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Criteria for selecting vendors

Great colored stone dealers are usually quite a different breed. The best colored stone dealers would be candidates for "My Most Unforgettable Character". Someone asked Eric Clapton how he chose band members for his extensive tours suggesting that they must be the best musicians on earth. Clapton replied "That helps, but they just have to get along with me."  
If you don't have that kind of relationship with a couple of loose gemstone dealers, it's time to start looking around.

There are many hard working guys out there that have a passion for color that they want to share with a few deserving jewelers. They will become your best allies and possibly your closest friends. Their newest finds will become your biggest successes.  Even if you travel to Antwerp or Tel Aviv for diamonds, you may only shave a few percent. Sourcing color is much more meaningful. Buying close to the cutter will add more to your bottom line than any product in your store. That is why your vendor must be connected abroad. Sure, every one you talk to owns a cutting factory in Bangkok, but if you ask enough people, you can separate the direct importers from every one else. Good vendors will not only supply you with great color, but also, like a good chef-fish monger relationship, they will keep you up on the newest finds. This is critical. You want to be the FIRST person he calls when that new Namibian Tourmaline mine is producing. A good vendor knows the world market better than anyone at this or any trade journal. He is up on the latest treatments and ascribes to the AGTA disclosure agreements 100%. A good vendor will learn your preferences and stock balance. Ask if he will do in-store promotions with you. A good vendor will not only supply you the stones but also the stories that sell the stones. He will complete your gemology education with first hand accounts of the perils of buying in Ilakaka, the advantages of fine cutting, and a better idea of just how rare this stuff really is. Every stone must have a story!

You must become important to the vendor. Don't blow him off when he calls, take the time to go through the trays and look for the absolute best stones. Buy now, because what you see is definitely what you get and unlike other lines, they can't "just make more".  Don't use too many vendors. That simply puts them in contention with each other. Peaceful coexistence is far more beneficial for you. Don't abuse memo privileges. Great vendors will be happy to put additional goods on memo with you after you have stepped up to the plate to commit your inventory dollars to them. In fact, it often helps to be able to write a check when you take delivery of your goods. They will even send you the big stones that you don't want to inventory for that special customer call just as your diamond vendors do. Just remember that one big difference. A $5000 road order for loose color is huge while the same amount could really frost your diamond vendor. Plus, $5000 buys an incredible assortment of beautiful gems with a far more significant profit potential than say 1 or 2 diamonds totaling $5000 cost.

It seems no one is strong in the "Big Three" (sapphire, ruby, emerald) AND in all of the other species. My experience seems to indicate a three tiered hierarchy works best. One company may devote all their resources to the best selection and price in the more expensive Big Three gemstones. They can offer you lots of price levels from $100 - $4000/carat for a one carat Blue Sapphire for example. Another company could be strong in everything else including all the newest finds of Tourmalines, Beryls, Garnets, and Tanzanite. This is where the bulk of the great stones and stories are found. These vendors should have personal experience in East Africa, Madagascar, Brazil, or someplace equally exotic. There can be photos, artifacts, maps and other point of sale goodies that will help set your store apart from the rest. The third tier company should be strong in the quartz family and anything else that is less expensive and fun. This is where the price promotional goods can come from. Remember, you are trying to develop a broader customer base with color. While that should include every price point, you still must stick to your guns about quality. Unlike diamonds, you can always get the best quality in colored stones at every price point just by switching species.

Another great colored stone source is the plethora of new American Gem cutters and carvers. Since Bernd Munsteiner started a renaissance in gem carving over 20 years ago, many great cutters have arisen here in the U.S. Simply look at AGTA's Cutting Edge Award winners or any of the other group competitions. These folks usually aren't exactly prima donnas and would be thrilled with your interest in their work. Also, unlike other lines, you won't have to make a "David Yurman" size inventory commitment to sample this amazing art.

Home | Onsite Consultation | Why Gemstones? | Selecting Vendors
Contact | Resume | Public Speaking | Gemstone Trips

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