A subtitle might read "What should you NOT change?" or "What should be left pretty much alone?"
Jewellery and accessory shops live or die on the back of the styles they sell. You need to be selling quality, unique jewellery that people want to buy. This means that you can cut corners in just about any area of your business, but you cannot cut corners on the actual jewellery you sell.
This does not mean you should not try to source jewellery as cheaply as possible, but it does mean that you should ensure that whatever jewellery you do buy meets the two critical qualities that your customers expect: Quality and Style.
If you buy inferior products - jewellery made to a poor standard - then your business will fail. It won't fail as a direct result of the weak economy, it will fail because those customers who remain will abandon you, and you will be inundated with returns. If you buy old styles or unpopular styles (often cheaper than more contemporary or better selling lines), your business will still fail. It will fail because your customers do not want the jewellery you are selling. They want new styles that their friends will admire, and they want fashionable styles. It doesn't matter how well something is made if the style itself is not fashionable enough.
So, when you are making changes to your business, when you are cutting costs or sourcing new suppliers, remember: buying cheap jewellery of poor quality, or cheap jewellery that is not fashionable, is not and should not be an option.
Cut expenditure everywhere else, but do not skimp on the actual jewellery. If you do that, or you're planning on doing that, you may as well pack it in and call it a day now.