ColumnistsMay 28, 2024
The Smart Lab: How to Effectively Navigate Jewelry Brand Requests 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.
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 …
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
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!
More on Columnists
The Latest
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
