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Suggestions on selling old stock


#1

We are trying to get rid of (liquidate, sell off, etc) a lot of old
dead stock items. About half is finished jewelry, very nice, high
quality, well made, and half is very fine loose gems. We would like
some suggestions as to how best to dispose of it, and what kind of
return is reasonable, acceptable, expectable (.15,.25 cents on the
dollar)?. Perhaps Mr. Geller could offer some advice?

Thank you for any and all advice.
BK in AK


#2

It depends on what your goal is.

You can liquidate fast with small return or slower with a higher
return.

If you just want fast cash you can sell to any number of trade
buyers. Check the classifieds. Anticipate 10 cents on the dollar.

If you have the luxury of time…(assuming you are retail) run a
sale. Fill a showcase with the goods and promote the sale with plenty
of signage and hoopla. A small sign with '25% OFF" is not going to
attract a lot of attention. You could get creative and offer the
pieces at substantial discount with the purchase of a regular item.
Along the idea of “buy this ring from regular stock and select any of
the sale items at half off”. So your thousand dollar old item gets
you 500 this way, which is better than 100 by selling to liquidator.
Plus you sold something new. Can’t beat that with a stick.

If you have other jeweler friends with shops, consider swapping
dogs. Dog doesn’t have to mean its ugly just that its UNSOLD.

Another option is to simply reset worthwhile stones and scrap the
metal.


#3

If a tax deduction would be of any benefit to you, you might check
with local charities and schools that hold fundraisers, and see if
they would like a donation of some of the finished pieces. They may
also be interested in buying them at a reduced cost, so they can
auction them.

I run a major fundraising auction for my daughter’s school, and we
have a local jeweler that donates a major gift every year. Last year
they ordered a new piece just for the auction, but we really would be
just as happy with anything that looks impressive - it doesn’t matter
if it is several seasons old!

I would imagine most non-profits would be delighted to have either a
donation or a chance to buy something for their auctions at a
reduced rate.

They might even take the loose gems; don’t know. Worth a try. For
tax purposes I would think you would be able to deduct what you paid
for it, at the least. Possibly what you retailed it for - you would
have to check with your accountant.

My auction is Feb. 3, and if you wanted to donate something I’d be
delighted to accept!

Good luck.
Beth in SC


#4

Sorry for the late response. Here’s some answers:

15 ways to get rid of old inventory

  1. Have a showcase to set aside a grouping of old items and discount
    them. Call the case:

a. Say good bye to our old friends case

b. Extreme value case

  1. Double or triple the commission on old items, in the case, or
    not.

  1. If you’ve never tried commission, now’s the perfect time. Try
    5-10% of the sold price.

  1. Split the profit on old merchandise with the sale with the sales
    person who sold it.

  1. Place a certain percentage, 5-10%, of the selling price of old
    merchandise in a pool and split it amongst the sales staff at the
    end of the month.

  1. You could have #5 above but make it more enticing by giving the
    top salesperson extra percentage or a bigger SHARE of the pot if
    they sold the most old merchandise.

  1. Tell the staff you want a certain percentage of the selling
    price, they can have anything above that number they get. Example: A
    $500 items sells for $1000. You want 60% of the selling price, $600.
    If they sell it for $7250, they get $120 and you get $600.

  1. If you have too many in a higher price point, lower the retail
    price, forcing it into a lower price point (print new tag) and put
    back out. It’s a sale but doesn’t scream sale. So if you have too
    much in the $400-$499 area and $300-$399 is doing well, in fact you
    need to order MORE there, don’t! Just take some of the "too many"
    items out of $499-$499 and move them into the $300 to $399. Will
    save cash flow, won’t have to BUY anything.

  1. Return to vendor for exchange. In the future have signed on all
    orders "If not sold after 12 months can be returned for “X to 1"
    exchange on future orders.” 10. Take apart, keep diamonds for repairs
    and custom design, send gold off for either money or credit with:

a. Roseco 800-527-4490

b. Hoover & Strong 800-759-9997

Let them have the credit on file and buy your findings and gold
stock from them from the credit. Immediately positive to cash flow.

  1. Send old merchandise to a company who will:

a. Take the stones out, return them to you, buy the gold.

b. Will buy the gold and stones at some price and give you a check.

c. You take the stones out, sell the gold, send the diamonds off to
be bought from you.

Suggested Companies:

Company:WORLDWIDE DIAMOND CO.
Contact:Bob Wiener
Address:
607 S. Hill St. #811
Los Angeles, California
USA, 90014
Phone:1 8007644367 Fax: 213622-2196
Web Site: http://www.wwdiamond.com
They will buy the whole shoot’n match.

