SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
EditorsJan 11, 2017
3 Retail Predictions for 2017
There’ll be continued consolidation and a desire to experience and access, but not necessarily own, things.
Continued retail consolidation, consumers’ desire for experiences and the acceleration of the “access” economy are three predictions National Jeweler’s editor-in-chief is making for 2017.
Hello, and Happy New Year. I hope that 2017 is treating you well so far.
Before 2016 ended, I rounded up the six stories I thought had the biggest impact on the jewelry market last year. Now, I offer three predictions for the year ahead.
If you have thoughts or predictions of your own, please email me or leave them in the comments below.
1. Retailers, including big chains, will continue to close. My brother worked at Sears selling ceiling fans when we were teenagers back in the 1990s. The store wasn’t very busy then, and it’s even less so now.
Sears is, or was, the place for Craftsman tools and … well, that’s actually a hard to blank to fill in because I really don’t know what exactly people would go to Sears for that they couldn’t get at Best Buy or Macy’s or Home Depot or Amazon. And that’s one of the biggest reasons this year could mark the sad end for an American institution that started as a mail-order catalog business in 1886: After losing ground for years, it never established a modern identity.
Sears won’t be the only retailer shutting down or, at the very least, consolidating in 2017, continuing a pattern that accelerated in 2016.
It’s only Jan. 10, and we’ve already seen women’s clothing retailer The Limited announce that it’s shutting down its stores and going online, and it seems likely American Apparel also will close all its stores.
In the jewelry sector, a total of 895 jewelry stores in the U.S. and Canada had shuttered by the end of the third quarter.
While there has been some discussion on Facebook lately pointing out that some of those are jewelers who switched to by-appointment or custom only, the closures still vastly outnumber the amount of new businesses opening.
In Q3, the 895 closures represented a 46 percent year-over-year increase. The number of retailers that opened in the U.S. and Canada in that same time period totaled 51, down from 62 the previous year.
In an interview last year, I asked JBT President and CEO Anthony Capuano if he sees the trend of store closures reversing itself anytime soon. He said no, adding later in the conversation that, “Retailers are really fighting for those dollars because they are fighting a whole pattern of purchasing,” meaning increased competition brought on by the internet and consumers’ changing tastes and desires (more on that below).
“You
just have to be really good to survive and prosper.”
2. The experiences will continue to be important. I’ve seen two commercials (likely caught between quarters of the Steelers’ dominating late-season run) recently that speak directly to consumers desire to do stuff instead of having stuff.
The first was for a retirement fund and the second was from Groupon, which is encouraging people to “own the experience.”
{youtube}JZkFmYrdn-A{/youtube}
In the spot, Groupon draws a line between the “haves,” people who spend their money on cars or lavish and extremely elevated bathtubs, and the “have dones,” those who spend their money on experiences, such as aerial yoga and dinners (presumably using Groupon).
Groupon launched the multi-million national advertising campaign back in May and the company’s head of marketing for North America told the Chicago Tribune that the idea behind the campaign is to expand the company’s customer base, attracting millennials, who are known to value experience over “things,” in particular.
If a consumer decides to spend money on an African safari instead of a diamond ring, I am afraid there’s not much a jeweler can do.
What they can do, however, is provide a great retail experience to the customers who are choosing jewelry over experiences.
National Jeweler columnist Peter Smith detailed three stores that are doing just that in his latest column.
3. We will see the acceleration of the “access economy.” One of my new year’s resolutions this year is to try out new things, and also to work less and enjoy life more.
Regarding the former, I am doing well thus far. I ate at a new restaurant last night and ordered from Rent the Runway for the first time.
For those of you who are not familiar, Rent the Runway is an e-commerce company (with a budding brick-and-mortar presence) that specializes in renting out dresses, jewelry and other accessories for special occasions.
Rent the Runway is part of what was once known as the sharing economy but now is called the “access economy.”
The access economy refers to goods and services being traded on the basis of access rather than ownership, a trend that has been fueled by technology. Two good examples are, as mentioned above, Rent the Runway, which gives its customers access to formal wear without having to pay full price for it, and Zipcar, which allows people to be able to use cars without having to pay to buy and maintain them.
The access economy has also consumed the music industry, as people pick streaming over buying albums in record numbers, no pun intended.
Companies like Rent the Runway and others that are part of the access economy seem poised to pick up steam in 2017.
RTR recently got $60 million from investors and will use some of that money to open stores, while Uber, Airbnb and Spotify are among the tech companies rumored to be going public in the coming year.
In some respects, fine jewelry falls outside the sphere of the access economy. No one, for example, wants to rent their engagement ring and send it back the day after their wedding.
But I think there definitely is a market for a website that rents out high-end pieces for special occasions.
Back in September, we wrote about Adorn, a website that does just this and is currently looking for a buyer.
So, if you made the same New Year’s resolution as I did this year--to try new things--maybe this is your chance.
2. The experiences will continue to be important. I’ve seen two commercials (likely caught between quarters of the Steelers’ dominating late-season run) recently that speak directly to consumers desire to do stuff instead of having stuff.
The first was for a retirement fund and the second was from Groupon, which is encouraging people to “own the experience.”
{youtube}JZkFmYrdn-A{/youtube}
In the spot, Groupon draws a line between the “haves,” people who spend their money on cars or lavish and extremely elevated bathtubs, and the “have dones,” those who spend their money on experiences, such as aerial yoga and dinners (presumably using Groupon).
Groupon launched the multi-million national advertising campaign back in May and the company’s head of marketing for North America told the Chicago Tribune that the idea behind the campaign is to expand the company’s customer base, attracting millennials, who are known to value experience over “things,” in particular.
If a consumer decides to spend money on an African safari instead of a diamond ring, I am afraid there’s not much a jeweler can do.
What they can do, however, is provide a great retail experience to the customers who are choosing jewelry over experiences.
National Jeweler columnist Peter Smith detailed three stores that are doing just that in his latest column.
3. We will see the acceleration of the “access economy.” One of my new year’s resolutions this year is to try out new things, and also to work less and enjoy life more.
Regarding the former, I am doing well thus far. I ate at a new restaurant last night and ordered from Rent the Runway for the first time.
For those of you who are not familiar, Rent the Runway is an e-commerce company (with a budding brick-and-mortar presence) that specializes in renting out dresses, jewelry and other accessories for special occasions.
Rent the Runway is part of what was once known as the sharing economy but now is called the “access economy.”
The access economy refers to goods and services being traded on the basis of access rather than ownership, a trend that has been fueled by technology. Two good examples are, as mentioned above, Rent the Runway, which gives its customers access to formal wear without having to pay full price for it, and Zipcar, which allows people to be able to use cars without having to pay to buy and maintain them.
The access economy has also consumed the music industry, as people pick streaming over buying albums in record numbers, no pun intended.
Companies like Rent the Runway and others that are part of the access economy seem poised to pick up steam in 2017.
RTR recently got $60 million from investors and will use some of that money to open stores, while Uber, Airbnb and Spotify are among the tech companies rumored to be going public in the coming year.
In some respects, fine jewelry falls outside the sphere of the access economy. No one, for example, wants to rent their engagement ring and send it back the day after their wedding.
But I think there definitely is a market for a website that rents out high-end pieces for special occasions.
Back in September, we wrote about Adorn, a website that does just this and is currently looking for a buyer.
So, if you made the same New Year’s resolution as I did this year--to try new things--maybe this is your chance.
More on Editors
The Latest
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans ApprovedThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
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.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
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.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
