Service Merchandise closes three Orlando stores: Local Orlando jeweler, Diamond Exchange, brings in additional $1 million inventory to meet needs of displaced jewelry consumers

The closing of Service Merchandise stores has created a gap in the jewelry industry that must be filled. Independent retailer, Orlando's Diamond Exchange, brings in select $1 million inventory to narrow that gap.

FOR IMMEDIATE RELEASE:
         
For further information, contact:
Angela Kendall, Marketing Director
Diamond Exchange
407.760.7360

Virginia Ann Ballestero, Owner and Operator
Diamond Exchange
407.894.9055
virginiaann@diamondsale.com

Service Merchandise closes three Orlando stores
Local Orlando jeweler, Diamond Exchange, brings in additional $1 million inventory to meet needs of displaced jewelry consumers

Orlando, FL, March 20, 2002-- The Diamond Exchange announces the arrival at its new location on the corner of East Colonial and Maguire of an additional $1 million finished goods jewelry inventory recently procured at a major wholesale show in Atlanta, GA. This inventory has been selected specifically to service the needs of former central Florida Service Merchandise customers and includes a large selection of finished engagement rings and other diamond and fine gemstone pieces.
Says Diamond Exchange owner Virginia Ann Ballestero, In my former location, I chose to focus on engagement rings, bridal sets, loose diamonds, gemstones and semi-mounts. My customers received incredible value by my focusing on those channels. With the added room I have in my new location, Ive leveraged my long-standing buying power to add a huge selection of finished goods at the values my customers -- and former Service Merchandise customers -- expect. Its my desire to fill some of the gap the chains closing leaves."
Ballestero is able to bring in this finished good inventory to the Diamond Exchange because her new store on the corner of East Colonial and Maguire has showcase space exceeding that of her previous location on East Colonial and Bumby by more than 185%. With his space, she can also continue to service time-honored customers who wish to create their own ring from loose diamonds, gemstones and mountings and her engagement ring and bridal set customers.
According to its website, Service Merchandise has closed three Orlando locations within a 20 mile radius from the Diamond Exchanges downtown location. The company began closing stores nationwide January 19. According to Retail Merchandiser, a leading retail trade publication, Service Merchandise generated jewelry sales in excess of $700 million nationwide-$3.2 million per store on average with some stores registering as much as $6 million. This leaves Orlando Service Merchandise customers in need of alternative jewelers.
Ballestero recommends Service Merchandise customers turn to independent stores to find comparable value and quality jewelry. Independent stores like the Diamond Exchange have their fingers on the pulse of these customers needs. We are able to react quickly to this change in the marketplace, whereas large corporate retail jewelry stores may still be examining whether they are going to try and market to former Service Merchandise customers or not. Plus, there are differences between independent jewelers and mall retail chains that benefit the consumer. We can special order stones or semi-mounts more easily than a large corporate retailer, we usually have the same services like warranty, financing and lay-a-way plans offered by large corporate chains and we often have lower overhead than mall stores resulting in savings that can be passed on to our customers."

About Diamond Exchange
The Diamond Exchange is a leading Orlando provider of affordable, high-quality diamonds, mounts precious gems and finished jeweled goods and offers the largest bridal selection in central Florida. The Diamond Exchange has been in business in Orlando for 17 years and is owned and operated by 29-year Orlando resident, Virginia Ann Ballestero. A pioneer in the industry, Ballestero is one of the only female owners of an independent jewelry retail business in central Orlando. The Diamond Exchange is located at 3016 East Colonial on the corner of East Colonial and Maguire, situated diagonally from Fashion Square Mall.

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