Reevaluating Your Social Media Plan with 3 Lessons from a Tortoise and a Hare

Two years ago, this month I started posting on Data in the Rough.  The time felt right to continue working on something I was passionate about, jewelry and analytics. I have not done as much analysis as I would like to but I see that as an improvement not a failure. With the holidays’ over and winter in its last stages, it really is an ideal time for anyone that has made a resolution to reevaluate their goals and benchmark their progress. For me it is focusing a little more on driving insight and results through data around me. One way is to refocus on my social media plan.

I am on the usual platforms: Facebook, Twitter, Pinterest and Instagram.  I have also consulted a few people on their social media for their personal or business use, mainly Facebook and Instagram. The comments and questions I get center around followers, engagement, content to put out, protecting your intellectual property and return on investment, to name a few. All these platforms have different audiences and expectations. So how does a small business owner or someone looking to create their personal brand do it and not waste too much time? A strong and adaptable social media strategy!

To do that you need a plan and a focus. For that I have 3 suggestions as you find the right social media plan and strategy. Since this blog focuses on the jewelry industry I am going to use jewelry from Christie’s auction house to highlight some important lessons from the Aesop fable, The Tortoise and the Hare, that you can apply to creating a stronger social media plan.

Rabbit – by Kutchinsky sold for $10,032 at Christie’s London Auction, gold and gemstones; Turtle – by David Webb sold at Christie’s online auction, gold, platinum, lapis lazuli, mabe pearl, diamonds

So you want to join the latest social media craze, everyone is talking about it, everyone seems to be on it. You should be too, right?

  1. Look at what you are currently doing and see if it is possible to effectively use this new tool. The tortoise challenged the hare to a race, not to prove the tortoise was faster but that he could beat the hare. Can you see yourself benefiting from this new platform? Are your customers asking about your presence on this platform? Is your target audience on this platform? How much time are you willing to spend or pay someone to spend?
Rabbit- by Cartier sold a Christie’s Geneva Auction for $18,118, gold, ruby, enamel; Turtle- artist unknown sold for $15,000, diamonds, pearl
  1. Look at your own attention span and current social media platforms you are on. Do you have patterns that may make it difficult to focus on starting this new social media tool? How can you improve your current social media accounts to learn about yourself and your business moving forward. The hare is clearly faster but he got distracted comparing himself to others. Taunting the tortoise on his slower strategy without thinking about his own did not change either racer.

    Turtle-unknown artist, online auction, emerald, diamond, ruby; Rabbit-by Raymond Yard sold at Christie’s for $37,500, diamond, multi-gem
  2. Don’t compare yourself with others on social media. This is the hardest and most important thing to remember when online. It is hard not to see others bounding ahead and you continue to inch by or feels like you are standing still. The tortoise (turtle) knew that the hare (rabbit) was faster but his slow and steady pace worked for this one race. As I mentioned above, had the rabbit worried about his own progress and not of the turtles then he would have easily done better by finishing the race at his own pace. The rabbit got distracted by the turtle. There are times you’ll feel like the tortoise and see lots of ‘wascally wabbits’ pass you by.
Turtle- by Van Cleef & Arpels sold at Christie’s online, pink and blue sapphires,gold; Rabbit-unknown artist sold at Christie’s London for $893, gold, diamonds, ruby

 

They get featured on a blog or have a photo that earns them a lot of likes and followers. That kind of thing happens with the world of social media and ‘overnight’ success stories. You need to only focus about your brand and your story. A clear focus and some daily effort can get you a clear path to your own finish line!

That also leads to another question you need to answer, what will be your primary measurement of success for this platform?  Using money as your only way to gage success can leave you missing valuable opportunities. For the jewelry industry, it can take several visits either in a store or online before a purchase is made. The platform you choose to be on is another touch point. Somethings to consider when looking at measurements for your return on investment:

  • Can you sell on this platform?
  • How secure is the payment method?
  • Will this affect your relationship with other stores that sell your product?
  • Is your supply chain agile enough to take an increase in your business? Do your other vendors/suppliers have other clients that may take a higher priority?

So then how can you make progress for your brand if money is not a great metric? Some suggestions for other metrics:

  • Brand awareness-Getting more people interested in your brand could lead you to be picked up by a store or featured on a blog.
  • Getting a specific message out- Are you supporting a cause that is affecting a greater population? I have seen companies that are wanting to make money but also have social issues that need to be addressed, like ending human trafficking.
  • Engagement with your customers-Social media is a great way to get feedback and test out new ideas with your fan base.

This is only a starting point. I am going to continue to look at different social media platforms and tools to see what might help you in moving forward with your social media plan. It’s a race with yourself that will determine your outcome.  Keep following Data in the Rough for more on jewelry and the data behind the diamonds. Let me know your thoughts on the subject and what platforms you’d like to hear about. Instagram is a favorite of mine so I’ll be posting a bit more on that throughout the next few months. As a thank you for reading this post below are my two favorite pieces of jewelry that I found when looking for turtle and rabbit jewelry to use for my blog.

