Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
SurveysFeb 09, 2017
1,564 Jewelry Businesses Ceased Operations in 2016
The figure from the Jewelers Board of Trade includes the U.S. and Canada and represents a 64 percent increase over the prior year.
Warwick, R.I.--Year-end statistics from the Jewelers Board of Trade are what we thought they would be.
After rising sharply throughout the year, the number of retail jewelers, wholesalers and manufacturers in the United States and Canada that closed down in 2016 totaled 1,564, compared with 956 in 2015.
That is a 64 percent year-over-year increase.
Breaking it down by category, there were 1,190 retail jewelers in the U.S. and Canada that ceased operations, up 53 percent from 2015; 235 wholesalers, up 81 percent; and 139 manufacturers, up 190 percent.
Including consolidations (sales/mergers) and bankruptcies, the total number of business discontinuances reached 1,718 in 2016, a 54 percent increase over 2015.
In an interview with National Jeweler on Tuesday, JBT President Anthony Capuano said the fact that business discontinuances increased did not surprise him, though end number of closures was slightly higher than expected.
RELATED CONTENT: Demographic Drop-offHe said that the main factor driving the increased rate of closures is that many business owners are at or near the age of retirement, and they are finding themselves at the helm of companies that are no longer as robust as they once were with, in many cases, no next generation waiting to enter the family business.
RELATED CONTENT: What It Feels Like to Close My StoreDuring the interview, Capuano also addressed an online conversation that cropped up following publication of the JBT’s third quarter statistics about jewelers shuttering their stores but remaining in the business either as private, appointment-only jewelers or custom designers.
The commenter felt that the JBT’s numbers for jewelry store closures were inflated because they did not take into account these individuals, but Capuano said they are not.
“That might be some of them, but it’s certainly not 1,190 of them.
“I don’t believe that 1,190 (jewelers) are going to home businesses, or seasonal businesses or part-time businesses. I think the majority of them are just discontinuances,” he said.
He added that even if some jewelers are remaining active in the industry, a store closure “still represents a contraction in the business; they don’t have a reason to open full time in a distinct location.”
New Business Openings
While more companies continue to exit the industry, new business listings have remained relatively flat over the past three years, with the JBT adding about 260 to 290 new jewelry business listings in the
U.S. and Canada each year.
In 2014, there were 261 new jewelry business recorded by the JBT. The following year, that number rose to 289 but fell again in 2016, to 275. The Northeast and the Southeast accounted for the majority of new listings last year.
“There are people willing to take a chance in this business,” Capuano said.
He also noted that retailers accounted for the vast majority of new businesses in the industry last year. There were 218 new jewelers, compared with 43 wholesalers and 18 new manufacturers.
At the end of 2016, JBT’s total listings stood at 27,950: 21,007 retailers, 4,119 manufacturers and 2,824 manufacturers in North America. That is down 6 percent from 2015.
Here are some other trends for 2016, as outlined by the JBT:
--Bankruptcies continued to decline, totaling 34 in 2016 compared to 40 in 2015. (On a comparative note, that number was three times as high around the peak of the financial crisis.)
Capuano said the jewelry industry is not alone in seeing bankruptcies slide, as it is a trend being seen in many industries nationwide. Company bankruptcies as a whole in the U.S. were down 2 percent year-over-year in the first three quarters of 2016, with what filings there were concentrated in the oil, gas and energy exploration industries.
--Business consolidations (mergers and acquisitions) were relatively flat year-over-year, 118 in 2016 vs. 114 in 2015. Capuano said there are fewer interested parties that want to buy a brand, company or a store in a nearby market today.
--Credit rating metrics remained stable, with an upgrade to downgrade ratio of 0.97x at year-end compared with 0.95x at the end of 2015.
--Collection claim activity was down, and so was the size of the average claim, which fell 8 percent to $7,299.
In 2017, Capuano said he expects consolidation to continue. While the rate at which businesses are closing might abate slightly, he does not expect the trend to reverse itself this year.
In 2014, there were 261 new jewelry business recorded by the JBT. The following year, that number rose to 289 but fell again in 2016, to 275. The Northeast and the Southeast accounted for the majority of new listings last year.
“There are people willing to take a chance in this business,” Capuano said.
He also noted that retailers accounted for the vast majority of new businesses in the industry last year. There were 218 new jewelers, compared with 43 wholesalers and 18 new manufacturers.
At the end of 2016, JBT’s total listings stood at 27,950: 21,007 retailers, 4,119 manufacturers and 2,824 manufacturers in North America. That is down 6 percent from 2015.
Here are some other trends for 2016, as outlined by the JBT:
--Bankruptcies continued to decline, totaling 34 in 2016 compared to 40 in 2015. (On a comparative note, that number was three times as high around the peak of the financial crisis.)
Capuano said the jewelry industry is not alone in seeing bankruptcies slide, as it is a trend being seen in many industries nationwide. Company bankruptcies as a whole in the U.S. were down 2 percent year-over-year in the first three quarters of 2016, with what filings there were concentrated in the oil, gas and energy exploration industries.
--Business consolidations (mergers and acquisitions) were relatively flat year-over-year, 118 in 2016 vs. 114 in 2015. Capuano said there are fewer interested parties that want to buy a brand, company or a store in a nearby market today.
--Credit rating metrics remained stable, with an upgrade to downgrade ratio of 0.97x at year-end compared with 0.95x at the end of 2015.
--Collection claim activity was down, and so was the size of the average claim, which fell 8 percent to $7,299.
In 2017, Capuano said he expects consolidation to continue. While the rate at which businesses are closing might abate slightly, he does not expect the trend to reverse itself this year.
More on Surveys
The Latest
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
