Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
IndependentsJun 28, 2017
Squirrel Spotting: You Don’t Need To Outrun the Bear
You just need to outrun the other jewelers who haven’t adapted their businesses, Peter Smith writes.
Peter Smith has more than 30 years of experience building wholesale and retail sales teams. He currently is president of Vibhor Gems.
When we find ourselves in the middle of challenging days, we would do well to remember the story of the two guys getting chased by a bear.
Mid-pursuit, one of them stops to tie his shoelaces. His friend looks at him aghast and exclaims, “You think you’re going to outrun the bear?” The guy responds, as he rises to resume his run: “I don’t need to outrun the bear. I just need to outrun you!”
It is easy to descend into the abyss, believing that events are conspiring against us. It is convenient to blame forces outside of our control, to lament our misfortune as foot traffic declines, average tickets regress, retail stores close and younger people seem less than enthralled at the prospect of shopping in jewelry stores.
The reality is that we hold the key to our own destinies. If we were to honestly assess our own operations, our decision-making, our execution, even our mindset, there’s a very strong likelihood that we are simply not doing all, or even most, of the things we need to be doing within our own four walls.
In retail, that means paying close attention to the evolution that is happening around us. Don’t talk about hiring great salespeople; do it. Don’t talk about investing in your teams’ education; do it. Don’t talk about having a compensation plan that rewards the top performers; get it done.
As you think about your product mix, don’t talk about ridding yourself of dated inventory; do it. Don’t talk about narrowing your product choices so that your target customer better understands what you are about; make it happen.
Don’t theorize about replenishing your best-sellers; do it religiously. Don’t just accept that consumers place a lesser value on generic goods; act on that by limiting generics in favor of real brands and relevant private-label storytelling.
Don’t talk about having a coherent and cohesive marketing strategy that merges traditional, digital, social media, website, e-commerce and in-store; make it happen.
And don’t talk about turning your store into a consistently great experience for customers. With great lighting, music, scents and customer-centric events, make it happen.
In “Thinking Fast And Slow,” Nobel Prize-winning behavioral economist Daniel Kahneman wrote: “Optimistic individuals play a disproportionate role in shaping our lives. Their decisions make a difference; they are the inventors. The entrepreneurs, the political and military leaders--not average people. They got to where
Editors' Picks
Sponsored by
they are by seeking challenges and taking risks.”
Complaining about things beyond your control while ignoring the many things that you ought to be taking care of is, quite honestly, a smoke screen.
If you were to put together a checklist of the key elements of your respective businesses--the store, personnel, marketing, product, financials and culture--could you honestly say that you are operating at the highest level--not at the level that used to suffice, but at a level that ensures success in today’s retail environment?
We can’t ignore the broader challenges in retail but burying one’s head in the sand is a surefire way to extinction. Concern yourself less with the bear and focus on outrunning the other guy.
Peter Smith is president of Vibhor, a public speaker and author of “Sell Something” and “Hiring Squirrels.” He spent 30 years building sales teams in retail and wholesale and he can be contacted at dublinsmith@yahoo.com, peter@vibhorgems.com, or on LinkedIn, Facebook or Twitter.
Complaining about things beyond your control while ignoring the many things that you ought to be taking care of is, quite honestly, a smoke screen.
If you were to put together a checklist of the key elements of your respective businesses--the store, personnel, marketing, product, financials and culture--could you honestly say that you are operating at the highest level--not at the level that used to suffice, but at a level that ensures success in today’s retail environment?
We can’t ignore the broader challenges in retail but burying one’s head in the sand is a surefire way to extinction. Concern yourself less with the bear and focus on outrunning the other guy.
Peter Smith is president of Vibhor, a public speaker and author of “Sell Something” and “Hiring Squirrels.” He spent 30 years building sales teams in retail and wholesale and he can be contacted at dublinsmith@yahoo.com, peter@vibhorgems.com, or on LinkedIn, Facebook or Twitter.
More on Independents
The Latest
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Medal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
