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Derco Fine Jewelers Files For Chapter 11.
With the recent bankruptcy filing of well known San Fransisco retailer Derco Fine Jewelers, I cannot help but wonder about what is actually going on in our Industry.
Derco owns and operates 3 diamond and jewelry stores in the SF area and has been a popular and reputable destination for many years.
The fact that they are one of several well known companies (diamond wholesalers, manufacturers and retailers) who have filed for Chapter 11 in the past few years, is yet a further indication of the evolving marketplace and vertical integration we are experiencing in the diamond industry.
Profits are shrinking, businesses are evolving, wholesalers are also retailers, B&M jewelers refuse to adapt, Internet jewelers are prostituting diamonds and jewelry, the diamond broker or "middleman" is a dead breed..and on and on....and on...
So what happened with Derco specifically?? Did they overextend themselves? Did they purchase too much inventory for stock? Not enough advertising? Not enough foot traffic? Not enough conversions?? Too much fat?? Bad New Years sales? Poor decisions?
Who really knows.
To be certain, the Chapter 11 filing acts an asylum and helps any company avoid the burden and fiscal responsibility of "owning up" to their financial obligations. However, in today's changing marketplace, dare I say it almost seems in vogue to declare bankruptcy!
So where does the salvation for our industry come from?
Is it in the traditional B&M jewelers? The Internet? The wholesalers who try and play both sides of the fence?
Are we supposed to focus on a niche and try to excel at providing quality services and products within that niche?
Do we develop close and mutually beneficial relationships with various wholesalers and manufacturers?
Do we strive to provide a higher level of customer service, information, value, and greater transparency?
Do we pray for divine intervention.
I would say the industry needs all of the above!
Get close enough and you become influenced.
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