Rapaport, December 9, 2009: Sotheby's Diamonds and Jewelry Consumer Trends

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View some of the top diamond jewelry lots from today's Magnificent Jewels sale at Sotheby's New York including: A magnificent and rare oval diamond of 30.48cts, D, flawless, and is type IIa; a pear-shaped 13.85ct. diamond ring set in platinum; an important 18.11ct diamond; and a pear-shaped, 25.47ct. diamond ring flanked with baguette diamonds.

The Jewelry Consumer Opinion Council (JCOC) revealed shopping trends for the Christmas season with their Black Friday and Thanksgiving weekend survey. While the price points for jewelry were on the low side from respondents, noting these fresh consumer trends could help your marketing plans since many consumers have yet to complete their Christmas shopping.

A new retail service quality index, as measured by The Salt & Pepper Group, found retailers have much room for improvement in order to capture market share in this down economy. The retail sector has shed jobs on average of 50,000 per month since January 2008, but the remaining staff does not provide high-level customer service, according to the group.

The retail survey measured 39 separate service opportunities in retail settings and gave the industry a mediocre 48.2 points out of 100 possible. Studies and observations were carried out at 73 retail outlets in six different U.S. states. Service components that brought down the index included; poor greeting skills, failure to recognize when shoppers needed assistance, and a lack of leadership presence on the sales floor.

"Curiously, the recession and associated job insecurity have not correlated into higher customer service quality by retail employees," says Rick Miller, consulting analyst at The Salt & Pepper Group. "Store managers and front-line associates are forced to do more with less; they may be lacking essential training, and they appear to have lost their motivation. They don't see that, on a personal level, many potential rewards still exist."

Many customer service failures were simply sins of omission. In 27 percent of the 1,027 interactions measured in the study, the service opportunity being measured simply was not performed. In other situations, the skill level with which interactions were performed varied greatly. The study found that retail associates seldom initiated contact with shoppers appropriately, struggled to manage multiple customers in busy environments, and often did not close sales in a manner that strengthens the retailer-customer relationship.

The retail sector generally scores well on providing excellent check-out processes and clean, inviting shopping environments; it lags in the human components.

"Economic recessions tend to breed innovation and process improvements," said Miller. "With margins razor thin and pricing about as low as it can go, retailers have to turn to their people to drive their brands. Retailers that train associates and store leaders to interact genuinely with customers will build the relationships necessary to ensure repeat business during tough times. A mediocre index means a market share opportunity for retailers who get customer service right."

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