The independent jeweler first opened its doors in 1888.
Pace of Store Closures Slowed in Q1, JBT Data Shows
A total of 229 jewelry stores shut down in North America in the first quarter 2017, compared with 268 in the first quarter of last year.
Warwick, R.I.--Jewelry stores are continuing to close though the pace has abated from the frenetic shuttering of doors recorded in 2016, the latest data from the Jewelers Board of Trade shows.
The JBT’s latest statistics show that in North America (the United States and Canada), a total of 292 jewelry retailers, wholesalers and manufacturers ceased operations in the first quarter 2017, down 17 percent from 353 in the first quarter 2016.
This includes 229 jewelers shutting down their stores, a 15 percent decline when compared with the same period last year.
Isolating the statistics for the United States, there were 277 jewelry retailers, wholesalers and manufacturers that ceased operations in the first quarter, down 14 percent from 323 in the first quarter 2016.
This includes the closure of 217 jewelry stores, compared with 244 in the same period last year.
“I was surprised by the magnitude of the closures when we got the year-end numbers in January,” JBT President Anthony J. Capuano told National Jeweler on Friday. “I was glad to see the results (for Q1 2017), but let’s keep in mind that the trend is still for there to be fewer jewelry companies.”
The number of companies that ceased operations dropped to start the year but they still numbered nearly 300, and the number of new jewelry businesses was down as well.
In North America, 48 new businesses registered with the JBT in the first quarter 2017: 38 retailers, five wholesalers and five manufacturers. By comparison, there were 73 new businesses in the first quarter 2016.
Total listings also are down, from 29,439 at this point last year to 27,706 now, a 6 percent decline.
“The trend hasn’t reversed itself (though) the pace and the momentum that we saw pick up last year seems to have abated a bit,” Capuano said.
Another notable change in the JBT’s first quarter statistics was the rise in the number of industry bankruptcies.
JBT data shows that there were seven bankruptcies--four wholesalers and three retailers--in the United States in first quarter 2017, up from four in the same period last year. (There were zero bankruptcies recorded in Canada.)
Capuano said the uptick in jewelry industry bankruptcies mirrors the nationwide trend.
CNBC reported at the end of March that retail bankruptcies are poised to hit a post-recession high, with nine big retailers--mall stalwarts like Wet Seal, Limited Stores Co. and BCBG Max Azria along with electronics chain
But, he said, bankruptcies in the jewelry industry still remain well off of what they were in 2008 and 2009 at the height of the Great Recession.
As in prior periods, retailers simply closing up shop account for the bulk of the JBT’s business discontinuances, which include companies that have ceased operations (as recounted above), companies that have filed for bankruptcy and mergers/acquisitions.
“What we are seeing is a lot of the mom-and-pops just closing their doors quietly, not really leaving any obligations,” he said, adding that they are having a going-out-of-business sale and exiting the industry or moving into being part-time or private jewelers.
For the rest of 2017, Capuano said he expects to see continued consolidation in the industry.
While he hopes the slowdown in business closures will continue into the second quarter, he said it’s premature to say that it’s a trend or to determine if the industry saw the zenith of closures last year.
“I hope it (the first quarter data) bodes well for the year, but I think it’s too early to tell.”
The Latest

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.


The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.