FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
IndependentsMay 01, 2019
No. of Jewelry Store Closures Drops Sharply in Q1
JBT data shows that 73 U.S. retailers went out of business in the first quarter, down from 241 in the same period last year.
Warwick, R.I.—The number of jewelry retailers, wholesalers and manufacturers calling it quits dropped sharply in the first quarter, data from the Jewelers Board of Trade shows.
In North America (defined by JBT as the United States and Canada), 99 jewelry businesses—83 of which were retailers—closed in Q1, down from 310 companies in the first quarter of last year. That is a 68 percent drop.
Consolidations numbered 30, down from 48.
RELATED CONTENT: Last Trabert & Hoeffer Store to CloseLooking at the U.S. market alone, 89 jewelry businesses ceased operations in the first quarter, down from 288 in the first quarter 2018.
The number of retailers that went out of business in the U.S. declined by more than half, from 241 in Q1 2018 to 73 in Q1 2019. That is a 70 percent drop.
U.S. jewelry business consolidations (acquisitions and mergers) totaled 30, down from 45, while bankruptcies fell by almost half, from 10 to six.
“Short-term, there’s been a slowdown in people closing,” JBT President Richard Weisenfeld said in an interview last week. “Is that going to keep up? I’d be guessing if I’d say yes or no.”
He noted that it’s difficult to draw long-term conclusions from quarterly data, but did predict that the industry will continue to contract. At what pace, though, he is not certain.
While the number of retailers, wholesalers and manufacturers exiting the industry declined, data shows that the number of new jewelry businesses entering also slipped.
JBT’s New Businesses Summary for Q1 shows that the industry welcomed 57 new jewelry businesses in the first quarter—48 retailers, seven wholesalers and two manufacturers. That is fewer than the 64 that entered in the industry in the first quarter last year.
All the business openings were in the U.S.
Weisenfeld said the number of new businesses, particularly retail jewelry stores, could pick up as the year progresses as new retailers open to fill the void left by closing independents.
Another potential growth area he sees for the industry is in lab-grown diamonds, a product, he recognizes, that does not come without controversy.
There is a debate in the industry over how to grade lab-grown diamonds, how to price them, their long-term value and environmental impact, as well as confusion over how to describe them.
RELATED CONTENT: A Quick Review of the FTC’s Rules on Lab-Grown DiamondsBut Weisenfeld said as a new product
line, man-made diamonds will impact all levels of the industry, possibly helping to shore up business for certain retailers, manufacturers and wholesalers and slow the shrinkage.
“It’s been a long time since there’s been a whole new category, in my mind, that’s been sure to sell,” he said. “It’s like a gift for the industry.”
“It’s been a long time since there’s been a whole new category, in my mind, that’s been sure to sell,” he said. “It’s like a gift for the industry.”
More on Independents
The Latest
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
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.
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
