ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
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
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
