Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
SurveysMay 05, 2015
Retailers, wholesalers continue to close up shop
The industry shrinkage recorded in 2014 has continued into the first quarter of this year, the latest statistics from the Jewelers Board of Trade show.
Warwick, R.I.--The industry shrinkage recorded in 2014 has continued into the first quarter of this year, the latest statistics from the Jewelers Board of Trade show.
In the United States and Canada, a total of 250 retail jewelers/repairers, wholesalers and manufacturers ceased operations in the first three months of the year, up 40 percent from 179 in the first quarter of 2014.
Bankruptcies increased slightly, from 11 to 13, while consolidations were down considerably, from 54 in the first quarter 2014 to 28 in the first quarter 2015, a 48 percent drop.
In the U.S. alone, the number of retail jewelers, wholesalers and manufacturers that ceased operations was up 39 percent.
The most significant decline was in the number of wholesalers, with 35 ceasing operations, double the number that did so in the first quarter 2014. In addition, there were 191 retail jewelers that shut down in the first quarter, up 38 percent from 138 in the first quarter last year.
The JBT’s first quarter statistics continue a trend that began in 2014 and one that JBT President Dione Kenyon said they are seeing continue into the second quarter.
The trend is this: The jewelry industry in the U.S. and Canada is shrinking in size, with many discouraged by a still-sluggish economy, the difficulty of doing business today and with many family-owned institutions lacking a new generation waiting in the wings to take over the business.
Overall, the JBT’s total listings for the first quarter totaled 29,678, down nearly 3 percent from the same time last year.
Well-known names that announced their exit from the industry in the first quarter include Fragments, the showroom and retail store Janet Goldman opened in New York City’s SoHo neighborhood 30 years ago, and Samuel Gordon Jewelers in Oklahoma City, a 111-year-old business.
Goldman told National Jeweler that the rents in SoHo became untenable for her business, while 67-year-old Gary Gordon wanted to retire. His son, Dan, is in the jewelry business too but works at The Diamond Cellar in Columbus, Ohio.
More recent store closures include Towne Jewelers in Winston-Salem, N.C., which Ken Pope owns with this wife Marsha.
Towne has been in business since 1955; Ken Pope acquired the business from his uncle, Richard Pope, 15 years ago.
Today, the 53-year-old says, he’s just tired. “I’ve been at it for 15 years and it gets more and more difficult each year.”
There is also difficulty of finding qualified help, the competitive pressures brought on by an economy that, at least in the Winston-Salem area, has been “stagnant” since 2008, and the added duties the Internet has created, including the need to have and manage multiple social media accounts. “The jewelry store owner has to wear so many hats (today),” Pope says.
He added that he looked into selling the business but determined the best return on his investment in his inventory was to liquidate it.
Towne Jewelers is in the midst of conducting a going-out-of-business sale and will shut its doors when the inventory is gone. The exact date that will mark the store’s last in business hasn’t been determined yet.
As for Pope, he’s says he’s going to take a few months to regroup and then determine what the next chapter of his life holds. He doesn’t know at this point if it will include fine jewelry or not.
“We’ll miss portions of it,” he says, when asked if he’ll miss the industry. “We’ll miss the customers. We won’t miss the tremendous responsibility that goes along with running a business.”
More on Surveys
The Latest
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
