ColumnistsFeb 19, 2025
The Smart Lab: Maximizing Your Jewelry Brand on PinterestColumnistsFeb 25, 2025
Peter Smith: Here’s What I Think
Retailers need to have the right merchandise, marketing, and people in place to stay on top in a sea of uncertainty, Peter Smith writes.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
The Associated Press just reported that retail sales dropped sharply last month after a busy holiday season.
The AP article suggested that cold weather kept Americans indoors, hurting car sales and retail stores.
It went on to state that retail sales fell 0.9 percent in January after two months of healthy gains.
It also pointed to the average temperatures being the lowest since 1988, and the effects of the devastating fires in Los Angeles.
The article made no reference to plagues of locusts, bird flu, impending nuclear annihilation, or, for that matter, the price of eggs.
You know what else it didn’t mention? The fact that independent retail jewelers’ sales were up 8 percent in January, or that those same retailers have just concluded the best four-year run in the history of the business.
We are beset with uncertainty in our business at the moment.
As of press time, gold has climbed to around $2,900/ounce and, some experts believe, could soon cross the $3,000/ounce threshold.
The lab-grown vs. natural diamond debate has reached epic status with experts, prognosticators, and pundits all speaking on the issue as if they possess post-graduate degrees on the topic.
It feels like those who are most certain about what is going to happen shouldn’t be.
Here’s what I think.
Related stories will be right here …
The AP article suggested that cold weather kept Americans indoors, hurting car sales and retail stores.
It went on to state that retail sales fell 0.9 percent in January after two months of healthy gains.
It also pointed to the average temperatures being the lowest since 1988, and the effects of the devastating fires in Los Angeles.
The article made no reference to plagues of locusts, bird flu, impending nuclear annihilation, or, for that matter, the price of eggs.
You know what else it didn’t mention? The fact that independent retail jewelers’ sales were up 8 percent in January, or that those same retailers have just concluded the best four-year run in the history of the business.
We are beset with uncertainty in our business at the moment.
As of press time, gold has climbed to around $2,900/ounce and, some experts believe, could soon cross the $3,000/ounce threshold.
The lab-grown vs. natural diamond debate has reached epic status with experts, prognosticators, and pundits all speaking on the issue as if they possess post-graduate degrees on the topic.
It feels like those who are most certain about what is going to happen shouldn’t be.
Here’s what I think.
The rising tide that lifted almost all retail jewelry boats since late 2020 is likely receding. The days of business growth without business innovation are numbered.
If you’re executing like you were executing even five years ago, you’re probably losing business.
If you value tenured employees over talented employees, you’re losing ground.
If your compensation is not meritocracy based, you won’t attract or retain the best talent.
If your marketing hasn’t fundamentally evolved in recent years, you need to rethink your strategy.
If data and automation are not your friend, you are missing business.
If you don’t have a coherent digital strategy, you don’t have a strategy.
If your showcases are still overflowing with product, you’re not paying attention.
If you still think you make money by buying, you’re not paying enough attention to selling.
If your idea of sales training is more product information, I’ve got a bridge to sell you.
Have you heard the one about the bear chasing the two jewelers?
One jeweler stops to tie his shoelaces and the other jeweler says, “Are you nuts, you can’t outrun the bear,” to which his friend replies, “I don’t need to outrun the bear, I just need to outrun you.”
Things will happen, including things that are outside of our control.
We can use them to rationalize and justify underperformance, or we can get busy executing on all of the controllables.
Happy retailing!
More on Columnists
The Latest
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
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.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
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.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
