SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
IndependentsFeb 13, 2018
Squirrel Spotting: 5 Reasons I Hate Memo
Fresh off another trade show, Peter Smith shares his thoughts on the widely used, and much debated, practice.
Peter Smith has more than 30 years of experience building wholesale and retail sales teams. He currently is president of Vibhor Gems.
I have long detested memo but have never been exactly sure why. I mean, I don’t just dislike the concept of memo, I even despise the word itself. It is, I confess, a personal idiosyncrasy that’s certainly based more on emotions than anything cognitive.
Nonetheless, the feeling persists and it tends to come to the fore at and post tradeshows. Understandable, I suppose, given the prevalence of memo requests that seem to serve as an all-too- familiar soundtrack at the shows.
I have found myself thinking more and more about the “memo concept” in recent weeks and months.
I’m grateful that I’ve personally never worked for any companies where memo was a significant part of the business model and so I have very little exposure to the worst of it. That said, here are a few of my thoughts on why I don’t like it.
Memo Is Not a Strategic Initiative
I struggle to understand how getting “free” products ever makes sense as a meaningful business model.
For instance, if a retailer articulates his or her product strategy, with the attendant curated stories and brands, is it likely that a select number of vendors will give you their very best products on memo to support that? Assuming not, how could getting second-rate memo products that don’t align with your strategy be good for your business?
Supply and Demand Don’t Align
The very concept of memo seems to be the result of a failed strategy on the vendors’ parts. It suggests that supply far exceeds demand and, if that scenario is true, why is there not more demand for that product? What does it say about the product’s value proposition or, more aptly, its lack of value? Does it become more relevant filling out a jeweler’s case or, as I heard from one retailer recently, sitting in a safe?
There ought to be fundamental questions asked about the product development process of those companies, and the quality and/or viability of their products that are, at best, being flung at the nearest wall in the hopes of finding traction. Memo as a Hail Mary, you might say.
More is Not Better
A not-too-often-discussed side effect of memo is that it very often contributes to one of the biggest challenges in retail (all retail, not just jewelry) today, and that is the preponderance of “stuff” in the stores and showcases.
I have written
Editors' Picks
Sponsored by
and spoken ad nauseam about the paradox of choice, including in a previous column for National Jeweler, and the idea that the more we have, the less the customer sees. Throwing more stuff at the abundance of stuff already in stock hardly seems smart.
Be Like Tiffany
Connected to the overcrowding, of course, is the retail aesthetic. No showcase was ever better for having too much product.
In a series of “Future of Retail” talks that I gave around the country in the fall, I shared SKU counts for stores as diverse as Apple, Michael Kors, Coach and Tiffany & Co., and I then compared them to the SKU counts of four independent jewelry retailers.
If the latter were boats, they would have sunk, so overloaded were they with inventory. The former group—amongst the top retailers in terms of per-square-foot of sales in the country—understand that their business model is not well-served by overloading with products.
What Do I Want My Salespeople to Focus On?
Why do I want my salespeople to spend their time on memo? Wouldn’t I rather have them selling my asset products? Or are you the retailer without an aged product problem?
It is possible, I suppose, that you might be savvy enough to merchandise your memo in such a way that your salespeople can skillfully navigate asset and memo, and use the latter to fill in only where there are obvious gaps. You might, but I doubt it. Contributing to the aging of your asset inventory by selling memo goods and, potentially, paying more for them might not be the wisest course of action.
Then again, I don’t know. I might be all wrong about this memo thing.
As Kevin Dutton wrote in his book Split-Second Persuasion: The Ancient Art and New Science of Changing Minds: “When the chips are down and the going gets tough, the brain, it would seem, spends much of its time cowering behind the heart.”
It works for me.
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.
Be Like Tiffany
Connected to the overcrowding, of course, is the retail aesthetic. No showcase was ever better for having too much product.
In a series of “Future of Retail” talks that I gave around the country in the fall, I shared SKU counts for stores as diverse as Apple, Michael Kors, Coach and Tiffany & Co., and I then compared them to the SKU counts of four independent jewelry retailers.
If the latter were boats, they would have sunk, so overloaded were they with inventory. The former group—amongst the top retailers in terms of per-square-foot of sales in the country—understand that their business model is not well-served by overloading with products.
What Do I Want My Salespeople to Focus On?
Why do I want my salespeople to spend their time on memo? Wouldn’t I rather have them selling my asset products? Or are you the retailer without an aged product problem?
It is possible, I suppose, that you might be savvy enough to merchandise your memo in such a way that your salespeople can skillfully navigate asset and memo, and use the latter to fill in only where there are obvious gaps. You might, but I doubt it. Contributing to the aging of your asset inventory by selling memo goods and, potentially, paying more for them might not be the wisest course of action.
Then again, I don’t know. I might be all wrong about this memo thing.
As Kevin Dutton wrote in his book Split-Second Persuasion: The Ancient Art and New Science of Changing Minds: “When the chips are down and the going gets tough, the brain, it would seem, spends much of its time cowering behind the heart.”
It works for me.
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
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales SlipThe brands’ high jewelry collections performed especially well last year despite a challenging environment.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
