Paul Brereton,Managing director, John Brereton Jewellers, Grafton Street, Dublin

Tell us about your business?

We’re a fourth-generation family jeweller based in Dublin and have just opened a new store on Grafton Street. We employ 35 people in total.

What is the most unique thing about your business?

We’ve been in business since 1916, so have seen our fair share of changes. I think one of our unique selling points is our strong family ethos. Our staff have been with us for an average of 10 years, something that is very important in terms of customer relationships.

Repeat custom is an important part of our business – for example, someone might come in and buy a piece of jewellery for their first girlfriend, and then return at various stages later in life. We know a lot of our customers by name.

We also have an in-house workshop, with goldsmiths and designers working on site, so we can custom-make pieces.

What are the biggest challenges and changes you’ve had to deal with?

One of the biggest challenges is making sure you’re ahead in terms of trends. Customers are much more educated about what they want nowadays. In the 1980s, for example, people simply wanted a diamond; now they are very informed. The internet has had a huge impact in that regard, and people are prepared to travel abroad for what they want.

Investing in our website was an extremely important development for us, and helped us maintain our customer base.

How has the recession affected business?

In 2008, there was a steep fall-off in consumer spend, and consumers became very price-conscious. Since then things have levelled off and there is more of a move towards striking a balance between price and an appreciation of quality. We’ve seen double-digit growth in the last two years, so are very happy with that.

What’s your target market?

We offer different kinds of products for different kinds of customers. While diamonds and wedding rings continue to be our main business, we’ve recently opened a “silver quarter” in our O’Connell Street and Grafton Street shops, which offer keenly priced silver jewellery aimed at younger shoppers.

With the price of gold going up, a lot of gold items are out of the price range of some people. We also have a strong line in vintage and antique pieces.

What do you like most about your job?

The people we meet. Working in the jewellery business means you are dealing with people when they are at a happy time in their lives. We’ve had a few marriage proposals in the shops over the years.

Running your own business also means you need to be involved in all facets of the business – IT, shop design, buying and selling. The downside is you have to be involved even in the areas you don’t like.

What was the biggest mistake you’ve made in business?

One of the biggest mistakes we nearly made was: we were close to buying a shop on a side-street off Grafton Street during the boom for the same price we bought our Grafton Street store for last year. Once the site on Grafton Street came up, we made that decision almost immediately. It’s the best shopping street in the country and has huge potential in terms of footfall.

What’s the best business advice you’ve ever received?

My dad used to always say “always leave something in it for somebody else”. I suppose the message is that, when negotiating on price, it’s always better to leave the customer feeling that they got a little extra. It means they’re more likely to come back to the store in future.

Tiffanys jewellers had an ethos that businesses should expand in a recession. That’s something that’s definitely been applicable to us in the last few years.

In conversation with Suzanne Lynch