CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
IndependentsDec 01, 2016
More Than 300 Jewelers Went Out Of Business in Q3
Year-to-date, nearly 900 retailers in the U.S. and Canada have closed up shop, along with 178 wholesalers and 104 manufacturers.
New York--The trend of jewelry businesses shutting down continued in the third quarter, with the total number of closures pacing well ahead of last year.
The Jewelers Board of Trade’s vital statistic and trend data report for the third quarter shows that a total of 400 U.S. and Canadian jewelry businesses called it quits in the third quarter: 318 retail jewelers/repairers, 57 wholesalers and 25 manufacturers.
That is up 42 percent from the third quarter 2015, when 282 jewelry businesses closed, including 240 retail jewelers/repairers, 34 wholesalers and eight manufacturers.
Year-to-date, a total of 1,177 jewelry business owners ceased operations: 895 retail jewelers/repairers, 178 wholesalers and 104 manufacturers.
That is a 57 percent increase over last year.
“The trend is not reversing itself. There’s a downward trend in the number of retailers,” JBT President and CEO Anthony Capuano said in an interview Wednesday.
The reasons for the closures have been well documented.
Baby boomer store owners are reaching retirement age and many don’t have children who are interested in staying in the family business.
RELATED CONTENT: Column--What it Feels Like to Close My Store
At the same time, baby boomer consumers are entering a phase in their life in which they are looking to downsize and are not buying as much, for lack of a better word, stuff, choosing instead to spend their money on experiences.
Their children, the millennials, also value spending money on experiences over physical possessions, and many don’t enjoy the same level of middle-class security as the generations before them.
Further complicating the picture for brick-and-mortar retailers is increased competition, not just in terms of what consumers can and want to buy--experiences over physical possessions--but from online sellers of jewelry.
“Retailers are really fighting for those dollars because they are fighting a whole pattern of purchasing,” Capuano said. “You just have to be really good to survive and prosper.”
While the continually climbing number of closures among independent retailers is making news in the jewelry industry, it’s an old story for those who operated family-owned furniture and hardware stores and saw their industries taken over by large chains years ago.
RELATED CONTENT: Analysis--State of the Majors
“I think this is sort of catch up right now,” Capuano said, though he noted that the personal nature of jewelry means that the independents in his industry are better positioned for survival than those in other fields.
As he put it, “Buying a screw is not a personal experience.”
Capuano
also pointed to custom jewelry as an area that can offer the independent jeweler differentiation, and it seems that retailers of all sizes already are taking advantage of their ability to create made-to-order rings.
In a recent National Jeweler/Jewelers of America survey, more than half of jewelers said their custom jewelry sales have increased over the past three years, and Signet Jewelers is emphasizing custom in its advertising campaign for Jared the Galleria of Jewelry this holiday season.
In a recent National Jeweler/Jewelers of America survey, more than half of jewelers said their custom jewelry sales have increased over the past three years, and Signet Jewelers is emphasizing custom in its advertising campaign for Jared the Galleria of Jewelry this holiday season.
More on Independents
The Latest
FinancialsApr 17, 2025
Movado Group to Increase Prices to Offset Tariffs ImpactDuring a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
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.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
FinancialsApr 15, 2025
LVMH’s Q1 Sales Slip 2 PercentLVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
SourcingApr 11, 2025
Mikimoto Names New President, CEO for U.S. DivisionKentaro Nishimura, who has been with the pearl company since 1997, has been promoted to president and CEO of Mikimoto America.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
Policies & IssuesApr 10, 2025
Trump Presses Pause on Higher Tariffs for 90 DaysAn across-the-board tariff of 10 percent remains in place for all U.S. trading partners, except China.
MajorsApr 10, 2025
Brilliant Earth Taps Influencers, Their Moms for Mother’s Day CampaignBrigette Pheloung and Tania Sarin, and their mothers, star in the campaign wearing medallions they co-designed.
MajorsApr 10, 2025
Pary LeVian, Matriarch of the LeVian Family, Dies at 96LeVian is remembered for her unwavering commitment to her family, community, and helping others.
Events & AwardsApr 10, 2025
Hamptons Jewelry Show to Debut This SummerThe retail show is open to the public and will run July 24-27.
