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
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready BroochDesigner Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ ListExpanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New StoreLocated in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV SeriesThe episode about the family-owned jeweler will premiere May 17.
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in AustinThe Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to AuctionThe turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise RingSet with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple EffectThough currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship StoreLocated in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for MayMay babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 ScholarshipsThe deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.
SurveysApr 30, 2025
Consumer Confidence Hits Pandemic-Level Low Amid Tariff ConcernsWhat’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.
Events & AwardsApr 30, 2025
Instore Show Debuts New Name, Look, and FocusNow called The Instore Jewelry Show, it will include holiday-focused education, interactive workshops, and a window display contest.
