Running a jewelry business has never been easy, but in the current climate of rising costs and geopolitical uncertainty it can feel like you're navigating a minefield blindfolded. Between global unrest, fluctuating gold prices, new tariffs, ever-changing tax laws, and consumer anxiety, it's easy to feel overwhelmed. But here's the good news: you're not powerless. With a few strategic moves and a level head, you can weather this storm—and maybe even come out stronger on the other side.
Don’t be afraid to negotiate better terms. Many suppliers are feeling the squeeze too, and you'd be surprised how flexible some can be if you're open and consistent.
You should also lean on tech. A great inventory and point-of-sale system that can sync up with tax tools and make it much easier to stay compliant—even as rules change.
If you focus on telling the why behind your pieces, you’ll connect in a way big-box retailers and mass marketplaces simply can’t.
Also, don’t underestimate your existing customers. They already trust you—now’s the time to nurture that loyalty. Personalized service, follow-ups, exclusive previews, or small appreciation gifts can go a long way in driving repeat business.
You can’t control global politics or market swings. But you can adapt, plan smart, and build a business that’s resilient, responsive, and ready for whatever comes next.
By David Brown (originally published by The Jewelers Collective)
David Brown is the Co-Founder and Chairman of Edge Retail Academy, the leading jewelry business coaching and data aggregation firm, who provide expert business improvement plans, to help with all facets of your business including improved financials, healthier inventory, sales growth, increased staff performance, recruiting, and retirement/succession planning ... All custom-tailored to your company’s needs.
Tariffs and Supply Chain Headaches
Chances are, you're already seeing the impact of international tariffs and shipping delays, especially if you're sourcing gemstones, metals, or finished pieces from overseas. Prices are volatile, lead times are stretching, and even reliable vendors can feel like a roll of the dice.Strategy #1: Diversify Your Sourcing.
Now’s the time to look closer to home—or at least expand your network. If you’ve been relying on one country or vendor for your inventory, that’s a risk you can’t afford anymore. Consider domestic wholesalers, independent artisans, or even recycled materials for certain lines. It not only gives you more control over your supply chain, but it also tells a sustainability story that resonates with customers.Don’t be afraid to negotiate better terms. Many suppliers are feeling the squeeze too, and you'd be surprised how flexible some can be if you're open and consistent.
Tax Talk (and All That Fine Print)
With state and federal tax laws shifting and proposals popping up seemingly every other month, staying compliant—and profitable—is a real balancing act. And let's not forget the costs tied to ecommerce sales taxes across state lines.Strategy #2: Get proactive with your accounting.
If your bookkeeping has been something you squeeze in between customers or push to the back burner, then now’s the time to get on top of it. Invest in a good accountant or CPA who understands retail and ecommerce (bonus points if they know the ins and outs of the jewelry business too). They’ll help you navigate deductions, stay ahead of legislation, and avoid nasty surprises come tax season.You should also lean on tech. A great inventory and point-of-sale system that can sync up with tax tools and make it much easier to stay compliant—even as rules change.
The Trepidation Factor: Fear in the Air
Let’s face it—consumers are nervous. Between inflation, interest rates, and world events, many shoppers are tightening their wallets, and luxury purchases (like fine jewelry) can take a hit. But that doesn’t mean people aren’t buying, they’re just being more thoughtful.Strategy #3: Lean Into Value and Storytelling.
Your customers want meaning with their money. That diamond engagement ring? It’s a symbol of love, not just a stone. That birthstone necklace? A sentimental gift, not just an accessory.If you focus on telling the why behind your pieces, you’ll connect in a way big-box retailers and mass marketplaces simply can’t.
Also, don’t underestimate your existing customers. They already trust you—now’s the time to nurture that loyalty. Personalized service, follow-ups, exclusive previews, or small appreciation gifts can go a long way in driving repeat business.
You can’t control global politics or market swings. But you can adapt, plan smart, and build a business that’s resilient, responsive, and ready for whatever comes next.
By David Brown (originally published by The Jewelers Collective)
David Brown is the Co-Founder and Chairman of Edge Retail Academy, the leading jewelry business coaching and data aggregation firm, who provide expert business improvement plans, to help with all facets of your business including improved financials, healthier inventory, sales growth, increased staff performance, recruiting, and retirement/succession planning ... All custom-tailored to your company’s needs.