Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
EditorsNov 19, 2015
Demographic drop-off
Editor-in-Chief Michelle Graff looks at the reasons why people are getting out of, and not getting into, the jewelry industry.
A few weeks ago, we published a story on the latest quarterly statistics from the Jewelers Board of Trade, which showed that the size of the jewelry industry is continuing to contract, meaning more people are getting out of this business than are getting into it.
The reasons for the industry shrinkage are varied and, though they have been well documented up to this point, after I wrote my most recent JBT story, I began reaching out to retailers and others in the industry to get their perspective. What do they think is the No. 1 factor, or factors, contributing to jewelers closing?
As it turned out, very few could narrow it down to just one thing, but one answer that came up in nearly every reply was this: simple demographics.
The baby boomers, which are the second-largest generation in the U.S., second only to their millennial children, have been running the country’s jewelry stores—and essentially its jewelry industry—for years, but guess what’s happening to them? The same thing that happens to everyone: they are getting old and they want to retire.
I can’t say I blame them.
Retail has changed completely in recent years and in order to keep up in this digital age, jewelers have to figure out new ways of reaching customers and stock different kinds of product—some of which might not be the fine jewelry they are used to—all while fending off online competition and keeping up with the expectations of an increasingly demanding, but not necessarily spendthrift, consumer.
If you were in your mid-50s or 60s and staring down the last five or 10 years of a long career, would you be willing to put in the time and energy to completely change your business if you had the means, or enough of the means, to retire? I wouldn’t.
Some might say the problem is that jewelers are unable to adapt to retailing in the digital age, but I don’t think that’s always the case. I think in some cases it’s more a matter of willingness. Why change
your business completely, with no promise that it’s going to pan out, just to keep your shop open a few more years?
As Dennis Petimezas, owner of Watchmakers Diamonds and Jewelry in Johnstown, Pa., put it, “If you’re 75 to 80 percent of where you need to be to successfully retire, why take the risk? ... Can a mature independent afford to make a mistake at this point and have to work even longer to then try and correct it?”
I think it’s more logical to just take the money you can get out of your business now and retire. Or, if you still need the money and/or just aren’t ready to spend all day on the golf course, do something still jewelry-oriented but perhaps a little (or a lot) less stressful than being a small business owner.
Another factor contributing to the shrinking industry is the decreasing number of young people stepping into the family business.
There are some who say the younger generation is not willing to put in the time it takes to run a small retail store, but I don’t agree with that blanket statement any more that I agree with the assertion that older jewelers are retiring simply because they can’t figure out Facebook.
The majority of companies today are running lean, with one employee shouldering a workload that once was handled by two or even three people. Staff are working long hours no matter what the profession, made longer by the fact that people are on email nearly 24 hours a day.
I don’t think it’s a matter of young people not being willing to work; I think, in many cases, it’s just a matter of them picking different career paths, working for companies that are much younger and, by extension, seem hipper and cooler.
Jewelry isn’t the only industry with this problem.
Over the summer, Fortune magazine did a video interview with GE CEO Jeff Immelt.
Immelt told the interviewer that luring young talent away from Facebook, Google and startups and to GE is one of the issues that keeps him up at night, and this concern is evident in GE’s current advertising campaign featuring Owen, a new, young programmer/developer at GE.
Have you seen these commercials? There are a couple different versions (one of which you can view below) but the message in each is clear: Young people, come work at GE. The work you’ll be doing here will transform the way the world works.
Jewelry does not have its own Owen, but that does not mean the industry’s organizations are ignorant of the need to attract young talent.
The Diamond Council of America, MJSA, the Independent Jewelers Organization, the American Gem Society, the International Colored Gemstone Association and U.S. Antique Shows, which just crowned its first “Antique Young Gun” this past weekend, all are working to pique the next generation’s interest in jewelry. Our associate editor, Brecken, profiled their efforts in our last digital magazine.
It’s not a BBDO-created national advertising campaign on the same scale as GE’s Owen. But, it is a step in the right direction, and it addresses one of the problems impacting the incredible shrinking jewelry industry.
As Dennis Petimezas, owner of Watchmakers Diamonds and Jewelry in Johnstown, Pa., put it, “If you’re 75 to 80 percent of where you need to be to successfully retire, why take the risk? ... Can a mature independent afford to make a mistake at this point and have to work even longer to then try and correct it?”
I think it’s more logical to just take the money you can get out of your business now and retire. Or, if you still need the money and/or just aren’t ready to spend all day on the golf course, do something still jewelry-oriented but perhaps a little (or a lot) less stressful than being a small business owner.
Another factor contributing to the shrinking industry is the decreasing number of young people stepping into the family business.
There are some who say the younger generation is not willing to put in the time it takes to run a small retail store, but I don’t agree with that blanket statement any more that I agree with the assertion that older jewelers are retiring simply because they can’t figure out Facebook.
The majority of companies today are running lean, with one employee shouldering a workload that once was handled by two or even three people. Staff are working long hours no matter what the profession, made longer by the fact that people are on email nearly 24 hours a day.
I don’t think it’s a matter of young people not being willing to work; I think, in many cases, it’s just a matter of them picking different career paths, working for companies that are much younger and, by extension, seem hipper and cooler.
Jewelry isn’t the only industry with this problem.
Over the summer, Fortune magazine did a video interview with GE CEO Jeff Immelt.
Immelt told the interviewer that luring young talent away from Facebook, Google and startups and to GE is one of the issues that keeps him up at night, and this concern is evident in GE’s current advertising campaign featuring Owen, a new, young programmer/developer at GE.
Have you seen these commercials? There are a couple different versions (one of which you can view below) but the message in each is clear: Young people, come work at GE. The work you’ll be doing here will transform the way the world works.
Jewelry does not have its own Owen, but that does not mean the industry’s organizations are ignorant of the need to attract young talent.
The Diamond Council of America, MJSA, the Independent Jewelers Organization, the American Gem Society, the International Colored Gemstone Association and U.S. Antique Shows, which just crowned its first “Antique Young Gun” this past weekend, all are working to pique the next generation’s interest in jewelry. Our associate editor, Brecken, profiled their efforts in our last digital magazine.
It’s not a BBDO-created national advertising campaign on the same scale as GE’s Owen. But, it is a step in the right direction, and it addresses one of the problems impacting the incredible shrinking jewelry industry.
More on Editors
The Latest
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
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.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
