SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
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
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
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
EditorsJul 29, 2026
Q&A: The Past and Future of Angola’s Diamond Industry Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsJul 29, 2026
Kevin Reilly Retires After 39 Years in the Jewelry Industry Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
SurveysJul 27, 2026
Jewelry Leads Luxury Market Amid Stabilization, Bain SaysBain & Company delved into the trends shaping the luxury market, the impact of AI, and more in its recent study.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
