Surveys

What to Know About the Latest JBT Report

SurveysAug 05, 2021

What to Know About the Latest JBT Report

Although more jewelry businesses are shutting their doors, there is a silver lining to be found in the Q2 report.

20210805_Ring display.jpg
More jewelry stores opened in Q2 2021 than Q2 2020, as per the Jewelers Board of Trade’s latest data.
New York—The Jewelers Board of Trade released its data for the second quarter, painting a mixed picture of where the jewelry industry stands.

While more businesses closed than during the same period last year, more opened and fewer are filing for bankruptcy.

Here are four important takeaways from JBT’s latest report.

More jewelry businesses closed in Q2 2021 than Q2 2020.

In the United States, there were 143 jewelry business discontinuances (defined as businesses that ceased operations, consolidated, or declared bankruptcy), compared with 90 in 2020.

When compiling its data, JBT includes three categories of businesses: retailers, wholesalers, and manufacturers.

Breaking it down by category, there were 119 retailers that either closed, consolidated or declared bankruptcy, along with 14 wholesalers and 10 manufacturers.

Looking at just U.S. retailers, the numbers look like this: In Q2 2021, 97 retailers closed, up from 56 in Q2 2020; 22 were involved in a sale or merger, compared with 12 last year; and there were zero bankruptcies, compared with six in Q2 2020.

However, more jewelry businesses opened in Q2 2021 versus Q2 2020.

The silver lining in the JBT data was that more jewelry businesses opened their doors in the second quarter of this year compared with last year.

In the U.S.,41 new businesses opened in the second quarter, compared with 24 openings in the previous second quarter. This includes 36 retailers, four wholesalers, and one manufacturer.

For the year so far, 74 new jewelry businesses have opened up in the United States.

The Northeast and the Southeast, both home to major jewelry hubs, saw the highest number of business openings in the country.

The Northeast region was in the lead in the second quarter with 15 openings, including 10 retailers, four wholesalers, and one manufacturer.

The Southeast followed with 13 new openings, all of them retailers.

Since Q2 2020, the industry has lost nearly 450 U.S. jewelry businesses.

Though COVID-19 restrictions have eased and reports indicate that fine jewelry sales overall have been strong, the last 18 months have still been rough for many businesses.

JBT counted a total of 24,021 U.S. jewelry businesses in the second quarter of 2021, 444 fewer than this time last year.

Compared with the previous second quarter, the industry has lost 333 retailers, 54 wholesalers, and 57 manufacturers.

All this increased activity—more businesses closing but also opening—is likely due in part to the easing of COVID restrictions and country’s return to a somewhat-normal state.

In several interviews last year, JBT President Erich Jacobs noted that the pandemic had many jewelry businesses simply frozen in place, and restrictions associated with the pandemic made data collection difficult for JBT.

He predicted the number of business closures would rise as the economy opens back up and it becomes obvious which businesses are able to come back and which ones aren’t.

There were very few bankruptcies in the second quarter.

One could count the number of U.S. jewelry businesses filing for bankruptcies on one hand in the second quarter. 

There were just two bankruptcies—one wholesaler and one manufacturer—in the second quarter, compared with eight in Q2 2020.

Year-to-date, there have been four bankruptcies compared with 14 in the first half of 2020.

However, the low number of bankruptcy filings may not be what it seems; it too is related to the pandemic.

Jacobs noted earlier this year that the COVID-19 crisis has led to a backlog of filings. In states with a lot of jewelers, particularly Florida and New York, the courts are months behind on bankruptcy dockets.

 Related stories will be right here … 

The Latest

Victorian Burmese sapphire and diamond brooch
AuctionsApr 04, 2025
25-Carat Burmese Sapphire Brooch Sells for $101K

A pink topaz Belle Époque pendant-brooch and a Victorian Egyptian Revival choker were also highlights at a recent Anderson & Garland sale.

Mason Kay International Jade Summit 2025 Graphic
SourcingApr 04, 2025
Mason-Kay Jade to Hold Inaugural International Jade Summit

The event, which will co-locate with the Monterey Bay Jade Festival, will bring education sessions focused on jade to the United States.

Heather B. Moore Lily of the Valley Oval Charm
CollectionsApr 04, 2025
Piece of the Week: Heather B. Moore’s ‘Lily of the Valley’ Charm

The charm is a celebration of springtime as April showers bring May flowers with the piece’s cluster of diamond raindrops.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

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

Tallulah Willis’ Engagement Ring
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With Magic

The 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.

Weekly QuizApr 03, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
158.2-carat yellow diamond from Diavik
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond

Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.

Buccellati Naturalia exhibition
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in Milan

The multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

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.

Jewelers of America logo
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on Tariffs

The virtual event will take place April 7 at 3 p.m.

Bea Bongiasca Animali Tarallo Collection Royal Blue Tang Fish “Dory”
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a Zoo

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Neiman Marcus Downtown Dallas store
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For Now

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Natural color diamonds on display at Smithsonian National Museum of History
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

Punchmark
Events & AwardsApr 02, 2025
Punchmark to Host Client Workshop

The educational event will take place in Charlotte, North Carolina, this May.

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

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

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

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

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

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

Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

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

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

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

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

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

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

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

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

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

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

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

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

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

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

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

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

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

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

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

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy