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
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
