Columnists

Navigating the Headwinds: Is Your Business Ready?

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.

2022_Peter Smith.jpg
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 … 

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. 

The Latest

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

Weekly QuizJul 17, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Cover of the book “Flawless: Inside the Largest Diamond Heist in History”
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Rio Tinto Chief Executive Simon Trott
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at Diavik

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

Jewelers of America Learning Workship Logo
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This Fall

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

Buccellati Opera high jewelry bracelet
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy