventually help strengthen our economy. While we often go for the fast cash, sometimes we forget what’s at stake: the passion and profit of the American master jeweler and the heart of our U.S. economy.

Jacqueline Stone has a background in finance, marketing, advertising, product development, fine jewelry manufacturing, design and sourcing. She currently is the chief creative officer of her company, Salt + Stone, working primarily with private clients to build custom engagement rings and wedding bands. Stone can be reached at shine@saltandstone.com.