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.
![Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com. National Jeweler columnist Peter Smith](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/5880eb31a76e0da854a95c10971f8af9.jpg)
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.”
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.
![The Fire & Ice display at the Luxury show at JCK Las Vegas 2024 Fire & Ice booth JCK Las Vegas 2024](https://nationaljeweler.com/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBbGhYIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--4f87d4b968d862199590717a50483ce002026e0d/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdERG9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RkhKbGMybDZaVjkwYjE5c2FXMXBkRnNIYVFJQUJHa0NBQU02RkhOaGJYQnNhVzVuWDJaaFkzUnZja2tpQ2pRNk1qb3dCanNHVkRvS2MzUnlhWEJVT2c1cGJuUmxjbXhoWTJWSklnbEtVRVZIQmpzR1ZEb1BZMjlzYjNKemNHRmpaVWtpQ1hOU1IwSUdPd1pVT2d4eGRXRnNhWFI1YVZBPSIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--ea15daad36a7f7266e7d591867d534d851352260/20240611_Fire%20and%20Ice.jpg)
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
![This satellite image from the National Oceanic and Atmospheric Administration captured Hurricane Idalia approaching the western coast of Florida in late August 2023, while Hurricane Franklin can be seen in the Atlantic Ocean. Jewelers Mutual Group is sharing safety tips for jewelers in time for the 2024 hurricane season. National Oceanic and Atmospheric Administration hurricane satellite image](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/3241d26cf0239dbdb06644f4b6152b3e.jpg)
Jewelers Mutual is advising jewelers along the coast to prepare for above-normal hurricane activity this year.
![Sara Yood, left, will become the new president, CEO, and general counsel of the JVC on June 24. She succeeds Tiffany Stevens, who is leaving the organization after seven and a half years. JVC’s Sara Yood and Tiffany Stevens](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/228c5278dafaf1510e23d1f54f480ba4.jpg)
The leadership change at the organization charged with guiding the industry on legal issues will take effect next week.
![Helen Molesworth’s new book, “Precious: The History and Mystery of Gems Across Time,” is a blend of gemology, history, pop culture, and her own story. Precious: The History and Mystery of Gems Across Time](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/afe2a606e2edce304049111d98eb4258.jpg)
“Precious: The History and Mystery of Gems Across Time” will be available on Sept. 17.
![Untitled design.jpg](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/583fbcb2bb839782810080debef35d3c.jpg)
As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
![Chris Cramer, Claire’s chief financial officer and chief operating officer, has been named interim CEO following the resignation of Ryan Vero. He will continue as CFO and COO in addition to being interim CEO. Claire’s interim CEO Chris Cramer](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/9aa28b30e08ed65f8c3ba76bef770efa.jpg)
Chief Financial Officer and Chief Operating Officer Chris Cramer has been named interim CEO.
![](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/99a46b30cc354962ac2e29ecd113587a.jpg)
![From left to right, industry leaders Ronnie VanderLinden, David Bonaparte, Matthew Swibel, Dave Meleski, and Jon Bridge (not pictured), visited the U.S. Capitol last week to meet with lawmakers to discuss import restrictions on Russian diamonds. Jewelers of America advocacy trip DC 2024](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/86b97037eeeb45710cf90d34afdd5566.jpg)
The group met with lawmakers to raise awareness about the financial, operational, and supply chain harms posed by an EU proposal.
![A gold and opal necklace, circa 1900, by Louis Comfort Tiffany is one of more than 200 jewels featured in the Driehaus Museum’s new jewelry exhibition. (Photo by Michael Tropea) Louis Comfort Tiffany 1900 gold and opal necklace](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/83ad31595d5b377e03da8eac4f87f04d.jpg)
The museum also will host jewelry heist-themed movie nights throughout the run of “Chicago Collects: Jewelry in Perspective.”
![1872 x 1052 Gemolite.jpg](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/9d60901b44425a53b9010301897a3bbc.jpg)
GIA®’s most advanced microscope has new features to optimize greater precision and comfort.
![The first chapter, “Milan’s Monochromatic Treasures,” focuses on the architecture of the city, while “Milanese Color Prism” interprets the artistic creativity present in Milan. Models wearing Pomellato’s “The Dualism of Milan” collection](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/d1c7e07c96063c8abd0da9e6910c7dfe.jpg)
“The Dualism of Milan” collection features two chapters representing the monochromatic and colorful spirit of the city.
![Zales has added Dorian Webb (left) and Ursula and Kealeboga Pule of Nungu Diamonds to its Designer Edit. Dorian Webb, Kealeboga and Ursula Pule](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/ba6be7412172929ad63891f18b5acae1.jpg)
The Designer Edit, launched earlier this year, highlights up-and-coming jewelry designers.
![The National Association of Jewelry Appraisers mid-year conference will take place in connection with the Instore show, slated for Aug. 10 to 12 at the Donald E. Stephens Convention Center in Rosemont, Ill. National Association of Jewelry Appraisers Logo](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/f8f692a1d58ae95707dbb486111b77bd.jpg)
The conference will focus on the “practical ‘how to’ of appraising gems and jewelry,” said NAJA Executive Director Gail Brett Levine.
