SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
IndependentsMay 04, 2016
Jewelry Business Closures Climb 34% in Q1
A number of different factors are influencing the trend and it’s not expected to reverse course anytime soon.
Warwick, R.I.--The number of companies exiting the jewelry industry continues to climb due to a number of different factors, and the trend is not expected to reverse course anytime soon.
Data released this week by the Jewelers Board of Trade shows that in the United States and Canada, a total of 335 businesses ceased operations in the first quarter 2016, compared with 250 in the first quarter 2015. That’s a 34 percent increase.
Closings among manufacturers drove up the first quarter percentage increase as they more than doubled, from 15 in the first quarter 2015 to 34 this year.
The number of wholesalers ceasing operations rose from 38 to 46, a 21 percent year-over-year increase, while the number of retailers closing climbed from 250 to 255.
“The factors are in place for there to be fewer stores, for that pace to pretty much continue as it is.” --Anthony Capuano, JBT presidentThere also was a jump in the number of consolidations (sales/mergers), which rose from 28 in Q1 2015 to 53 in the first quarter this year, an 89 percent jump.
In an interview with National Jeweler on Monday, former JBT President Dione Kenyon, who will continue with JBT on a part-time basis through the summer, said the same factors that have been contributing to business closings since they began to spike in 2014 continue to do so today.
Among them are the retirement of baby boomer-aged store owners; competition from online sellers; and consumers with less discretionary income and more choices.
Both Kenyon and JBT’s new president, Anthony Capuano, agreed that the trend will continue for the foreseeable future.
Addressing specifically the closing of retail stores, which increased 29 percent in the first quarter, Capuano noted that the aging ownership of the family-owned independent jewelers and the shift to online retailing, “aren’t going to go away overnight.”
“The factors are in place for there to be fewer stores, for that pace to pretty much continue as it is,” he said.
Despite the continually climbing closures, Kenyon pointed out that there are bright spots in the industry, jewelers who have embraced technology and/or began thinking outside the box who are doing well.
There are also certain product categories that appear to have a head of steam among consumers.
According to statistics just released by De Beers, U.S. diamond jewelry sales grew 4 percent year-over-year in
Editors' Picks
Sponsored by
2015. The U.S. remains the world’s No. 1 market for polished diamonds, increasing its share from 42 to 45 percent last year.
It’s also worth noting that independent jewelers aren’t the only brick-and-mortar retailers closing their doors.
Department store chains, for example, have been forced to shutter hundreds of stores--most recently, Sears announced it would be closing 78 additional locations--and according to The Wall Street Journal, even more are needed.
The WSJ cited a report from Green Street Advisors stating that six of the U.S.’s largest department store chains need to shutter a total of 820 stores among them in order to get back to the same level of profitability they enjoyed a decade ago.
It’s also worth noting that independent jewelers aren’t the only brick-and-mortar retailers closing their doors.
Department store chains, for example, have been forced to shutter hundreds of stores--most recently, Sears announced it would be closing 78 additional locations--and according to The Wall Street Journal, even more are needed.
The WSJ cited a report from Green Street Advisors stating that six of the U.S.’s largest department store chains need to shutter a total of 820 stores among them in order to get back to the same level of profitability they enjoyed a decade ago.
More on Independents
The Latest
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
SourcingApr 03, 2025
Canadian Mine Produces 158-Carat Yellow Diamond Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
Weekly QuizApr 03, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
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.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
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.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
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.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
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.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
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.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
