Every jeweler starts somewhere This page is where I will share information that I have learned over the years.
When I was in college taking an “Economics 101” class, I remember having this one point hammered over and over again: “The law of supply and demand states that a low supply and high demand for any product or service will typically increase its price”. That brings me to the title of this post. “Buying Scarcity”. After some basic info, I will tie it into the jewelry trade.
This old vaudeville joke about Carnegie Hall, which opened in 1891, has been around so long, that no one knows who first said it. Made famous by Jack Benny (1894-1974), the vaudeville, radio and television comedian, it is probably the most quoted guidance on the importance of practice in order to learn a skill.
This quote is about music and musicians, not jewelry, but it has become the default advice on how to learn just about anything.
Unfortunately, it is probably the worst advice you can give someone to help them master any skill.
What is the weight of potential? A hard question to answer. How does one weigh an idea? A thought? A nebulous concept that has not fully formed?