Diamond Jewelry Co.
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Each company is separately owned, but many synergies exist to benefit their broad client base. This is a story of much more than three local jewelry stores.
The story began when Cowan Oldham, owner of the downtown movie theater, talked Albert Stinson, who owned jewelry stores in Decherd and Winchester, to open a new store on Main Street in McMinnville. Albert did just that, setting up Moody Stinson in that business 45 years ago in 1960.
The fine art of making jewelry, grading and selecting diamonds, doing diamond settings, selecting jewelry prongs, matching stones, international purchasing, etc. are not areas of expertise that schools or apprenticeships are available for. This knowledge is typically passed on from generation to generation through detailed personal involvement. That is exactly how Moody “learned his trade” and how his three sons – Jamie, Shawn, and David – have followed in his footsteps, each beginning early in the process.
For the record, Moody owns Diamond Jewelry Co. with David assisting, Jamie owns Diamond Classics, and Shawn owns National Diamond Co. The three companies do combine their purchasing power for common benefit, having purchased as much as 30 carats of diamonds at one time in past peak buying seasons. They also will intra-company sell/buy inventory to give customers faster service.
About 60 to 70 percent of the Stinson jewelry business revenue is diamond related. One of their unique capabilities is that they manufacture about 25 percent of the jewelry they sell. They maintain an inventory of over 3,000 jewelry molds that they can do a centrifugal cast process with to make the ring, etc. desired. These are custom designed over the years, generally in response to specific customer requests for “something other than standard.”
Each of the three jewelry stores is equipped with service department, while Moody has a jewelry manufacturing facility at his home. There are two main incentives to this jewelry manufacturing. It allows the Stinson’s to be more competitive. It also allows for custom jewelry offerings to clients to boost business.
The three Stinson businesses average 2,000 to 3,000 custom manufactured items – rings, pendants, bracelets, and earring sets – per year. Another advantage is lead time. A custom ring can be manufactured in about 16 man hours. This is much faster than ordering something custom “from out of town.”
The Stinsons have years of relevant experience with diamond/gem sorting and grading. This has become more specialized as many diamonds today are furnished from wholesalers with color enhancements added. Making sure one receives desired and expected value is a must. Matching stone color for restorations ties into this area of expertise.
The Stinsons do not cut diamonds, as this is very specialized. They do, however, offer a full range of diamond settings to offer customers – different prongs, mounts, stone matching, etc. Jewelry repairs, restorations, and cleaning are all important business sectors for the Stinsons. If you have an existing piece of jewelry missing a stone, they can readily offer assistance.
The Stinsons advised that diamonds have maintained an annual inflation rate of about 3 to 5 percent per year, keeping their value at a desired level. It was noted that rubies, emeralds, and sapphires were most popular gems for natural colors and are a prime offering for the Stinson stores.
When asked about their primary customer benefits, the Stinson’s said diamonds are their specialty, and that the variety and custom offerings they make along with full customer services are their forte. They assert that they do this at very competitive values. Each retail store is family operated.
The Stinsons noted 90 percent of their sales are made for and by females. They cite the hot trends today as being white gold, past/present/future “three diamond settings” rings, and anything that has a “vintage” look. The jewelry business has become much more stylistic in recent years.
We asked the Stinson clan about TV shopping shows for jewelry. While some buys might represent value, a lot of the merchandise being offered falls into the categories of close-outs and irregulars. The Stinsons do see the Internet affecting jewelry sales to a greater degree in the future. One reason is the avoidance of state and local sales tax.
As it relates to product quality, the Stinson family stores offer a one year product warranty on manufactured jewelry, and pass along other manufacturer’s warranty where applicable.
Moody Stinson and his three entrepreneurial sons bring joy and excitement to many families in Warren County throughout each year. They represent the artisanship of four family generations, soon to expand into a fifth generation. This is a Warren County business family of almost 50 years of service. They are much more than retailers. We thank the Stinson family for adopting Warren County.