Following are some of the reasons why these jewelers charge so much.
- Rental space in malls is more expensive than in an average office building.
- The fittings in a mall-based jewelry store are required to be state-of-the-art, and it is not a one-time thing. Every mall has regulations which obligate the jeweler to revamp their store every two years or so. This would cost millions.
- Mall hours are longer than what is permitted under the Employment Act. You will require at least a second set of staff, which will need to be given overtime pay, as well as public holiday pay.
- Insurance for the jewelry items in a store inside a mall is expensive, especially since there is a lot of foot traffic.
- It takes many diamond ring pieces to properly stock a jewelry store.
- Nevertheless, as trends change and dead stockpiles up, these will have to be melted down and remade.
