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To: Robert Rose who wrote (24593)	11/5/1998 2:31:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

I don't know what kind of jewellry you specialize in selling, but your past comments suggest that it might be the high end. Robert, We do only carry fine jewelry. You are correct. The result is that when I buy (very occasionally....) fine jewellry, I go to either Gumps or Shreve's in SF (I live on the Penninsula). We enjoy checking out the discount jewellry stores in SF Chinatown, but we don't buy there. Even though the prices are usually 1/5 what they are at Shreve's or Gump's for what appears to be the same thing, I am buying the brand at the latter two places. It's not a status thing with me - it is the security that their brands ensure that I am getting top quality, since I do not know enough to evaluate top quality myself. You are shopping smart. Jewelry is not a commodity. What looks the same, often is not.I am not familiar with Shreve's or Gump's but suspect they carry fine merchandise. It is a fact in the jewelry business that margins are lower at the finer stores than the stores such as Macy's. Macy's will carry much lower quality stones as a rule and use lighter weight mountings. Their cost is far less to them than they are selling it lower on the retail level. This has been a proven fact in the industry. Typical gross margins on jewelry at stores such as Macy's, is 60%. Typical fine jewelry store gross margins are 40%. By the way, are you originally from Britain? Glenn