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Time for Action: A Multiple-Choice Quiz
In his latest quiz, columnist Jan Brassem explores how developments in technology over the past year are impacting the fine jewelry sector.
Not that long ago, I was a part-time, antediluvian professor at a well-known university. I frequently gave pop quizzes to make sure the students didn’t use the same superficial study techniques I did when I was in college, which were reflected in my final grades. (As a student, I did not let studying interrupt my girl-chasing, fraternity life or beer parties.)
Anyway, following is the third in series of quizzes not for college students but for those in the jewelry industry. This one will focus, more or less, on the events and developments of 2015 and the possible impact they could have on 2016 and beyond. I’ll leave the insight on the future up to you.
I did try to focus, though, on the shadow that is being caused by the tech industry, i.e. fitness trackers, iPhone, iPad, iPod, smartwatches and the overall, emerging wearable technology trend. It seems to me--and as you’ll see below--that the growth of the tech craze is coming at the expense of the jewelry and watch industries.
It might be worthwhile to assemble a committee/group of industry thought-leaders (as the diamond and gold councils have done in the past) to develop a contra-strategy before the growth of the entire smart device industry gets out of hand.
Who’s going to lead the initiative?
Quiz (Circle either A, B or C)
1. When there is a crude oil price slump (today in the U.S. we are staring at oil prices in the $60 to $70 per barrel range, or maybe even lower), it is reasonable to expect the gold price to move in what general direction?
A) Higher
B) Lower
C) There is no relationship.
2. Over the last few years, writes Indian jewelry analyst Beejoli Shah, tech gadgets of all kinds, even smart home thermostats that can cost as much as a fine diamond bracelet, have become extremely popular among consumers. It seems, writes Shah, that the consumer’s demand for these tech products and their widespread availability has “upset the market for jewelry.” Due to this trend, what has been showing up under the Christmas tree less and less over the last few years?
A) Diamond jewelry
B) Ham sandwiches with mustard
C) Bicycles
3. In an effort to expand its retail channels and simultaneously clear out Apple Watch inventory ahead of the rumored second-generation launch of the device, Apple is now selling its smartwatch where?
A) Walmart
B) Target
C) Both A and B
4. Most jewelry store owners and/or their families want to grow the family business by boosting their brand, discovering new uses of marketing technology, becoming more competitive by blocking competitors and recruiting talented employees. David Braun, a leading corporate strategist, writes that the best and smartest technique to grow a business is to …
A) Read lots of business literature
B) Develop a systematic acquisition strategy
C) Frequently revamp the showcase
5. Though Apple remains tight-lipped regarding the exact numbers of smartwatch units sold worldwide, company numbers released in October indicate the Apple Watch accounted for $1.7 billion in sales for fiscal 2015. How many Apple smartwatches do industry experts assume will be shipped globally in 2016?
A) 2 million units
B) 21 million units
C) 219 million units
6. With the assistance of UPS, FedEx and … hold on … the U.S. Postal Service, Amazon has developed its Amazon Prime initiative. For a modest annual subscription fee, the subscriber receives free two-day delivery for his/her purchases in a wide variety of categories as well as unlimited streaming of movies and TV shows with Prime Video. Does fine jewelry qualify under the program?
A) No
B) Yes
C) What is Prime again?
7. A key economic indicator measured by the University of Michigan increased in January 2016 to 93.3 from 92.6 in December 2015. The results were above market forecasts and driven by improved future expectations. This was the highest figure for this indicator since June 2015. What was this key economic indicator measuring?
A) Consumer confidence
B) Expectations for the 2016 Michigan football team
C) The projected popularity of the next Taylor Swift album
8. In study on the worldwide wearables technology market, Willa Plank and Tristan Wyatt “predict(ed) that device-makers will soon offer more holistic systems--including clothing and embedded sensors,” providing consumers more constructive lifestyle advice. What percentage do they forecast watches will capture of the total 2016 worldwide wearable devices market?
A) 12.2 percent
B) 112.1 percent
C) 48.2 percent
Answers (including sources)
1.
B. JM Bullion
2.
A. Forbes
3.
C. 9To5Mac.com
4.
B. Successful Acquisitions by David Braun, American Management Association
5.
B. IndianExpress.com
6.
B. Amazon.com
7.
A. University of Michigan
8.
C. The Wall Street Journal, Jan. 14, 2015, p. B5
Jan Brassem is a senior partner at MainBrace Global Partners, a global jewelry advisory and M&A firm with offices in New York and Hong Kong. You can e-mail him at Jan@MainBraceGlobalPartners.com.
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