EditorsDec 22, 2020
Retail Rewind: The Year of Chapter 11SurveysFeb 19, 2021
5 Things to Know About the Latest JBT Stats
Jewelers Board of Trade President Erich Jacobs breaks down the data and shares his predictions for the year ahead.
Fewer jewelry stores closed in 2020 than in 2019, as per the Jewelers Board of Trade’s latest data.
New York—Earlier this year, the Jewelers Board of Trade released its data for the fourth quarter and the full year, giving an overview of the jewelry trade amid the COVID-19 pandemic.
National Jeweler sat down via Zoom with JBT President Erich Jacobs to break down the results and get a clearer picture of the year ahead.
Fewer stores closed in 2020 than in 2019.
The COVID-19 pandemic took a toll on the jewelry industry in 2020, but there were fewer permanent closures in 2020 than in 2019.
In the United States, there were 605 business discontinuances (defined as businesses that ceased operations, consolidated, or declared bankruptcy), compared with 912 in 2019. In the fourth quarter, 92 businesses closed, down significantly from 324 in 2019.
In compiling its data, JBT includes retailers, wholesalers, and manufacturers.
A total of 495 retailers closed in 2020, as well as 63 wholesalers and 47 manufacturers.
Fewer closures may seem surprising given the difficult retail environment, but Jacobs had a different perspective.
“This was an environment that basically created a more forgiving situation. It was terrible economically for certain people, but it was more forgiving,” he said.
Jacobs noted that JBT cut jewelers some slack by listing a business’ pre-COVID rating in every JBT Credit Report.
He also noted that some states had both residential and commercial eviction moratoriums in place, shielding some businesses from a permanent closure for the time being.
Fewer new stores opened in 2020.
With the retail environment uncertain, JBT reported fewer new businesses opening in 2020.
In the U.S., 40 new businesses opened in the fourth quarter while 152 opened for the full year.
Looking to the year ahead, Jacobs said the industry may see “a lot more new businesses,” noting that there are some new businesses that its data doesn’t currently reflect.
He said there is a “blindspot” in JBT’s data that it’s looking to correct—at this time, it doesn’t account for those who set up online stores, like on Etsy, or those who sell through Instagram, which is becoming an increasingly significant part of the industry.
The decline in bankruptcies may not be what it seems.
The number of bankruptcies was on the decline in the U.S. last year, but that could be attributed to a backlog of filings rather than a sign that fewer businesses are filing.
“There is still a lag in the system, which is on the bankruptcy side of things,” said Jacobs.
In the fourth quarter, there was 1 bankruptcy, compared with 4 last year. For the full year, there were 23 compared with 22 in 2019.
Related stories will be right here …
National Jeweler sat down via Zoom with JBT President Erich Jacobs to break down the results and get a clearer picture of the year ahead.
Fewer stores closed in 2020 than in 2019.
The COVID-19 pandemic took a toll on the jewelry industry in 2020, but there were fewer permanent closures in 2020 than in 2019.
In the United States, there were 605 business discontinuances (defined as businesses that ceased operations, consolidated, or declared bankruptcy), compared with 912 in 2019. In the fourth quarter, 92 businesses closed, down significantly from 324 in 2019.
In compiling its data, JBT includes retailers, wholesalers, and manufacturers.
A total of 495 retailers closed in 2020, as well as 63 wholesalers and 47 manufacturers.
Fewer closures may seem surprising given the difficult retail environment, but Jacobs had a different perspective.
“This was an environment that basically created a more forgiving situation. It was terrible economically for certain people, but it was more forgiving,” he said.
Jacobs noted that JBT cut jewelers some slack by listing a business’ pre-COVID rating in every JBT Credit Report.
He also noted that some states had both residential and commercial eviction moratoriums in place, shielding some businesses from a permanent closure for the time being.
Fewer new stores opened in 2020.
With the retail environment uncertain, JBT reported fewer new businesses opening in 2020.
In the U.S., 40 new businesses opened in the fourth quarter while 152 opened for the full year.
Looking to the year ahead, Jacobs said the industry may see “a lot more new businesses,” noting that there are some new businesses that its data doesn’t currently reflect.
He said there is a “blindspot” in JBT’s data that it’s looking to correct—at this time, it doesn’t account for those who set up online stores, like on Etsy, or those who sell through Instagram, which is becoming an increasingly significant part of the industry.
The decline in bankruptcies may not be what it seems.
The number of bankruptcies was on the decline in the U.S. last year, but that could be attributed to a backlog of filings rather than a sign that fewer businesses are filing.
“There is still a lag in the system, which is on the bankruptcy side of things,” said Jacobs.
In the fourth quarter, there was 1 bankruptcy, compared with 4 last year. For the full year, there were 23 compared with 22 in 2019.
Jacobs noted that in states with a lot of jewelers, particularly Florida and New York, the courts are months behind on bankruptcy dockets.
Filing for bankruptcy will likely take longer than it did in previous years.
Adaptability is paramount right now.
The most important takeaway from JBT’s report? “Adapt or die,” said Jacobs.
“The jewelers that typically closed down were the ones that were not very good at adapting.”
Retailers who were not able to establish an online presence or couldn’t handle remote customer interactions were the ones that closed, he said.
“The industry has basically adapted. It’s gone, from a financial characteristic standpoint, back to the way it was pre-COVID,” said Jacobs.
He said it will be interesting to see how jewelers adapt further going forward, noting many stores are still operating with a reduced staff and have a more automated shopping experience.
“As we come out (of the pandemic), I think some jewelers are going to have harder decisions than they had during COVID, trying to figure out, ‘OK, how do I optimize now that we’re back in a new normal?’”
Jewelers may find they don’t need to bring back all of their staff as customers get used to a new shopping experience and spend less time in the store, he noted.
Keep an eye on travel data.
COVID-19 restrictions have caused many to put travel plans on hold, leaving some consumers with money to burn.
With vacations not in the cards for many, discretionary income has gone toward other purchases, particularly on the bridal side, said Jacobs.
An important statistic to look at is 90-plus-day bookings of leisure flights, which have plummeted and stayed down.
“To the extent that that starts rising up, I think the jewelry industry is going to have to really pay attention to that because my guess is the pendulum is going to swing the other way,” Jacobs said.
Editor's Note: This story was edited post-publication to reflect the correct number of bankruptcies.
Editors' Picks
Sponsored by
More on Surveys
The Latest
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
SourcingFeb 03, 2026
Nivoda Reveals Upgraded Gemstone MarketplaceThe company also announced a new partnership with GemGuide and the pending launch of an education-focused membership program.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
CrimeFeb 02, 2026
Ylang 23’s Dallas Store BurglarizedThe Texas jeweler said its team is “incredibly resilient” and thanked its community for showing support.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
