Surveys

5 Things to Know About the Latest JBT Stats

SurveysFeb 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.

20200731_Closed_sign.jpg
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 … 

 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.
Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.
tags:

The Latest

Set of four Patek Philippe “Star Caliber 2000” pocket watches
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+

A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.

Journey of a Jeweler by Silvia Furmanovich
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’

The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.

1978 Rolex Submariner Ref. 1680 Tiffany Dial
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’

The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Jewelers Mutual Group logo
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify

The new integration allows users to manage shipments directly from the Shopify dashboard.

Weekly QuizSep 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Shot of one of the pools at the Omni La Costa Resort & Spa in Carlsbad, California
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in Carlsbad

At Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.

Crime police cars
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop Shootout

Six people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Chopard Ice Cube Modular Necklace
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule Collection

The jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.

Natural Diamond Council Retailer Accreditation Program seal
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation Program

Ben Bridge Jeweler and Lux Bond & Green were a part of the pilot program. 

Kristen Bell, Angela Bassett, Lisa Manobal
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy Awards

Associate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.

Buffalo Emerald
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald Auction

It included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.

8.33-carat emerald-cut no-oil Brazilian emerald, A. Kleiman & Co.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors

The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.

Rough montana sapphire
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, Montana

Associate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.

Arunashi Fordite and Rhodolite Earrings
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite Earrings

Fordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.

Susan Jacques and Al Gilbertson
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley Award

Gilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.

Supreme Court stock image
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November

A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.

Tabayer’s Nordstrom Shop-in-Shop
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-Shop

Located in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.

De Beers education app on mobile phone
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for That

The new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.

Gold jewelry on a scale
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to Account

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jacob and Co Loewe headphones
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. Headphones

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Tiffany & Co Favrile Beetle Necklace in Frankenstein
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

24 Karat Club banquet
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf Astoria

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Anglo American’s Quellaveco copper mine in Peru
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The Mellon Blue diamond
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

Dianne Batista Phillips Auctions
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New York

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

Anastacia Lauren, Elle Jerge, Logan Nye
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship Winners

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy