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Memo Still Viable?

Jay Awley

Rough_Rock
Trade
Joined
Oct 26, 2020
Messages
8
Wondering what other jewelers thoughts are on the memo business model. More and more lately I’m wondering if my business is run in a bit of an outdated fashion. Memo is certainly important and will always have a place but if I can sell virtually or off video and buy stones at more aggressive prices all the better right? I’ve been doing this more lately and would like to discuss. Thanks.
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
21,237
Hi @Jay Awley - Welcome to PS!!

You might ask the moderators to move this thread to a different forum called "Rocky Talky", which is where most trade-related conversation takes place. You can do that by hitting the Report concern button in your post (bottom left of the post text) and sending a message to the moderators.

I will be watching this thread for some interesting discussion :))
 

OoohShiny

Ideal_Rock
Premium
Joined
Apr 25, 2014
Messages
8,192
Wondering what other jewelers thoughts are on the memo business model. More and more lately I’m wondering if my business is run in a bit of an outdated fashion. Memo is certainly important and will always have a place but if I can sell virtually or off video and buy stones at more aggressive prices all the better right? I’ve been doing this more lately and would like to discuss. Thanks.
Caution is needed - the race to the bottom has few winners and many losers.

What will your 'added value' be?
 

Jay Awley

Rough_Rock
Trade
Joined
Oct 26, 2020
Messages
8
Hi @Jay Awley - Welcome to PS!!

You might ask the moderators to move this thread to a different forum called "Rocky Talky", which is where most trade-related conversation takes place. You can do that by hitting the Report concern button in your post (bottom left of the post text) and sending a message to the moderators.

I will be watching this thread for some interesting discussion :))
Wonderful, will do. Thanks for the guidance here.
 

Jay Awley

Rough_Rock
Trade
Joined
Oct 26, 2020
Messages
8
Caution is needed - the race to the bottom has few winners and many losers.

What will your 'added value' be?
Yes I see your point here. A great industry mentor of mine once told me when selling diamonds that “the theater of it all” was very important. I like to provide that for my clients unwaveringly and not simply compete on price. Ultimately I want to be able to buy stones from abroad (I’m in NYC) at the best clip, which may leave me to showing videos, and still have that theater element. I know memo options add to the experience but at what cost is what I’m now asking myself.
 

Karl_K

Super_Ideal_Rock
Trade
Joined
Aug 4, 2008
Messages
10,612
If your meeting clients face to face then you need diamonds to show them.
Memo past a few days is going to go away long term.
Even now its to expensive to be competitive if your doing memo
Lower margins mean the chain lives and dies by churn and a diamond loaned to someone is not churning.
 
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