A pink diamond and white diamond rabbits’ brooch with a ruby by Graff sold at Christie’s Hong Kong Auction for a little over $129,000. The turtle is an antique brooch sold a Christie’s auction for $70,500 and is made of opals, diamonds and rubies!

Rubies: The Top 5 at Auction

What does the color red invoke in your mind? Does it bring up thoughts of passion, anger, evil, danger? For gemstones, rubies are considered, ‘the king of precious stones’. These stones are highly prized in cultures from the past and present. At auction these stones are also highly sought after. Jewels du Dour looked at the top rubies at auction for their July 2015 article. I want to update that and include some current rubies that have surpassed the cost per carat of the reigning champs. My table is below:

Ruby_blog_post_top_5_rubies

May of 2015 Sotheby’s topped the charts with the highest amount paid per carat at auction for their Sunrise Ruby Ring. An almost 26 carat ruby that brought in over $30 million for the final bid. The price per carat was over $1 million a first for an auction house to receive for a ruby. The Sunrise Ruby surpassed the highest amount per carat of $997,727 ($8.6 million total) that Sotheby’s received for the 8.62 Graff Ruby auctioned in November 2014. The record was not theirs for long, the Christie’s December auction sold a 15.04 carat ruby for over $18 million making the per carat $1,222,233 a little over $15,000 more per carat than Sotheby’s Sunset Ruby. Then another top selling ruby hit the Christie’s Auction House, a ruby ring by Verdura. I saw this ring at auction, it had a great color and the design was befitting a king,for only royalty could have afforded a ring this grand! I posted pictures that I took below!

Vedura_ruby

It will be interesting to see who comes out on top for the next round of auctions. Diamonds both white and colored have been topping the news as major selling pieces, but I like watching the other precious gemstones go up for auction. If you have any quality rubies you are thinking about parting with it might be time to look into selling before the economy starts going into a recession. I personally feel the country is due for one soon.

Do you own any ruby rings? I have one given by a family member as an heirloom, not as pricey as above but it creates feelings of love and excitement for me! Thank you for reading my article. Sign up for my email above to keep updated! Also for the July birthdays or ruby lovers, the below photos are for you, rubies that I have seen at auction. Check back later for more from Data in the Rough!

Rubys_auction

Emeralds at Auction

May is almost over and there are only a few more major auctions before summer is here. So before May ends I want to look at the emeralds that went on auction in the 2015-2016 season. Emeralds are the birthstone for May but they are also the stones for celebrating a 20th or 35th anniversary.  The interesting meaning behind emeralds is that they are called the ‘Stone of Successful Love’. ‘Emerald promotes friendship, balance between partners, and is particularly known for providing domestic bliss, contentment and loyalty. It was dedicated in the ancient world to the goddess Venus for its ability to insure security in love’.(CrystalVaults)

I will look at 4 auction houses: Christie’s, Sotheby’s, Bonhams, and Skinner. I have picked 3 emerald lots from each auction house, all for their beauty and design, and a few for their story.

Christie’s

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The first piece to the left is an emerald necklace created in 1810, this was a major piece auctioned at the November Magnificent Jewels Auction in Geneva. It has a detailed and rich history behind it. This necklace belonged to royalty. This necklace was a wedding gift to Princess Hlne, whose family were descendants of Louis Philippe 1st, King of France. Princess Hlne ended up marrying Prince Emanuele Filiberto of Italy in 1895. This necklace also came with a tiara from her godfather. Gifts like these were traditional when both parties go into a union to strengthen the alliance between their countries. Emeralds seem like an appropriate gift considering their meaning. The princess became involved with the Red Cross in Italy during World War I and with the turmoil royal families were enduring at this time the necklace stayed out of sight. The princess died in 1951 and the necklace and tiara then were in the possession of Sybil Sassoon, Marchioness of Cholmondeley. When that woman died in 1989 the jewels were auctioned and this necklace made another appearance 25 years later. This necklace was estimated to go between $1,500,000 – $2,500,000 and made the estimate with a final price of $2,625,522 (buyer’s premium included). The necklace now starts another chapter in it’s exciting story!

The piece in the middle is an emerald, onyx and diamond brooch by Graff. I chose this piece because of the design and appearance of this bird of paradise. The emerald is about 11.18 carats and from Columbia. This item was auctioned at the Hong Kong Magnificent Jewels Sale in December. It was estimated to sell between $233,345 – $362,981 and far surpassed that estimate selling for $767,445 (buyer’s premium included).

To the right is a pyramidal cabochon emerald and diamond ring. It’s hard to tell with this photo but the emerald is about 53.46 carats and comes from Columbia, where the best emeralds are mined from. This was sold in December at the New York Magnificent Jewels Auction for $1,685,000 (buyer’s premium included). It was thought to go for about $200,000 – $300,000, a great surprise for Christie’s.

