D.C. Jeweler That Honored 50-Year-Old Gift Certificate Closes
Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
Owner Ken Stein told National Jeweler Monday that a confluence of factors fed into his decision to close the store where he’s worked for 40-plus years.
Bensons Jewelers is on F Street N.W. in downtown Washington, D.C., a few blocks east of the White House.
The retailer’s business depended heavily on downtown foot traffic from employees of the federal government and other companies with government-related business.
Since COVID-19, however, Stein said a lot of workers haven’t returned to the office full time or at all, while visitors aren’t coming downtown as often either, due to part to the view that the city’s train system, Metro, has become more dangerous.
He said his store has lost money every year since the onset of the pandemic in 2020.
Another contributing factor is, Bensons Jewelers was not drawing in younger consumers, particularly younger female consumers (ages 20-45), to replace the older customers who are phasing out of jewelry buying.
Stein attributes the shift to younger consumers’ desire to spend money on experiences instead of jewelry.
“I truly believe, certainly for me and for people I’ve spoken to, the trends have changed for young women. They don’t buy jewelry like the older clients did,” he said.
Ben Stein (no relation) was the original owner of Bensons Jewelers, opening the store alongside his sons in 1939. The store’s name, Bensons, is a combination of the words “Ben” and “sons.”
Ken’s father, Paul Stein, bought the business from Ben in the 1960s. Ken started working there in 1979 and bought out his father in the 1990s.
Bensons Jewelers was the store that made national news in 2019 when Ken honored a gift certificate from 1969 for a knife, spoon and fork.
Stein got numerous emails through his website thanking him for restoring their faith in humanity and pledging their allegiance to the store.
Ken shared a few of those emails with National Jeweler when it reported the story in November 2019.
“Dear Bensons,” one man wrote, “I saw the ‘feel good’ story today on NBC News 4 of you honoring a 50-year-old gift certificate. Great job on your part, I will certainly use Bensons for my future jewelry needs. Thanks for [an] act of kindness seldomly seen.”
But any bump in business related to Ken’s kind act was not enough to sustain Bensons Jewelers through what hit just a few months later, the COVID-19 pandemic and its life-altering aftermath.
Bensons Jewelers closed Feb. 24. Stein said he’ll be liquidating all his inventory.
“It’s all very bittersweet,” he said when asked about his unplanned retirement.
“I didn’t want to go out this way. I wanted to go out on my own terms.”
The Latest
One lucky winner will receive a “Lizzie” diamond bracelet.
The Emerging Jewelers Accelerator Program will guide retail jewelry entrepreneurs through an eight-month educational curriculum.
Ten chosen designers will receive mentorship and participate in a design contest for the Tiffany & Co. x CFDA Jewelry Designer Award.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Dana J. Lorberg brings 35 years of experience in finance, technology, and strategy to the role.
The suspects are said to have been involved in the armed robberies of four jewelry stores across three Midwest states.
The new designs blend Creative Director Reed Krakoff’s aesthetic with the brand’s Balinese roots.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
The artwork, titled “Pristine,” was raffled off at the Canadian Jewellers Association’s recent summit.
The new store features a custom design studio and a bridal salon.
Designer Rosanne Karmes has created a collection to coincide with the release of the movie musical, which is expected to be a blockbuster.
The retailer said it will file the necessary paperwork to regain compliance as soon as it is able.
Whether you’re calming the jittery gentleman in seat 13B or selling a diamond ring to a hesitant customer, an empathetic approach is best.
The gala includes a red carpet, music from DJ Renata, an awards program, and “mystery boxes.”
The trade show, in its third year, will take place in late September at the Donald E. Stephens Convention Center in Rosemont, Illinois.
The jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.
Grosz had served as Assael’s senior vice president and creative director since 2017.
“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.
A more positive view of the labor market contributed to the strongest monthly gain since March 2021.
The funds will be distributed to schools in the U.S., Canada, and the U.K.
Jennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.
This year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.
The GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.
The ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.
The company combined two sights in Q3 due to the slowdown in demand, and said it is moving up the dates for sights 9 and 10 in Q4.
The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.