Matthew Stephens – The Diamond Specialists is an award winning jewellery store based in Limerick, Ireland. We spoke to Matthew Ryan from Matthew Stephens to find out more about the business and the recent tax-free event that earned them our CMJ retailer of the month this October.

Tell us about what your business specialises in?

Matthew Stephens is a 3 level Luxury Jewellery store which caters for all tastes and needs – from Shop in Shops of the worlds hottest Fashion Brands in the Lower Ground floor to Exquisite Diamonds and Fine Jewellery on the 1^st Floor Bridal Suite.

• One flagship store with three floors of retail space and a further three floors of workshops, offices and staff facilities.
• Since its renovation and expansion to a luxurious three level store in 2006, Matthew Stephens has become a destination store and a major player in the Irish jewellery Industry. The lower ground Fashion Level is home to Irelands largest selection of World famous brands all under one roof. The ground floor has wide arcade windows full of watch brands.
• We try to offer the whole package of great store, the finest diamonds and brands combined with exceptional customer service that goes above and beyond all expectations. We seem to have a formula which has become very successful.
• We have a state of the art Workshop so repairs, redesigns, serving and even Gold Buying are all significant business drivers for us

How would you like to see the business grow in the next 12 months and beyond?

In 2005, when we sat with architects and designers, we wanted something very special and in 2006, after our store was gutted and rebuilt- the new store opened, 3,000 sq feet of retail luxury spread over 3 floors. Our Ambition was to become a destination store in the Mid West region. 18 years on and we have couples travelling from all parts of the country to visit the store and buy Matthew Stephens Diamonds. We have enjoyed incredible success and growth over the past decade and it’s our aim to try to continue this growth. We have come a long way in becoming such a destination store in Ireland but we are very focused on continuing Matthew Stephens amazing growth into the future.

We are as ambitious now as we were many years ago and we’ll continue to strive to be the best that we can possibly be with on going renovations. You always have to keep looking at what is going on in the World and adapting and evolving with these changes. We are in the middle of planning something very very special at the moment. Unfortunately I cant disclose anything further at this time but the future looks very exciting. The best is most definitely yet to come.

Can you explain why you decided to run your tax-free event?

We started our first Tax Free Event back in 2010. The Events would be launched with an Exclusive Customer Evening instore the week before so that the photos would appear in the Newspapers the following week to promote it to the general public. We would have always worked with our Top Diamond suppliers who would attend our Champagne and Diamond Evenings for our top selected customers to come and view the incredible Diamonds that would be on display on the evenings. We often decided to start then late October and November so that we could get the sales deposits and orders in time for Christmas delivery and to also try to get the early spending. This was all before Black Friday ever came along which will take a lot of cash out of the economy.

What are the benefits with running events like this?

Thers lots of benefits to holding events. Firstly by setting dates it gives you targets to have everything in place to be ready for Christmas. We have very often had customer evenings during the first week of November to kick off our Christmas shopping in store. It’s great for special customers to feel valued and receive an invitation – even if they are unable to make it on the evening they will often drop during the following weeks. Like any other event, it’s a form of advertising, PR and great exposure. Things have changed over the past 15 years and now it allows for some great online content creation. Finally – its about getting sales and orders. If you execute the above correctly the sales will come. Maybe not in the first day, or week or year – but they will come.

 Why do you think it is important for businesses to do different in-store events like this?

I think it’s important to let customers in your local area know what you can offer. With competition so strong you have to go out there and create business and make it happen rather than sitting back and wondering why footfall is down in a changing world. I also feel that we are moving into a world where customers want an “experience” – they want to see the full range, from the specialists.

Are you planning on running anymore in-store events in the future?

Yes, we are so lucky to have a store that can cater to hold events over the three floors that they are very much part of our plans.

What being recognised as a shortlisted entrant means to the company?

It’s a great honour. Its recognition for all the Teams hard work over recent years – it’s the reassurance that you are doing something right and will certainly encourage us to continue to work even harder in the future.

What do you do to differentiate yourself from your competitors?

We try to offer the whole package of great store, the finest diamonds and brands combined with exceptional customer service that goes above and beyond all expectations. We seem to have a formula which has become very successful.

What is the best thing about your job?

Seeing the great results from store improvements and also getting all the thank you cards from so many happy customers- it’s a huge boost to feel all our efforts are appreciated and don’t go unnoticed. and the worst? There are a lot of hours and late nights put in!

What’s the best advice you’ve ever been given?

Its very simple- make lists of short, medium and long term goals or improvements to make in and on the business. Its amazing how clear things becomes when they are written down.

And what advice would you give to someone coming into the jewellery industry?

Think outside the box and don’t get caught up in the ways that things “used to be done in the industry”. Possibly even to look at other faster moving industries and learn from them. That and work with your suppliers – they are your partners in business.

What do you enjoy most about being part of the CMJ?

Networking with like minded individuals along with great trade shows and support.

Would you recommend that other retailers should join the CMJ?

I would think if they are the right fit that yes, absolutely.