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
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink DiamondThe Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.
Events & AwardsSep 04, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé SaleU.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 SalesThe retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff ImpactCEO Efraim Grinberg noted a resurgence in the fashion watch market.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales SlumpPresident Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem MineDubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income WorriesPlans for dining out, booking vacations, and buying big-ticket items were down.
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.