 

Sotheby’s

2016_blog_Sothebys_emeralds

The left item is a platinum, emerald and diamond brooch by Marianne Ostier from the Magnificent Jewels sale from April (Another jewel sold from this auction I wrote about in this post.)  This design has the emerald hollowed out from behind, so instead of focusing on carats the dimensions are given of being about 21.3 to 20.9 mm by 9.6 mm. The designer of this jewel is the real story Marianne Ostier got involved in jewelry designing in the late 1930s when she married her husband who worked as a jeweler. Mrs. Ostier is credited with inventing the pincushion clip and free-form jewelry. She was also the first life-time member elected to the Diamonds-International Academy and received other honors in her career. She closed the business shortly after her husband passed in 1969. You can read more about her on this blog. This item estimated to sell for $175,000 — $275,000 sold above that for $346,000  (buyer’s premium included).

The earrings in the middle are from Bvlgari and made in 1970. I love that it is not just the emeralds that are carved but the rubies as well the emeralds together weigh 65 carats and the rubies 22 carats. I could not find the origin of the emeralds but I assume they are Colombian. The interesting piece is in the conditions report which states: articles of jewellery containing jadeite or rubies of Burmese origin all less than 100 years old may not be imported into the US. So it looks like the buyer if American will not be bringing these back. This Magnificent Jewels and Jadeite Auction was held in April 2016 at Hong Kong. The earrings were estimated to go between $20,630 – $30,946 and sold above that for $53,188 (buyer’s premium included).

The last piece to the right is a favorite piece of mine. This was from the same auction that sold the Marianne Ostier brooch from above. This is a platinum, emerald and diamond clip-brooch created by Seaman Schepps. It is a favorite not just because of it’s design but it is an original item from this jewelry house. I know it is a piece that the designer was involved with because of the date it was made. It was made in 1935. Schepps started his business in 1920s and retired in the late 60s. He passed away in 1972. So this brooch is one of his earlier works. I heard one of the men who took over Schepp’s business, Anthony Hopenhajm, speak at a Christie’s class and he mentioned that unique pieces from the time Seaman Schepps was involved in his business sometimes get bought back by the firm. It doesn’t seem that this one made the cut if the company knew about it. The piece failed to sell for the $20,000-$30,000 estimate. Another of the many times I wish I had had the money for a piece I saw.

 

Bonhams

2016_blog_bonhams_emeralds

My final New York auction house had pieces that focused more on design than the size of the stone. The necklace to the left not only has emeralds and diamonds but includes rubies and a sapphire. This necklace is by Graff. You can tell it is a high end house that designed this due to the unique cuts of the central emerald and sapphire. You do not often see trapezoid shaped gems in jewelry. The reasoning is that these shapes go to a specific design and can not be easily incorporated into other designs so it is more expensive of a loss if the item does not sell because the stones can not be reused. This piece is also fun because it is from 1985. I feel a lot of jewelry auctioned is early 20th century so seeing some more recent but dated jewels is refreshing. This piece sold for $ 32,956 ( inc. premium) at the Fine Jewelry Auction held in London on April 20, 2016. No estimate was available when I found this piece and it too has restriction to the U.S. because of the rubies.

The pieces in the middle are a pair of twentieth century emerald and diamond dress clips from Hong Kong Rare Jewels & Jadeite Auction, November 2015. These emeralds have a total weight of about 55 carats. I love how the diamonds and metal surrounding the emeralds are styled like peacock feathers. These clips sold for $159,662 ( inc. premium).

The pendant to the right looks a bit out of place to the more refined picks I have made up until now. The colors are bold and the pendant is large at 9.5cm (3.74 inches) in length but the details and pave work are amazing. The front of this cross has 24 carats of emeralds surrounded by 22.7 carats of demantoid garnets. The back however is completely cover in 27.6 carats of diamonds!

back of Emerald Garnet Cross
back of Emerald Garnet Cross

 

Skinner Inc.

The last set of emeralds we will be looking at comes from Skinner Auction House in Boston, Ma.

2016_blog_Skinner_emeralds

This emerald and diamond brooch dates back to the Edwardian period. The exact date is not listed but the report on this piece places the origin of the emerald as being from Colombia. The diamonds are also old European-cut. I saw this in person it is smaller than many of the pieces listed but the emerald was eye clean and flawless looking. It was estimated to sell between $50,000-75,000 and out performed its high estimate by 547% selling for $410,000 (premium not included). Sold at the December Fine Jewelry Auction.

The earrings in the middle are not primarily emerald but the look of these 18kt Gold Gem-set Day/Night Ear pendants by Van Cleef & Arpels were too fun to pass up! These were sold for $67,650 (inc. premium) in the March Fine Jewelry Auction, above the $30,000-$40,000 estimate.

This antique emerald and diamond pendant/brooch has an emerald measuring 8.00 x 7.90 mm (.31 x .31 inches) surrounded by larger mine cut diamonds with  rose cut diamond accents and is 3 inches in length. This was also sold in the March Fine Jewelry Auction. It just made its estimate of $2,500-$3,000 by selling for $3,198 (inc. premium).

I hope you liked my selection! Do you have any emeralds from a loved one for marking an anniversary or special event? Anyone with an emerald engagement ring? Would love to hear your stories about your own emerald treasures! Below are some of the emeralds from my article that I got to see in person from my photo archives! What are your favorites?

Emeralds_at_auction_my_photos