ColumnistsJun 28, 2022
The PR Adviser: Why Should Someone Buy From You?ColumnistsJul 05, 2022
Navigating the Headwinds: Is Your Business Ready?
Columnist Peter Smith shares a prediction for the year ahead as the jewelry industry faces a possible slowdown.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
On a trip to London a few years ago, I found myself in a long line at Heathrow Airport, waiting to be processed through U.K. immigration.
If you’ve ever been one of the many who, just moments earlier, deplaned after flying through the night, and across time zones, you may recall the experience as having a certain zombie-like quality to it.
There are herds of exhausted people, moving in unison, mostly quiet, longing for a bed, or at least a breath of fresh air.
After what seemed like an interminable wait, my attention was drawn to one of the immigration officers. He was clearly having difficulty making himself understood to the woman standing in front of him, and his growing agitation was becoming ever more noticeable.
If, as reported in UCLA Professor Emeritus Albert Mehrabian’s famous study on communication, body language is 55 percent of what is communicated, the officer was operating at about 80 percent – and it was all pissed off.
That is, until he recovered his verbals, and he took them, as per Spinal Tap—for those of you old enough to remember —to 11.
The exhausted woman, who had been unable to hear what the officer was saying, was now being berated for having the audacity to show up for a holiday in England without being proficient in the native tongue.
I often think about that airport experience when I see companies that appear to lack a clear sense of direction.
Having defaulted to a lane, or two, or three, they deal with disappointment by going faster in the direction (or lack thereof) they were already headed. They take the immigration officer’s approach and scream their ambiguity even louder.
Inc. magazine asked leaders of 600 companies to estimate the number of their employees who could name their company’s top three priorities. While the leaders predicted that 64 percent would be able to identify the top three priorities, a mere 2 percent were able to do so.
That kind of disconnect is not unusual, and it is even more telling when it is the companies’ own personnel who are confused about who and what their company is trying to be.
How are customers supposed to know? What about prospective new customers? Good luck with that.
The first and most important responsibility of a leader is to set the course for the business. That requires more than hollow sloganeering and bumper stickers.
It starts with being brutally honest about the current circumstances; that includes products, people, processes, investments made or not made, deployment of resources, etc.
It is much easier to make meaningless statements about what you want your business to be than to actually articulate, in blisteringly simple terms, what the business is about, and what it aspires to be, and then set about the task of charting the course with real work, concrete actions, and an honest appraisal of what it will take to get there.
Related stories will be right here …
If you’ve ever been one of the many who, just moments earlier, deplaned after flying through the night, and across time zones, you may recall the experience as having a certain zombie-like quality to it.
There are herds of exhausted people, moving in unison, mostly quiet, longing for a bed, or at least a breath of fresh air.
After what seemed like an interminable wait, my attention was drawn to one of the immigration officers. He was clearly having difficulty making himself understood to the woman standing in front of him, and his growing agitation was becoming ever more noticeable.
If, as reported in UCLA Professor Emeritus Albert Mehrabian’s famous study on communication, body language is 55 percent of what is communicated, the officer was operating at about 80 percent – and it was all pissed off.
That is, until he recovered his verbals, and he took them, as per Spinal Tap—for those of you old enough to remember —to 11.
The exhausted woman, who had been unable to hear what the officer was saying, was now being berated for having the audacity to show up for a holiday in England without being proficient in the native tongue.
I often think about that airport experience when I see companies that appear to lack a clear sense of direction.
Having defaulted to a lane, or two, or three, they deal with disappointment by going faster in the direction (or lack thereof) they were already headed. They take the immigration officer’s approach and scream their ambiguity even louder.
Inc. magazine asked leaders of 600 companies to estimate the number of their employees who could name their company’s top three priorities. While the leaders predicted that 64 percent would be able to identify the top three priorities, a mere 2 percent were able to do so.
That kind of disconnect is not unusual, and it is even more telling when it is the companies’ own personnel who are confused about who and what their company is trying to be.
How are customers supposed to know? What about prospective new customers? Good luck with that.
The first and most important responsibility of a leader is to set the course for the business. That requires more than hollow sloganeering and bumper stickers.
It starts with being brutally honest about the current circumstances; that includes products, people, processes, investments made or not made, deployment of resources, etc.
It is much easier to make meaningless statements about what you want your business to be than to actually articulate, in blisteringly simple terms, what the business is about, and what it aspires to be, and then set about the task of charting the course with real work, concrete actions, and an honest appraisal of what it will take to get there.
We have ridden the crest of the COVID economy for more than two years. That was then, and this is now.
The task ahead will be infinitely more challenging, and we may not all be quite as smart as we seemed to be when business was flying.
It is hardly prophetic to suggest that we will see a decline in business this year as an industry.
That is not just because the circumstances are beginning to change, due to inflation, diamond supply and pricing, and the broader economy opening up, etc. There’s little doubt those conditions will impact the industry negatively.
The real difference, however, is that the circumstances of the past couple of years were just so deliciously good for our industry. We may never again see that positive confluence of events providing such strong winds at our backs.
Despite the anticipated decline for our industry this year, I am certain that not all companies will retreat from their 2020/2021 performance.
Some companies will “outrun the bear” by executing brilliantly and making important investments, be it in technology, people, expansion, or renovations.
They will obsess over their customers, exceed expectations everywhere they can, use data to help run their business, and create experiences that separate them from the masses.
For some, unfortunately, they’ll blame circumstances beyond their control, make excuses for poor performance, and do a lot of finger pointing.
They may even shout a little louder.
Editors' Picks
Sponsored by
More on Columnists
The Latest
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
Weekly QuizApr 03, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C. Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
