JPEG Onto Leather

Good day.
I am trying to engrave a logo of a company onto a leather keyholder, but I can’t get it right. They sent me the logo in Jpeg format. Can anybody help

You have to trace the image by selecting it and press ALT + T to get a vector shape

Or you could try an online tool

It would help if you can tell us what part is not right. Can you provide…
An image of the results.
A screen grab of the opened Cuts window.
Real leather or pleather (psudoleather).
Leather color.