MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.
OtherDec 21, 2015
Changing Times: A Multiple-Choice Quiz
Columnist Jan Brassem pens another pop quiz, this one testing readers’ knowledge of the times, which he acknowledges are a-changin’.
Jan Brassem is a senior partner at MainBrace Global Partners, a jewelry advisory and & firm with offices in New York and Hong Kong.
Remember that old, iconic Bob Dylan tune, The Times They are a-Changin’?
I’ve been in the jewelry industry for decades, and can’t remember a time when there were so many political, global, social and economic uncertainties--some exceedingly enigmatic --facing the industry.
But wait, there’s more. No matter what ambiguities you encounter, or what you’ll do about them, it never seems to be the right “answer.” Today’s uncertainties always seem to be growing, changing and moving in the wrong speed or direction. They have become “moving targets.”
Makes you feel like you’re just howling at the moon sometimes.
The changing customer demographics is a case-in-point. The growing economic power of Generation Y, (a/k/a, Gen Y or the Millennials), 74 to 100 million consumers, born between 1978 and 2000, is expected to be a powerful economic force.
In case you didn’t know, the Gen Y’ers are forecast to purchase, directly or indirectly, $200 billion in goods or services a year, five times more than their parents did at their age. There are now more Gen Y’ers than Baby Boomers, and they will represent 50 percent of the total U.S. work force by 2017. Oh, did I mention, within the next five years, the biggest revenue source for any industry is forecast to come from the Gen Y consumer.
No matter what consumer authority you talk to, it is agreed that the Gen Y consumer is technologically sophisticated, considering that many of them probably used a computer before their first day of school. The computer became their “training wheels” so to speak. They are the “Internet generation.”
So it’s no surprise that the tech-savvy Millennials have earmarked a good part of that $200 billion for electronics. Consequently, iPads, iPhones, iPods, smartwatches and who knows what else have usurped much of their discretionary spending. Many retail authorities suggest the siphoning was at the expense of the basic jewelry store/chain.
In addition to the buying power of the millennials, here are 10 questions that test your knowledge of some of the other trends confronting jewelers today. If you know about them, start planning to minimize, or maximize, their effect on your store or operation. If you’re unfamiliar with some of these trends, you’ve got work to do.
Please answer the questions as best you can. The answers follow with a brief reference/explanation or are self-explanatory.
Quiz (Choose either A, B or C)
1.
Over the summer, China, the world’s largest trading country, devalued the Yuan Renminbi, their official currency. What effect will that have on U.S. purchases from China?
A. No effect
B. It will make Chinese products cheaper.
C. It will make Chinese products more expensive.
2. Where is the largest, annual overseas jewelry/watch trade show?
A. HTDC International Jewelry Show, Hong Kong
B. Baselworld Watch and Jewellery Show, Switzerland
C. Bangkok Jewelry Fair, Thailand
3. According to leading world-class executives, including Warren Buffett, “a growth strategy that is faster, cheaper and less risky than organic expansion, despite the challenges” is?
A. Inventory substitution
B. Acquiring or merging with other businesses
C. Buying inventory in Asia
4. L2, a well-known, member-based business intelligence firm that benchmarks the digital performance of brands, put Tiffany & Co. where on its 2015 ranking of specialty retail brands?
A. 1st
B. 9th
C. 13th
5. Seeking to broaden their customer base by lowering their retail price while at the same time retaining their cachet, luxury brands have more than trebled their customers, according to Bain & Company. Spending on jewelry, watches, etc. has risen at double the rate of global GDP. Most of these new buyers are not the very rich but the merely prosperous, with incomes of up to $188,000.
According to The Economist, which brand led the movement to lower retail prices?
A. Rolex
B. Cartier
C. Breitling
6. Recent research by Stanford University on consumer decision-making has examined if people are able to make better purchase choices using the new Internet environment. Does this research mean that brands will become less important to consumer in the future?
A. Yes
B. Too early to tell
C. No
7. Last month, Boston’s RR Auction Company sold the one and only lunar-landing watch held in private hands: Commander David Scott’s Bulova Prototype, which was worn on his third and final moonwalk of 1971’s Apollo 15 mission. How much did it sell for?
A. $50,000
B. $1.6 million
B. $1,500
8. There are many types of analytical tools, such as statistical analysis and behavior “coding,” to name two. In the groundbreaking Analytics at Work, Davenport, Harris and Morison argue that using analytics can help to determine new product offerings and where to effectively employ marketing dollars. However, their research suggests that important decisions frequently are not based on analytical skill but rather on one’s “gut” feeling. According to their research, what percentage of the time are decisions based on “gut” feelings?
