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The MGS Precious Metals Blog

Manhattan Gold & Silver is an industry leader in precious metal pricing and refining with more than 30 years of experience. During our time in the business, we’ve found the topic of precious metals to be a vast and interesting one. Here on our precious metals blog, we write in-depth posts about the science of precious metal refining, historical and modern uses for precious metals, market news, and much more. Subscribe to our RSS feed to stay current, and discuss the latest posts on our Facebook page.

Brainstorming Tips for Creating Eye-Catching Window Displays

December 7, 2016 02:00

For pawnshops and especially jewelry stores, the shop’s front window is a key area for advertising and marketing. A well-designed window display serves as a representative and welcoming façade for the store capable of drawing attention and enticing walk-ins. And, even if customers don’t come in immediately, a memorable window display can keep your shop top-of-mind for people when they are actively shopping for jewelry.
   
When designing a window display for your store, you’re only limited by your imagination. However, there are some common mistakes you should avoid, such as:

  • Using handmade signs – Unless you put a lot of effort into their design, handwritten signs diminish a shop’s professionalism.
  • Showing price tags – Price tags poking out here and there can ruin the immersion of the display. Unless you’re advertising discounts, remove price tags so people can experience the beauty of the jewelry.
  • Forgetting to clean – Dirty windows lower the appeal of your display, merchandise, and brand perception.
  • Ignoring the rule of odds – Using an odd number of objects better divides the space and creates more visual interest for viewers.


We created the infographic below filled with tips and guidelines to help you maximize the impact of your window displays. We can’t wait to see what the Diamond District creates for the upcoming holiday season!

Customer Policies Every Jeweler Needs to Think About

June 23, 2016 03:00

With all the daily intricacies of running a small business, it can be hard to anticipate some problems before they arise. Luckily, what doesn't kill you makes you stronger - once you've dealt with a problem head on, you're equipped with the knowledge to develop a business policy for dealing with that problem when it happens again. After working with jewelers in the Diamond District for almost 30 years, we've seen many different ways jewelers run their businesses. Below is a list of questions and scenarios to consider when setting policies for your jewelry business. Hopefully, by making these considerations now, you won't be caught off-guard if you find yourself in a similar situation.
   
Returns: Most stores already have them figured out, but a fair return policy that makes customers comfortable without breaking your bottom line is a fundamental that can't be ignored. What do you feel is an adequate amount of time for customers to have pieces before you take them back? What if they have been poorly handled or worn? If the return is due to the quality of the craftsmanship, what can you do to retain the customer's goodwill? On the other hand, what if the flaw wasn't noticed until several months after purchase?
   
Ring Sizing: If a customer buys a ring in the wrong size, how will you adjust your pricing - free for the first re-sizing, a one-time fee, or something else? What if the ring can’t be re-sized?

Stone Setting Services: Handling a customer's gemstones comes with inherent risks you should be prepared for. What should happen if you lose the stone? Will you be liable if the customer’s stone breaks? What if the stone breaks because it was flawed?

Jewelry Repairs:
Should you offer the option to buy repair services with each piece of jewelry you sell, or offer repairs for free? What if the jewelry is extremely damaged, or inadvertently caused by another jeweler who worked on the piece?

Start thinking of issues now so you can create policies to address them when they arise. But remember: they don't need to be iron clad. Certain customers or situations will require flexibility for the best outcome. If the policies you set don't seem to be the best fit for your business and your customers, consider revising them.

 

The Importance of Business Strategy on Social Media

June 16, 2016 03:00

Social media can be a great tool for marketing and growing your small business. But as an owner or manager, you probably don't have the time to write every post or interact with user who posts on your page. However, you can leverage your industry expertise in shaping the direction of your business's social media branding, messaging, and overall strategy.
   
For starters, create a personal account and use it. This will give insight into how your marketing efforts will be actually be perceived by users. Don’t worry about trying to sign up for every social media site. It’s better to be posting great content and interacting with customers on one or two social media sites, rather than spreading yourself thin over multiple sites.

When you decide to put your company on social media, do it with specific goals in mind. Having a branded social media page for its own sake won’t have any benefit for your business. Do you want to use social media to increase brand awareness? What about establishing your brand as an authority on industry-specific knowledge? Take cues from how other successful companies run their social media pages, or research social media strategy to come up with goals that fit your business.

Again, it’s not necessary for you to personally handle your company’s social media posts – but you should be involved in the strategy behind those efforts if you really want to see some benefit from social media.

 

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