WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
SurveysOct 26, 2020
5 Industry Observations Based on the Latest JBT Data
Jewelers Board of Trade President Erich Jacobs talked with National Jeweler about continuing trends in the jewelry industry, a K-shaped recovery and his expectations for Q4.
A total of 55 jewelry businesses closed in the third quarter, Jewelers Board of Trade data shows, bringing the total for the year to 399. That’s less than last year, but the drop doesn’t tell the whole story of 2020, JBT President Erich Jacobs said.
New York—The Jewelers Board of Trade’s data for the third quarter is out, and it shows that not much has changed from Q2.
COVID-19 has created an environment of uncertainty, leaving business owners unsure what to do next and making it difficult to make predictions about the fourth quarter, traditionally the most important period of the year for retailers.
Last week, National Jeweler caught up with JBT President Erich Jacobs (virtually, of course) to talk more about these unknowns and how they impacted the industry in Q3, as well as what he expects in Q4.
1) Business discontinuances stayed low in Q3.
In the U.S. in the third quarter, 55 jewelry businesses closed, bringing the total to 399 for the year. That is down 11 percent from last year, when 450 businesses had shuttered by this point.
Among retailers, closures have totaled 325 so far in 2020, down 10 percent year-over-year.
Jacobs said the fact that fewer businesses are closing this year is not an indicator that the industry is healthier.
It is, instead, a continuation of what started in Q2.
The “unique” economic environment is keeping some businesses from formally closing even if that is where they are headed, he said. And it is making it difficult for the JBT to distinguish between temporarily and permanently closed businesses.
Some might be considering a going-out-of-business sale but don’t want to run one in this environment, while other stores are hanging on, waiting to see if they can recover from decreased business during the pandemic.
Still others are getting rent breaks from their landlord, who know they won’t be able to fill the space right now anyway, but won’t be able to stay open long term.
The unprecedented nature of 2020 also is impacting the number of bankruptcies and consolidations, as courts are moving more slowly than usual, and companies remain hesitant to make deals in an uncertain environment.
There were 37 consolidations (sales and mergers) among U.S. jewelry businesses in Q3, bringing the total for the year to 93. That is down 27 percent from 2019.
Bankruptcies totaled 101 in Q3 and have hit 514 for the year, a 14 percent year-over-year drop.
2) K marks the spot.
Jacobs said JBT subscribes to the philosophy that the economic recovery is K-shaped.
In a K-shaped recovery, the wealthiest Americans are rebounding; some are even doing better
than they were before the virus. They are the top leg of the K.
Middle- and lower-income Americans, meanwhile, are hurting; they are the lower leg of the K.
Jacobs said he sees some parallels in the jewelry industry.
There are some stores that are having “banner years,” as some of the disposable income not being spent on travel gravitates to fine jewelry, while others are saying this is their worst year ever.
3) Businesses that didn’t build up their online presence are paying.
To better understand the differences between the businesses on the upper and lower legs of the K, JBT conducted a brief, informal study.
The staff examined posts on social media and other industry platforms to order to identify commonalities among the stores that report they are doing well, as well as the similarities among stores that aren’t.
Among the stores having a rough year, there was a bold through line.
“Those who were struggling had zero online presence,” Jacobs said, meaning they lacked both e-commerce capability and a sizable social media following.
“Everyone that was struggling had neither of those. That was the common factor.”
4) Not surprisingly, there still aren’t a ton of people rushing to open businesses in 2020.
The number of new retailers, wholesalers and manufacturers listed by the JBT is down significantly this year.
So far this year in the U.S., JBT data shows a total of 112 new jewelry businesses have opened, including 42 in the third quarter. That is a 40 percent drop from this point last year, when there were 186 new businesses, including 61 in Q3.
Overall, the size of the industry continues to shrink.
The total number of jewelry businesses in the U.S., as listed by JBT, stands at 24,258, including 18,375 retailers, both down 3 percent year-over-year.
Including Canada, the total is 25,573, down 3 percent from 26,344 at this point in 2019.
5) The holiday season is a big question mark.
“Q4 is the great unknown,” said Jacobs.
As of this writing, the COVID-19 infection rate is rising and the presidential election has yet to be decided, as has the fate of a second stimulus package.
Late last month, the National Retail Federation was among the more than 200 trade associations that sent a letter to Congress advocating for passage of additional pandemic relief for consumers and businesses.
Jacobs also noted that a stimulus could be a boost for retailers this holiday season.
“The stimulus might be a driver for consumer confidence, which in turn can be a driver for discretionary purchases,” he said.
More on Surveys
The Latest
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
