Surveys

Retailers, wholesalers continue to close up shop

SurveysMay 05, 2015

Retailers, wholesalers continue to close up shop

The industry shrinkage recorded in 2014 has continued into the first quarter of this year, the latest statistics from the Jewelers Board of Trade show.

Warwick, R.I.--The industry shrinkage recorded in 2014 has continued into the first quarter of this year, the latest statistics from the Jewelers Board of Trade show.

In the United States and Canada, a total of 250 retail jewelers/repairers, wholesalers and manufacturers ceased operations in the first three months of the year, up 40 percent from 179 in the first quarter of 2014.
 
Bankruptcies increased slightly, from 11 to 13, while consolidations were down considerably, from 54 in the first quarter 2014 to 28 in the first quarter 2015, a 48 percent drop.

In the U.S. alone, the number of retail jewelers, wholesalers and manufacturers that ceased operations was up 39 percent.

The most significant decline was in the number of wholesalers, with 35 ceasing operations, double the number that did so in the first quarter 2014. In addition, there were 191 retail jewelers that shut down in the first quarter, up 38 percent from 138 in the first quarter last year.

The JBT’s first quarter statistics continue a trend that began in 2014 and one that JBT President Dione Kenyon said they are seeing continue into the second quarter.

The trend is this: The jewelry industry in the U.S. and Canada is shrinking in size, with many discouraged by a still-sluggish economy, the difficulty of doing business today and with many family-owned institutions lacking a new generation waiting in the wings to take over the business.

Overall, the JBT’s total listings for the first quarter totaled 29,678, down nearly 3 percent from the same time last year.

Well-known names that announced their exit from the industry in the first quarter include Fragments, the showroom and retail store Janet Goldman opened in New York City’s SoHo neighborhood 30 years ago, and Samuel Gordon Jewelers in Oklahoma City, a 111-year-old business.

Goldman told National Jeweler that the rents in SoHo became untenable for her business, while 67-year-old Gary Gordon wanted to retire. His son, Dan, is in the jewelry business too but works at The Diamond Cellar in Columbus, Ohio.

More recent store closures include Towne Jewelers in Winston-Salem, N.C., which Ken Pope owns with this wife Marsha.

Towne has been in business since 1955; Ken Pope acquired the business from his uncle, Richard Pope, 15 years ago.

Today, the 53-year-old says, he’s just tired. “I’ve been at it for 15 years and it gets more and more difficult each year.”

There is also difficulty of finding qualified help, the competitive pressures brought on by an economy that, at least in the Winston-Salem area, has been “stagnant” since 2008, and the added duties the Internet has created, including the need to have and manage multiple social media accounts. “The jewelry store owner has to wear so many hats (today),” Pope says.

He added that he looked into selling the business but determined the best return on his investment in his inventory was to liquidate it.

Towne Jewelers is in the midst of conducting a going-out-of-business sale and will shut its doors when the inventory is gone. The exact date that will mark the store’s last in business hasn’t been determined yet.

As for Pope, he’s says he’s going to take a few months to regroup and then determine what the next chapter of his life holds. He doesn’t know at this point if it will include fine jewelry or not.  

“We’ll miss portions of it,” he says, when asked if he’ll miss the industry. “We’ll miss the customers. We won’t miss the tremendous responsibility that goes along with running a business.”

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Bea Bongiasca Animali Tarallo Collection Royal Blue Tang Fish “Dory”
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a Zoo

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Neiman Marcus Downtown Dallas store
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For Now

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Natural color diamonds on display at Smithsonian National Museum of History
SourcingApr 02, 2025
Winston’s Collection of Natural Color Diamonds Now on Display in D.C.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

Jewelers of America logo
Policies & IssuesApr 02, 2025
Jewelers of America to Hold Webinar on Tariffs

The virtual event will take place April 7 at 3 p.m.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Punchmark
Events & AwardsApr 02, 2025
Punchmark to Host Client Workshop

The educational event will take place in Charlotte, North Carolina, this May.

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

×

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