The Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Squirrel Spotting: To Make Change, You Must Do the Damn Work
Sit down with your team and outline what’s needed to succeed while being honest about potential pitfalls, Peter Smith writes.

I’ve been in the jewelry business since the year Elvis Presley exited stage left for the last time. It was a sad day in my life; not the jewelry business part, but the Elvis dying part.
In the decades since, I’ve seen a lot of changes in our business and if I were to create an Elvis playlist for the experience, it might include “In the Ghetto” (that bloody recession), “Suspicious Minds” (insert your own “next-great-thing” here) and “If I Can Dream” (the positivity and optimism that is essential to be successful).
The latter—which yours truly once sang fully robed on a stage with the Las Vegas Mass Choir, a major life highlight—could be the theme song for the myriad reinventions we experience in the course of our lives, personally and professionally.
Aspiring to new projects—an alternate channel of distribution, a great sales team, a new store, a new marketing campaign or product strategy—is easier said than done.
What I’ve witnessed in more situations than I care to remember is lots of groupthink around the idea of doing something really different without ever really putting the mechanism and resources in place to make it happen.
It’s as if talking about the initiative alone was enough to make it happen.
I once worked for a company that wanted to develop an alternate channel of distribution for their products. Given the construct of their business, one could posit that doing so was not just a good idea but, in fact, ought to have been an absolute imperative, enough to galvanize the entire organization.
Nonetheless, the company’s unwillingness to recognize and deploy the essential resources, coupled with a culture that challenged any deviation from long-standing norms, undermined and ultimately suffocated the aspiration.
Of course, the company continued to hire and fire people in a well-intentioned, but otherwise- fruitless, effort to transition their model, but the results remained the same and will forever remain the same until the company honestly and openly addresses the vicious cycle of changing faces while playing the same predictable game.
If you need a reinvention, do it. If that’s not what you want, quit pretending you do and spare your team the myriad false starts.
Here’s a novel concept: If your business aspires to effect meaningful change, do the damn work.
Get the right people in a room and white-board the goals and the steps needed to be successful.
While you’re at it, insist your team lists all of the known impediments to successful implementation. Demand that each person in the room volunteers at least one reason why the plan might fail and be honest about that possibility.
In fact, write a header on the white board that reads: “Twelve months from now we will have failed because … ” and prioritize the reasons why that might happen.
Create a hierarchy of impediments, and demand honest and open debate about the reasons why it could happen.
In “Thinking Fast and Slow,” Nobel Prize-winning psychologist Daniel Kahneman wrote: “When forecasting the outcome of risky projects, executives too easily fall victim to the planning fallacy. In its grip, they make decisions based on delusional optimism rather than on rational weighting of gains, losses and possibilities.
“They overestimate benefits and underestimate costs. They spin scenarios of success while overlooking the potential for mistakes and miscalculations. As a result, they pursue initiatives that are unlikely to come in on budget or on time or to deliver the expected returns—or even to be completed.”
If your business aspires to big change, if you feel that the status quo is killing the energy of your company, be bold and break the cycle. Do it by challenging your own conventions and, in some cases, even your own culture. If need be, take a sledgehammer to it.
No great change ever came from playing it safe.
Be honest, be bold and be committed. If you need a reinvention, do it. If that’s not what you want, quit pretending you do and spare your team the myriad false starts.
I’ll leave you with one last Elvis reference.
One of the first songs I fell in love with as a young lad was called “Follow That Dream.” It was buried on one of Elvis’ low-budget albums, which were usually filled with movie throwaways.
I loved the high-octane energy and simplicity of the song. It had no pretense or deep messages. It simply implored you to get up and get going, to follow your dream.
It’s as good a message as any to help chart your course.
Thank you. Thank you very much.
Peter Smith is president of Memoire and author of two books, “Hiring Squirrels: 12 Essential Interview Questions to Uncover Great Retail Sales Talent,” and “Sell Something: Principles and Perspectives for Engaged Retail Salespeople.” Both books are available in print or Kindle at Amazon.com. Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
The Latest

The discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.

The jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.

With the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.

A matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.


Sponsored by A Diamond Is Forever

The next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.

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

It was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.

Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.

While the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.

Reena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.

The price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.

Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.

The 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.

The partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.

The owners of Staats Jewelers are heading into retirement.

Jeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.

May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.

The new module allows retailers to plan, promote, and measure the success of events from a single dashboard.

NDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.

The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.

She wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.

Two pieces were named “Best in Show,” one from the retail category and one from the supplier category.

The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.

Led by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.

In his new role, sales specialist Billy Welshoff will focus on the eastern United States.
























