Jewlery retouching is more about the way the jewlery is shot than the way it is retouched. Retouching well shot jewlery is very easy, whereas a shot with textured reflections are near impossible.
I was a photographer before I was a retoucher, so I have a great appreciation for the "in camera" philosophy. Pure and simple: they were taking beautiful pictures of jewlery YEARS before they ever thought of retouching, I'm afraid that we too often use photoshop as a crutch rather than a tool. We try to do things in photoshop that are easier, faster, and ultimately better if done in camera. That being said, Janice, you can't really get the perfectly smooth textures you are looking for with this shot. The reflection of the florecent lights, textured table, and room objects prevent it. On the other hand, if you didn't have those reflections, you can easily smooth the surface and get that magazine look. Remember that for large product displays (like those 5 foot posters in jewlery stores) the piece being photographed is probably a couple of feet across.
I don't have the equipment to do product photography so I can't post an example, but here is a link for some
basic techniques and equipment requirements.
Hope this helps,
Michael