![Al Cook became CEO of De Beers Group in early 2023, succeeding longtime De Beers executive Bruce Cleaver. During an interview at JCK Las Vegas, he discussed the timeline for Anglo American’s sale or demerger of De Beers, the new plan to promote natural diamonds with Signet, and its future plans for the Lightbox factory in Oregon. De Beers CEO Al Cook](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/5b804370945780be5f88b012a47a4753.jpg)
The De Beers CEO discussed the Anglo American situation, natural diamond marketing, and why the future of lab-grown diamonds is technology.
![Bernd Munsteiner, the gem cutter renowned for developing the fantasy cut, died on June 6 surrounded by his family in Stipshausen, Germany. Bernd Munsteiner](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/cd76e22e7e091a0ec8a1f78f9b5e1dd4.jpg)
Known to many as the “Picasso of gems" who modernized the gem cutting field, he is remembered by his family as going through life with open eyes.
![Thomas Markle Jewelers will soon relocate its Houston flagship store. Seen here is a rendering of the new space just across the street. Thomas Markle Jewelers interior](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/3d85373e05b8416df9012c4a83de804b.jpg)
The Houston-based family jeweler is relocating its flagship just across the street.
![CRJC attendees will have access to the Instore Show’s show floor, education programs, and evening networking events. Instore and Chicago Responsible Jewelry Conference Logos](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/a338d70b904090b4c46ce7f1045700f6.jpg)
The partnership, now in its second year, allows CRJC attendees to register for a free Instore show badge.
![Stock image of a gavel](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/97c42635a4db760cd379976d7316699f.jpg)
In court, Daniel Hutchinson’s loved ones remembered the jeweler as a giver, a role model, and a leader.
![Jade Trau’s new “Billie” bangle in 18-karat yellow gold with round-, pear-, and marquise-cut diamonds totaling 1.72 carats ($22,600) Billie Bangle](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/9283ce5927cbdb1e24a1284caf4027b1.jpg)
Take a walk along this bangle’s diamond “cobblestone” made from round-, pear-, and marquise-cut diamonds.
![Graphic with headshots for My Next Question 2024 Las Vegas webinar](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/7726017f0495dee18fbf95a8bb83de62.jpg)
The National Jeweler editors discuss the hot topics, best jewels, and current trends that stood out during Jewelry Market Week.
![NJSB1.JPG](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/96e2be95a108e41c5ae0a30df4720134.jpg)
Sponsored by Core Scientific
![A lab-grown diamond engagement ring by the Vera Wang Love brand at Signet Jewelers-owned banner Zales. Signet posted declining revenue and same-store sales in its first quarter. Vera Wang Love True lab-grown diamond engagement ring](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/b19b470b396ee18fc0ff5a20628224fb.jpg)
The company is expecting to see a 5 to 10 percent increase in engagements this year.
![Qurate Retail, the parent company of shopping networks HSN and QVC, may be delisted from the NASDQ if it can’t boost its share price. QVC HSN logo](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/5223a29ac22a127d36dde36088186320.jpg)
Qurate Retail is in the middle of a turnaround plan as it battles declining sales.
![The headlining lot of Phillips New York jewels auction, a 45-carat fancy vivid yellow diamond, was withdrawn prior to the start of the sale, which took place June 12. 45.07-carat step cut fancy vivid yellow diamond](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/fbdd750b402ae8902874db6c06861d38.jpg)
Signed jewels and period pieces stood out at the sale.
![In her latest Style File, Amanda Gizzi features 13 pieces any dad would love to receive on Father’s Day.
Marie Lichtenberg Scapular necklace](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/a650a81608a6264bdcc843b7bd7dedfe.jpg)
Showcase your dad’s personal style with a piece of fine jewelry for Father’s Day.
![“The Eden Rose,” a fancy intense pink diamond weighing a little over 10 carats, appeared at auction for the first time Tuesday, headlining Christie’s “Magnificent Jewels” sale in New York. An unnamed buyer paid $13.3 million for the stone. The Eden Rose Diamond](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/1d0d8e61c848da5bf9252beabc019081.jpg)
“The Eden Rose” is a fancy intense pink diamond that was appearing at auction for the first time.
![A 1.18-carat marquise “Forever One” moissanite three-stone ring in 14-karat yellow gold by Charles & Colvard. The company has teamed up with the International Gemological Institute to provide grading reports for its moissanite. Charles & Colvard moissanite ring](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/762f0c7c7cb4e5c6ce686d049bfd7744.jpg)
The partnership follows the launch of the jewelry company’s B2B moissanite platform.
![Bruce Cleaver, who led De Beers from 2016 until 2023, has joined Gemfields’ board as chair, effective July 1. Bruce Cleaver](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/32eb279b9de0116009abeedee8977a23.jpg)
The former De Beers CEO will step into the role next month.
![Rose-cut cabochon Montana sapphires from Columbia Gem House. In her State of the Majors story, Associate Editor Lauren McLemore highlights non-traditional gemstone cuts and other trends shaping the colored gemstone market. Rose cut arch cabochons Columbia Gem House](https://production-nationaljeweler-bucket.s3.us-east-2.amazonaws.com/uploads/468236400e0b6a67638f60d551a46acc.jpg)
As prices of “The Big Three” skyrocket, supply dwindles, and focus on sustainability grows, an age of open-mindedness is dawning.