AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
MajorsApr 15, 2020
March Retail Sales Plunge, Marking Biggest Decline on Record
With businesses closed and consumers staying at home, U.S. retail sales posted a steep decline last month.
U.S. retail sales were down 8.7 percent in March, according to data from the U.S. Department of Commerce.
New York—The numbers are troubling, but not surprising.
According to data released by the U.S. Department of Commerce Wednesday morning, U.S. retail sales were down nearly 9 percent month-over-month in March as COVID-19 precautions forced businesses to close and kept consumers at home.
It is the biggest decline since the department began keeping track in 1992 and surpassed the 8 percent decline economists had expected.
In a note to clients last week, financial services provider Nomura said sales would likely be weaker toward the end of the month when many states established stay-at-home orders.
“This suggests April’s numbers will likely be even worse,” said Nomura.
Credit Suisse economist James Sweeney echoed that prediction in a note released before the March data, stating that March may be the beginning of a “recessionary decline” in consumption that could get worse in April.
“Overall, we expect consumption to fall by 17.5 percent quarter-over-quarter annualized in Q2, the worst quarter since WWII,” the economist wrote.
In a Credit Suisse podcast last week, Sweeney looked at the converging factors that resulted in a shock to the system for the U.S. economy: a simultaneous drop in supply and demand combined with supply chain disruption.
“If the government orders certain forms of economic activity, whether it’s factories or restaurants, to temporarily shut down because of an attempt to limit contagion from COVID-19, that’s essentially a supply shock.”
“If at the same time, existing businesses and existing households choose not to spend money, not to invest, not to buy big-ticket consumer items, that’s a demand shock.”
The spike in unemployment could depress demand even more, he added.
Another 6.6 million people filed for unemployment benefits in the week ending April 4, according to the U.S. Department of Labor’s report, in addition to the 6.6. million claims filed the previous week.
It was the second-largest number of initial unemployment claims since the department began keeping track in 1967.
Sweeney expects U.S. unemployment claims will drop when the shutdowns are over, but the long-term recovery for the labor market may be slow.
“I think it’s going to come back rapidly, but I don’t think it’s going to get close to the pre-crisis level. It’s going to spend the next 18 months grinding toward the pre-crisis level,” said Sweeney on the podcast.
RELATED CONTENT: 5 Things Retailers Should Know About the Stimulus Bill
The silver lining for retailers may be the one-time checks to individuals as part of the Coronavirus Aid,
Relief, and Economic Security Act, or the CARES Act.
“If we get through this quickly enough and this extra cash that the government has put in private sector hands is still around, which is likely, then maybe you get some stimulus,” said Sweeney.
“If we get through this quickly enough and this extra cash that the government has put in private sector hands is still around, which is likely, then maybe you get some stimulus,” said Sweeney.
The Latest
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
