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
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
