Sponsored by the Gemological Institute of America
No. of US Jewelers Closing Climbs 24%
The latest statistics from the Jewelers Board of Trade show that in the United States, 760 retail jewelers/repairers ceased operations in 2015, up from 612 in 2014.
Warwick, R.I.--The Jewelers Board of Trade’s final statistics for 2015 show that the size of the industry is continuing to shrink slightly, with those who have decided it’s time to exit simply ceasing operations rather than filing bankruptcy or seeking out a sale or merger.
According to JBT data, 760 retail jewelers/repairers in the United States ceased operations in 2015, up from 612 in 2014.
The total number of U.S. jewelry businesses (counting retailers as well as wholesalers and manufacturers) that ceased operations was up 21 percent, from 770 in 2014 to 929 in 2015. Including Canada, the increase was 20 percent.
While there are a number of factors contributing to this continuing trend, JBT President Dione Kenyon said the main one is succession.
Many business owners are reaching retirement age and don’t have children who are interested in continuing the family business.
RELATED CONTENT: Demographic drop-off
They also might be unable, or unwilling at this point in their career, to change their business model to adapt to the demands of retail today.
“If you’re not up for the game of reinventing yourself, you might also be making that same decision,” Kenyon said. “I don’t think there’s anything mysterious about it.”
While the number of businesses ceasing operations continues to climb, bankruptcies remain relatively low and the number of consolidations (sales/mergers) continues to decline.
A total of 39 companies filed for bankruptcy in the United States in 2015, up from 33 in 2014, the JBT data shows. Including Canada, bankruptcies totaled 40, compared with 39 in the prior year.
Sales and mergers totaled 114 in the U.S. in 2015, down 33 percent from 170 in 2014. Including Canada, those figures were 118 and 173.
“If you’re not up for the game of reinventing yourself, you might also be making (the) decision (to close your store). I don’t think there’s anything mysterious about it.”While business discontinuances continued to rise in 2015, it’s not all bad news.
--Dione Kenyon, Jewelers Board of Trade
Kenyon said that credit inquiries, which she considers to be a viable proxy to indicate the level of business activity in the trade, are up year-over-year in February. She also noted that the U.S. hasn’t had terrible winter weather like it did last year--weather that forced some jewelers to close for almost all of February.
In addition, the number of new businesses entering the industry in the U.S. grew 11 percent year-over-year.
There
The highest concentration of new retailers opened in the Southeast part of the country (71), followed by the South Central (48) and Southwest (35), while the Northeast had the fewest amount of new retailers at seven.
Including Canada, new jewelry business listings totaled 292 in 2015, compared with 265 in 2014.
All told, JBT finished 2015 with 29,352 listings in in the U.S. and Canada, down 3 percent year-over-year.
“You can (look at) the gloomy side of this--the industry is getting smaller--(but) it is getting better for those who can figure out the new things to do,” Kenyon said.
As previously announced, Kenyon plans to retire this year after 14 years as president of the JBT and a total of 25 with the organization. Her successor will be named in the next month.
The Latest

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

The West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

This past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.


The brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

The new location continues the brand’s celebration of its 25th anniversary.

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

She will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.

Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

“The Jewelry Book” comes out this September.

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.