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
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
