Columnists

Vegas Musings: Equal Parts Noise and Inspiration

ColumnistsJun 11, 2024

Vegas Musings: Equal Parts Noise and Inspiration

Fresh off Jewelry Market Week 2024, Peter Smith separates the positive—retail and product innovation—from the positively annoying.

National Jeweler columnist Peter Smith
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
When I’m invited to speak at events or conferences, I make sure to tell those booking me that I’m not a motivational speaker; I am a truth-teller. I’m a pragmatic optimist who believes in calling it like I see it. 

I highlight the stuff we ought to be doing more of, and the stuff we ought to be doing less of. 

I connect the dots of what I’m seeing and hearing, aligned with what the data tells me, and I make conclusions and recommendations about the best path forward. 

For the life of me, I’ll never understand why anyone ever entertains fire-breathing zealots as speakers, those self-assured prognosticators sharing doomsday scenarios—falling skies and the benefits of underground bunkers, generously stocked with canned goods and bottled water. 

Dale Carnegie wrote, “Any fool can criticize, condemn and complain, and most fools do.” 

Why we feel the need to put them on stages, let alone on stages during Jewelry Market Week in Las Vegas, will forever be a curiosity to me. 

They are demotivating charlatans, and I wish institutions and businesses would stop booking them, not because we should hide from hard truths, but because despite hard truths, there is much to be excited about in our industry. 

As the ancient Greek philosopher Heraclitus observed, “No man ever steps in the same river twice.”

Change is ever-present, and, if we’re being honest, we’ve not always handled change well in our business. 

I remember the diamond conference at the Park Plaza in New York in 2004 when the collected angst from retailers about selling diamonds online bordered on insane, as though we could somehow stem the emergence of e-commerce itself. 

There are still legions of retailers who won’t entertain jewelry brands (we’ll leave the definition of “brands” for another column) believing, despite compelling evidence to the contrary, that young shoppers prefer to reward a jeweler’s buying acumen, their skill with a loupe, and the merits of generics in place of relevant brand experiences.  

Having just returned from JCK Las Vegas, I’m still reeling from the chatter and anxiety about lab-grown diamonds. 

We have, once again, chosen to address an innovation in moral terms—righteously indignant, or vehemently pro-lab grown. 

Or, worse yet, we behave like lambs to the slaughter. “What can I do?” one retailer shrugged. “I can’t get my salespeople to sell natural diamonds.” 

 Related stories will be right here … 

Allow me to connect a few dots.

Lab-grown diamonds are not going anywhere. They won’t disappear because a few zealots preach firebrand from the pulpit, but they are having an impact.

Retailers need a strategy to deal with them, beyond casting aspersions and making predictions based more on hope than expectation.

We are deep into a two-decades long stagnation of foot traffic into retail jewelry stores. The decline is not chronic, but it is a factor.

We could, of course, blame the internet, but the reality is a strong online presence is a boon to great retail experiences, not a detriment. It helps drive qualified customers into physical stores.

The real issue with lab-grown diamonds shouldn’t be a moral conundrum, but the downward pressure on average tickets should be concerning.

If you are seeing fewer customers (and your conversion rate is not materially changing) and your average ticket is declining, that is troubling math, and we ought to be concerned about that.

I steadfastly encourage you to have a strategy to manage and mitigate anything that contributes to a reduction of your average ticket.

You are the captain of your ship, and you should steer a course, with or without lab-grown diamonds, that ensures the health of your business in the near and long term.

As for the good news from the show, there were two things that moved me.

Fire & Ice booth JCK Las Vegas 2024
The Fire & Ice display at the Luxury show at JCK Las Vegas 2024


In the first instance, my client, Fire & Ice, reintroduced the diamond brand, first launched 10 years ago, to great fanfare from current and prospective clients.

There was no shortage of irony in witnessing such excitement for a story in a natural diamond brand against the backdrop of all the lab-grown noise. It’s the most excited I’ve ever been about a finished diamond story.

The second big theme for me was the sheer number of retailers who enthusiastically shared their plans to build new stores.

I’ve attended JCK for decades and I cannot recall a time when there was this much enthusiasm for innovative retail developments

Having retailers walk me through their plans is always fun, but even more so when the quantity of them is exceeded only by the quality of most of the projects.
 
We’ve seen a gradual decline in the total number of retailers for years, even as total sales in jewelry and watches is today far in excess of pre-pandemic highs. 

There is no question that we are experiencing a significant shift to quality in our business, and I’m all for it.

Happy retailing!

The Latest

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
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.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
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.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
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.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
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.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

Sothebys Watchcheck
WatchesMar 24, 2025
Sotheby's Now Offers Watch Repair Services

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

×

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