A. 90 percent
B. 40 percent
C. 20 percent
Answers, including sources
1. B
http://blogs.wsj.com/briefly/2015/08/10/5-things-about-chinas-currency-devaluation/
2. B
Research by MainBrace Global Partners
3. B
Rules to Acquire By Bruce Nolop in Harvard Business Review, www.hbr.org
4. B
http://www.l2inc.com/brand-rankings
5. B
6. B
http://www.gsb.stanford.edu/insights/itamar-simonson-do-brands-still-matter-online-shoppers
7. B
http://nypost.com/2015/11/05/this-1-6m-watch-went-to-the-moon/
8. B
Analytics at Work for Smarter Decisions and Better Results by Thomas Davenport, Jeanne Harris and Robert Morison, Harvard Business Press, www.hbr.org/books
Jan Brassem is a senior partner at MainBrace Global Partners, a jewelry advisory and M&A firm with offices in New York and Hong Kong. E-mail him at Jan@MainBraceGlobalPartners.com.
A. No effect
B. It will make Chinese products cheaper.
C. It will make Chinese products more expensive.
2. Where is the largest, annual overseas jewelry/watch trade show?
A. HTDC International Jewelry Show, Hong Kong
B. Baselworld Watch and Jewellery Show, Switzerland
C. Bangkok Jewelry Fair, Thailand
3. According to leading world-class executives, including Warren Buffett, “a growth strategy that is faster, cheaper and less risky than organic expansion, despite the challenges” is?
A. Inventory substitution
B. Acquiring or merging with other businesses
C. Buying inventory in Asia
4. L2, a well-known, member-based business intelligence firm that benchmarks the digital performance of brands, put Tiffany & Co. where on its 2015 ranking of specialty retail brands?
A. 1st
B. 9th
C. 13th
5. Seeking to broaden their customer base by lowering their retail price while at the same time retaining their cachet, luxury brands have more than trebled their customers, according to Bain & Company. Spending on jewelry, watches, etc. has risen at double the rate of global GDP. Most of these new buyers are not the very rich but the merely prosperous, with incomes of up to $188,000.
According to The Economist, which brand led the movement to lower retail prices?
A. Rolex
B. Cartier
C. Breitling
6. Recent research by Stanford University on consumer decision-making has examined if people are able to make better purchase choices using the new Internet environment. Does this research mean that brands will become less important to consumer in the future?
A. Yes
B. Too early to tell
C. No
7. Last month, Boston’s RR Auction Company sold the one and only lunar-landing watch held in private hands: Commander David Scott’s Bulova Prototype, which was worn on his third and final moonwalk of 1971’s Apollo 15 mission. How much did it sell for?
A. $50,000
B. $1.6 million
B. $1,500
8. There are many types of analytical tools, such as statistical analysis and behavior “coding,” to name two. In the groundbreaking Analytics at Work, Davenport, Harris and Morison argue that using analytics can help to determine new product offerings and where to effectively employ marketing dollars. However, their research suggests that important decisions frequently are not based on analytical skill but rather on one’s “gut” feeling. According to their research, what percentage of the time are decisions based on “gut” feelings?
A. 90 percent
B. 40 percent
C. 20 percent
Answers, including sources
1. B
http://blogs.wsj.com/briefly/2015/08/10/5-things-about-chinas-currency-devaluation/
2. B
Research by MainBrace Global Partners
3. B
Rules to Acquire By Bruce Nolop in Harvard Business Review, www.hbr.org
4. B
http://www.l2inc.com/brand-rankings
5. B
6. B
http://www.gsb.stanford.edu/insights/itamar-simonson-do-brands-still-matter-online-shoppers
7. B
http://nypost.com/2015/11/05/this-1-6m-watch-went-to-the-moon/
8. B
Analytics at Work for Smarter Decisions and Better Results by Thomas Davenport, Jeanne Harris and Robert Morison, Harvard Business Press, www.hbr.org/books
Jan Brassem is a senior partner at MainBrace Global Partners, a jewelry advisory and M&A firm with offices in New York and Hong Kong. E-mail him at Jan@MainBraceGlobalPartners.com.
More on Other
The Latest
SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet JewelersThe addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ NecklaceThe necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.
Weekly QuizJul 31, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LASenior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New DesignersThe first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough EmeraldsThe online auction house’s September sale will feature rough Brazilian emeralds of various qualities.
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance PlatformThe retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas The jeweler’s largest store yet is set to open in Little Rock next fall.
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
