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The Economics of the Jewelry Business


farnamstreet
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Buffett Explains:

 

Of course, price means nothing unless you are sure of the quality of what you are getting. When products are branded, such as watches and chinaware are, comparisons are simple. But jewelry is usually a "blind" item - and that puts virtually all purchasers at the mercy of the seller.

 

http://www.borsheims.com/borsheims/CustomerServices-Buffett.aspx

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From a person who has worked in the jewelry industry, Buffett is absolutely right... The economics are killer; you add in good sales people, who are friendly, and make you think that they care about you, then, you are doing even better. Helzeberg is really good at this sort of thing.

 

With that said, if you buy your jewelry from virtually any place other than a pawn shop, you are 99% of the time, going to pay WAY too much- which is probably quite the opposite of what a person would normally think.

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