The Jewelers Board of Trade continues to report less than inspiring numbers for the jewelry industry at large, says MyJewelryRepair.com. The number of retail jewelers, wholesalers, and manufacturers closed down in the U.S. and Canada has risen to 1,564 in 2016, up five hundred and change from 2015’s numbers. This decline represents what National Jeweler calls a “[64 percent] year-over-year increase” in closed businesses.
This number includes 1,190 retail jewelers in the U.S. and Canada ceasing operation (up 53 percent from 2015). Combine this with 235 wholesalers closing up shop (up 81 percent from last year), and 139 manufacturers (up 190 percent from 2015) shutting their doors.
One reason driving the increased rate of closures, JBT President Anthony Capuano attests to, is that many business owners are at or near retirement age. Most jewelers find themselves in an industry much less robust than they remember with no new blood coming in to enter the family business, which means that the lion’s share of jewelry businesses adhere to yesterday’s format and business practices.
Yet, there are companies like MyJewelryRepair.com that embrace tech and make innovative strides to appeal to modern consumers. Their hook is that they offer their suite of services entirely online, instead of the traditional, belabored brick-and-mortar jeweler and watch repair shop. With major facilities operating on both coasts of the United States, MJR can now serve their customers on a national level.
MyJewelryRepair.com’s master jewelers and certified watchmakers aspire to service jewelry and provide watch repairs nationwide through secured mail, offering free standard shipping to customers from anywhere in the United States. They can perform the micro to the macro. For instance, they can execute watch band replacement, both mineral and sapphire crystal replacements, while also performing intricacies like clean and overhauls on quartz and mechanical movements.
Other services provided include ring sizing, invisible-set stone repair, replacing missing or loose stones, difficult silver or platinum repairs, and scores of other services you can view on their website.
Though the process gets intricate once the jewelry or watch gets to them, “Repairs Made Simple,” remains MyJewelryRepair.com’s slogan for the consumer since offering their service in 2014. MJR’s owners have been active in the jewelry industry since 1993. With locations on both the east and west coast, they have now expanded to over 180 employees in response to a 386 percent increase in repairs during this year’s first quarter.
The company has also crafted and invested heavily in the creation, ongoing operation, and routine maintenance of their site for ease of use and streamlined ordering processes.
The Jewelry Board of Trade’s findings showed that 21 percent of Jewelers closed shop by the end of 2015, but MyJewelryRepair.com has continued to grow since its conception.
With a high percentage of repeat business, the only hurdle that presents itself is getting their customers to send their jewelry and heirlooms through certified mail. “But once they use our facilities staffed with certified watchmakers and master jewelers, they experience service and craftsmanship of the highest caliber of repair,” making them incredibly likely to use this service in the future.
Instead of struggling to tread water in an industry focused on clinging to the vestiges of old traditions, MJR has taken measures to gain new relevance. They’ve created a business and service that has been quick to adopt innovative technology, facilitating an elevated experience for the consumer.
About MyJewelryRepair.com:
MyJewelryRepair.com is an online jewelry and certified watch repair service company dedicated to creating a unique and convenient consumer experience. MJR was founded in 2014 and has its headquarters in Rancho Cucamonga, Calif. With another facility in Connecticut, MyJewelryRepair.com strives to become the leading jewelry and watch repair service in the United States, operating at a national level for all of its customers.
More information: https://myjewelryrepair.com/.
Video (YouTube) “Facility Overview”:
https://youtu.be/2Lmtjr6MwdE
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