Company:PAUL REISER AND ASSOCIATES
Contact:Paul Reiser
Address:
P.O. Box 1595
Green Bay, Wisconsin
USA, 54305
Phone:1 8774754367 Fax: 920432-5797

Paul’s Closing Precious Metal Prices for 1-22-07

Gold: 633.00 Silver: 12.92 Platinum: 1160.00

10K $12.47 per DWT 100% Payment using the Closing
14K $17.22 per DWT Prices on the day merchandise is
16K $20.89 per DWT received. We phone that day with
18K $22.28 per DWT results so you know payment is
22K $26.59 per DWT forthcoming.
24K $30.45 per DWT

Platinum $48.72 per DWT

Sterling Silver: $10.34 per Ounce

US 90% Silver Coins: Pay $8.80 All amounts welcomed. US & Foreign
Gold and Silver Coins: Phone for quotes.

We purchase diamond melee set into mounted jewelry. No need to break
diamonds while trying to remove. Ask for our “BLUE SHEET”. (Prices we
pay for diamonds).30 to 4.00 carats

To Trade your scrap gold for 1 Ounce American Gold Eagles or a 1
ounce Canadian Gold Maple Leaf you will need: 53 DWT of 10K, 39 DWT
of 14K, and/or 30 DWT of 18K gold scrap.

Questions? Simply call 877-475-4367

Company:TULSA GOLD & GEMS
Contact:. E.W.Fisher
Address:
2431 E. 51st St. #704
Tulsa, Oklahoma
USA, 74105
Phone:1 8002220573 Fax: 918742-5042

Buys melee, prefers .10 cts and up, at least I1 or better.

  1. Barter for advertising. Radio loves to give away stuff and some
    will trade jewelry for radio time.

  1. Barter for barter dollars-get other good stuff you need:

a. www.itex.com

b. Illinois Trade Association
Gabriele Albrecht-Buehler
7449 N. Natchez, Niles, IL 60714
(847) 588-1818 x110 Fax: (847) 588-1573
email: gabrieleb@itatrade.com
www.illinoistrade.com

  1. Have a sale where “If it reaches 100 degrees on July 4th, we
    will refund all purchases”. Paid by insurance, costs 8-12% of sales.

WKF&C Agency
Laura Glass 631-756-3000

  1. Professional Sale:
    Silverman’s Bob Epstein: 800-347-3258 Ext 101

Profit Plus, Inc. Mark Preston
2748 Perry St.
Denver, CO 80212
1-(800)-600-8064
In Colorado 1-(303)-477-3363
Fax: 1-(303)-433-0833
e-mail address: profitplussales@comcast.net
www.4profitplus.com

  1. Charity Auction

a. Close the store Wednesday

b. Auction is Thursday through Saturday, ending at 2pm.

c. Merchandise over a year old is on auction.

d. Send out direct mail to customers, advertise to the public,
hopefully paper & radio.

e. Contact a charity to sponsor.

f. Charity gets 10% of total sales as calculated on Saturday
(hopefully they will advertise to their list too).

g. They also get $5 for every “Bid Card” sold, see below.

h. Contact vendors and get their old inventory, hopefully at their
cost.

i. Tape on the counter small cards, maybe 3x5". It will have a place
for:

Sku number
Description
Original selling price
Starting bid, which is 5% below your cost.
A line for bid Card # and the Bid amount

Might look like this:

Sku No: 123-87655 14kt Bl Sapphire rings, 4-.08 ct sapphires
with 8 pear shaped diamonds, C2BD ct t.w.
Retail: $1000 Starting bid: $450.00
Bid # Bid Amount

_______ $_________
_______ $_________
_______ $_________
_______ $_________

j. Get printed 2 copy NCR forms for the bid cards. Bid crds are for
two purposes:

To keep just “anyone” from writing some number.

Other customers can’t see the name of who’s bidding.

k. Bid card is numerically numbers and might look like this

Bid Card # 12345
Your Name_____________________________________
Street:_______________________________________
City, State, Zip______________________________
Phones (H)_________ (O)__________ C2A9________
When biding, please use your bid number.
Rules of the auction aRe:

Auction is Thurs-Sat, ending at 2pm. Store closes at 6pm Saturday.

You have to be here between 2-5pm on Saturday to get the item you
bid on if you are the highest bidder.

If the highest bidder doesn’t obtain the auctioned item on Saturday
by 5pm, we will give second highest bidder from 5pm to 6pm to obtain
the item they bid on.

Items picked up must be paid for by cash/check/credit card.

No refunds nor exchanges. No charge sizing up or down 1 size. Normal
charges above that

Items not bought/picked up on Monday will be given to charity or
melted and will not be available for purchase after the event is
over.