CollectionsMay 31, 2024
Piece of the Week: Francesca Villa’s ‘The Blink of an Eye’ PendantCouture attendees should stop by booth 410 to see Francesca Villa’s rendition of antique “lover’s eye” jewelry.
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.”
More on Surveys
The Latest
Events & AwardsMay 31, 2024
To Do in Las Vegas: What’s New in 2024National Jeweler rounded up five ways to spend the evening or treat your team.
FinancialsMay 31, 2024
Movado’s Q1 Sales Fall 6%The company attributed the decline to a “challenging” retail environment.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Events & AwardsMay 30, 2024
14 Can’t-Miss JCK Talks Education Sessions From social media strategy to colored gemstone updates, these are a few of the sessions JCK Las Vegas goers should attend.
Weekly QuizMay 31, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 30, 2024
These Are the 2024 Retailer Hall of Fame InducteesThis year’s honorees include two multi-store independents and the CEO of the world’s largest diamond jewelry retailer.
Supplier BulletinMay 30, 2024
Is Your Jewelry Producer Committed to Sustainability and Ethicality?Sponsored by Hari Krishna Exports Pvt. Ltd.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
CollectionsMay 29, 2024
Who’s New in Couture’s Design AtelierA springboard for more nascent jewelry designers and brands, the Design Atelier features 21 new faces this year.
TrendsMay 29, 2024
Bows, Snakes, and Tennis Bracelets: A Guide to What May Be Trending in VegasA recent jewelry trends report sheds light on what likely will be hot when the industry descends on the desert.
Events & AwardsMay 29, 2024
Couture Announces Education SessionsThe programming topics include gemology, sustainability, artificial intelligence, and more.
Events & AwardsMay 29, 2024
Diamonds Do Good to Honor Beyoncé’s Stylist in Las VegasShiona Turini will receive the “Diamond Influence Award.”
ColumnistsMay 28, 2024
The Smart Lab: How to Effectively Navigate Jewelry Brand Requests Emmanuel Raheb outlines six ways retailers can make brand relationships smoother and more beneficial for both parties.
Events & AwardsMay 28, 2024
BIJC Collective Returns to Las VegasThe Black in Jewelry Coalition will showcase four designers at JCK Las Vegas and JCK Luxury.
Events & AwardsMay 28, 2024
Natural Diamond Council To Host Club in VegasAppointments can be made ahead of time for access to exclusive events.
SourcingMay 24, 2024
Signet, De Beers Have a Plan to Promote Natural DiamondsThe two industry giants are working together on a new marketing campaign.
SourcingMay 24, 2024
De Beers’ Sales Slide in Fourth Round of Sales This Year The company sold $380 million in rough diamonds, compared with $479 million in the same period last year.
TrendsMay 23, 2024
State of Jewelry Design: 3 Themes That Will Shape the Next 5 YearsColor, storytelling, and the use of nonconventional materials are the signatures of today’s most innovative and influential designers.
AuctionsMay 23, 2024
Sotheby’s to Offer Rare VCA Necklace, ‘Lavender Dream’ DiamondA tie necklace from Van Cleef & Arpels and a pinkish purple diamond are highlights of the upcoming New York jewelry auction.
MajorsMay 23, 2024
PGI to Debut New Platinum Alloy in Las VegasInoveo Platinum will be distributed exclusively by Stuller in the U.S.
MajorsMay 23, 2024
Gem-A CEO Alan Hart ResignsHe is stepping down in August after eight years as CEO.
SourcingMay 22, 2024
State of Colored Stones: Why the Market Is More Colorful Than EverAs prices of “The Big Three” skyrocket, supply dwindles, and focus on sustainability grows, an age of open-mindedness is dawning.
AuctionsMay 22, 2024
Christie’s Website Back Online, Announces Plans to Auction 10-Carat Pink DiamondThe fancy intense pink “The Eden Rose” is estimated to sell for up to $12 million at the New York “Magnificent Jewels” sale next month.
CollectionsMay 22, 2024
Pandora’s New Jewelry Collection Reimagines the EssentialsThe “Pandora Essence” collection brings a contemporary and sculptural feel to staples like gold hoops and pearl necklaces.
Events & AwardsMay 22, 2024
InStore ‘Cram Day’ To Focus on Lab-Grown Diamond EducationThe limited-seating learning event precedes its second annual trade show, which starts Aug. 11.
IndependentsMay 21, 2024
State of Retail: 4 Retail Design Trends for 2024From lighter color palettes to the integration of AR, experts offer inspiration for jewelers in need of an aesthetic refresh.
AuctionsMay 21, 2024
Dame Shirley Bassey’s Diamonds Are Ready for Their EncoreSotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer in Paris this October.
