Columnists

Peter Smith: Here’s What I Think

ColumnistsFeb 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.

National Jeweler columnist Peter Smith
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 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! 

The Latest

Movado Connect 2.0 watches
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment

The company plans to raise the prices of select watches to offset the impact of tariffs.

Zoë Chicco Bracelets
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable Environment

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Renato Cipullo Hematite Blaze Necklace
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ Necklace

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

Article Image 1.png
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Stock image of shipping containers
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs Invalid

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

Weekly QuizMay 30, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Britney Spears
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry Line

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Inoveo Platinum Grain image.jpg
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by Stuller

Sponsored by Stuller

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Grizzly Mining Pilala emerald
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat Emerald

It was featured in the miner’s latest sale, which brought in $24.8 million.

GemFind Logo
TechnologyMay 29, 2025
GemFind Launches AI Product Description Software

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

Graff Fontainebleau Las Vegas
MajorsMay 28, 2025
Graff Unveils New Las Vegas Flagship

The 3,300-square foot location is the jeweler's largest store in North America.

Kim Kardashian
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist Trial

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

New York Liberty 2024 WNBA Championship Ring
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic Win

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

Jewelers Board of Trade logo
MajorsMay 28, 2025
Andrew Rickard Named JBT President

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

Al Capone Pocket Watch
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for Auction

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

Kat Florence Lumina
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Mark Henry Gumdrop Bypass Ring
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored Gemstones

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

Stock image of police cars with their lights on
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in Burglaries

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Bliss Lau Bright Ring
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ Ring

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

GIA pearl report
GradingMay 23, 2025
GIA Updates Pearl Classification System

The lab has adjusted the scale it uses for nacre grading.

GCALbySarine Diamond Journey Certificate_1872x1052.jpg
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the Spotlight

Sponsored by GCAL by Sarine

The late West Virginia jeweler David Ettinger
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO Show

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

Watches of Switzerland store in Mall of America
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14%

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

Jorge Adeler, Wendy Adeler, Valentina Adeler
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 Years

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

Jose Hess Design Awards 2025 Trophy
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce Judges

The nonprofit elected five judges who will decide the winners of its design competition.

MJSA 2025-2026 Buyer’s Guide
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s Guide

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy