MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
IndependentsDec 01, 2016
More Than 300 Jewelers Went Out Of Business in Q3
Year-to-date, nearly 900 retailers in the U.S. and Canada have closed up shop, along with 178 wholesalers and 104 manufacturers.
New York--The trend of jewelry businesses shutting down continued in the third quarter, with the total number of closures pacing well ahead of last year.
The Jewelers Board of Trade’s vital statistic and trend data report for the third quarter shows that a total of 400 U.S. and Canadian jewelry businesses called it quits in the third quarter: 318 retail jewelers/repairers, 57 wholesalers and 25 manufacturers.
That is up 42 percent from the third quarter 2015, when 282 jewelry businesses closed, including 240 retail jewelers/repairers, 34 wholesalers and eight manufacturers.
Year-to-date, a total of 1,177 jewelry business owners ceased operations: 895 retail jewelers/repairers, 178 wholesalers and 104 manufacturers.
That is a 57 percent increase over last year.
“The trend is not reversing itself. There’s a downward trend in the number of retailers,” JBT President and CEO Anthony Capuano said in an interview Wednesday.
The reasons for the closures have been well documented.
Baby boomer store owners are reaching retirement age and many don’t have children who are interested in staying in the family business.
RELATED CONTENT: Column--What it Feels Like to Close My Store
At the same time, baby boomer consumers are entering a phase in their life in which they are looking to downsize and are not buying as much, for lack of a better word, stuff, choosing instead to spend their money on experiences.
Their children, the millennials, also value spending money on experiences over physical possessions, and many don’t enjoy the same level of middle-class security as the generations before them.
Further complicating the picture for brick-and-mortar retailers is increased competition, not just in terms of what consumers can and want to buy--experiences over physical possessions--but from online sellers of jewelry.
“Retailers are really fighting for those dollars because they are fighting a whole pattern of purchasing,” Capuano said. “You just have to be really good to survive and prosper.”
While the continually climbing number of closures among independent retailers is making news in the jewelry industry, it’s an old story for those who operated family-owned furniture and hardware stores and saw their industries taken over by large chains years ago.
RELATED CONTENT: Analysis--State of the Majors
“I think this is sort of catch up right now,” Capuano said, though he noted that the personal nature of jewelry means that the independents in his industry are better positioned for survival than those in other fields.
As he put it, “Buying a screw is not a personal experience.”
Capuano
also pointed to custom jewelry as an area that can offer the independent jeweler differentiation, and it seems that retailers of all sizes already are taking advantage of their ability to create made-to-order rings.
In a recent National Jeweler/Jewelers of America survey, more than half of jewelers said their custom jewelry sales have increased over the past three years, and Signet Jewelers is emphasizing custom in its advertising campaign for Jared the Galleria of Jewelry this holiday season.
In a recent National Jeweler/Jewelers of America survey, more than half of jewelers said their custom jewelry sales have increased over the past three years, and Signet Jewelers is emphasizing custom in its advertising campaign for Jared the Galleria of Jewelry this holiday season.
More on Independents
The Latest
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in ZambiaThe miner announced plans to recommence open-pit mining at Kagem.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
