EditorsDec 22, 2020
Retail Rewind: The Year of Chapter 11SurveysFeb 19, 2021
5 Things to Know About the Latest JBT Stats
Jewelers Board of Trade President Erich Jacobs breaks down the data and shares his predictions for the year ahead.
Fewer jewelry stores closed in 2020 than in 2019, as per the Jewelers Board of Trade’s latest data.
New York—Earlier this year, the Jewelers Board of Trade released its data for the fourth quarter and the full year, giving an overview of the jewelry trade amid the COVID-19 pandemic.
National Jeweler sat down via Zoom with JBT President Erich Jacobs to break down the results and get a clearer picture of the year ahead.
Fewer stores closed in 2020 than in 2019.
The COVID-19 pandemic took a toll on the jewelry industry in 2020, but there were fewer permanent closures in 2020 than in 2019.
In the United States, there were 605 business discontinuances (defined as businesses that ceased operations, consolidated, or declared bankruptcy), compared with 912 in 2019. In the fourth quarter, 92 businesses closed, down significantly from 324 in 2019.
In compiling its data, JBT includes retailers, wholesalers, and manufacturers.
A total of 495 retailers closed in 2020, as well as 63 wholesalers and 47 manufacturers.
Fewer closures may seem surprising given the difficult retail environment, but Jacobs had a different perspective.
“This was an environment that basically created a more forgiving situation. It was terrible economically for certain people, but it was more forgiving,” he said.
Jacobs noted that JBT cut jewelers some slack by listing a business’ pre-COVID rating in every JBT Credit Report.
He also noted that some states had both residential and commercial eviction moratoriums in place, shielding some businesses from a permanent closure for the time being.
Fewer new stores opened in 2020.
With the retail environment uncertain, JBT reported fewer new businesses opening in 2020.
In the U.S., 40 new businesses opened in the fourth quarter while 152 opened for the full year.
Looking to the year ahead, Jacobs said the industry may see “a lot more new businesses,” noting that there are some new businesses that its data doesn’t currently reflect.
He said there is a “blindspot” in JBT’s data that it’s looking to correct—at this time, it doesn’t account for those who set up online stores, like on Etsy, or those who sell through Instagram, which is becoming an increasingly significant part of the industry.
The decline in bankruptcies may not be what it seems.
The number of bankruptcies was on the decline in the U.S. last year, but that could be attributed to a backlog of filings rather than a sign that fewer businesses are filing.
“There is still a lag in the system, which is on the bankruptcy side of things,” said Jacobs.
In the fourth quarter, there was 1 bankruptcy, compared with 4 last year. For the full year, there were 23 compared with 22 in 2019.
Related stories will be right here …
National Jeweler sat down via Zoom with JBT President Erich Jacobs to break down the results and get a clearer picture of the year ahead.
Fewer stores closed in 2020 than in 2019.
The COVID-19 pandemic took a toll on the jewelry industry in 2020, but there were fewer permanent closures in 2020 than in 2019.
In the United States, there were 605 business discontinuances (defined as businesses that ceased operations, consolidated, or declared bankruptcy), compared with 912 in 2019. In the fourth quarter, 92 businesses closed, down significantly from 324 in 2019.
In compiling its data, JBT includes retailers, wholesalers, and manufacturers.
A total of 495 retailers closed in 2020, as well as 63 wholesalers and 47 manufacturers.
Fewer closures may seem surprising given the difficult retail environment, but Jacobs had a different perspective.
“This was an environment that basically created a more forgiving situation. It was terrible economically for certain people, but it was more forgiving,” he said.
Jacobs noted that JBT cut jewelers some slack by listing a business’ pre-COVID rating in every JBT Credit Report.
He also noted that some states had both residential and commercial eviction moratoriums in place, shielding some businesses from a permanent closure for the time being.
Fewer new stores opened in 2020.
With the retail environment uncertain, JBT reported fewer new businesses opening in 2020.
In the U.S., 40 new businesses opened in the fourth quarter while 152 opened for the full year.
Looking to the year ahead, Jacobs said the industry may see “a lot more new businesses,” noting that there are some new businesses that its data doesn’t currently reflect.
He said there is a “blindspot” in JBT’s data that it’s looking to correct—at this time, it doesn’t account for those who set up online stores, like on Etsy, or those who sell through Instagram, which is becoming an increasingly significant part of the industry.
The decline in bankruptcies may not be what it seems.
The number of bankruptcies was on the decline in the U.S. last year, but that could be attributed to a backlog of filings rather than a sign that fewer businesses are filing.
“There is still a lag in the system, which is on the bankruptcy side of things,” said Jacobs.
In the fourth quarter, there was 1 bankruptcy, compared with 4 last year. For the full year, there were 23 compared with 22 in 2019.
Jacobs noted that in states with a lot of jewelers, particularly Florida and New York, the courts are months behind on bankruptcy dockets.
Filing for bankruptcy will likely take longer than it did in previous years.
Adaptability is paramount right now.
The most important takeaway from JBT’s report? “Adapt or die,” said Jacobs.
“The jewelers that typically closed down were the ones that were not very good at adapting.”
Retailers who were not able to establish an online presence or couldn’t handle remote customer interactions were the ones that closed, he said.
“The industry has basically adapted. It’s gone, from a financial characteristic standpoint, back to the way it was pre-COVID,” said Jacobs.
He said it will be interesting to see how jewelers adapt further going forward, noting many stores are still operating with a reduced staff and have a more automated shopping experience.
“As we come out (of the pandemic), I think some jewelers are going to have harder decisions than they had during COVID, trying to figure out, ‘OK, how do I optimize now that we’re back in a new normal?’”
Jewelers may find they don’t need to bring back all of their staff as customers get used to a new shopping experience and spend less time in the store, he noted.
Keep an eye on travel data.
COVID-19 restrictions have caused many to put travel plans on hold, leaving some consumers with money to burn.
With vacations not in the cards for many, discretionary income has gone toward other purchases, particularly on the bridal side, said Jacobs.
An important statistic to look at is 90-plus-day bookings of leisure flights, which have plummeted and stayed down.
“To the extent that that starts rising up, I think the jewelry industry is going to have to really pay attention to that because my guess is the pendulum is going to swing the other way,” Jacobs said.
Editor's Note: This story was edited post-publication to reflect the correct number of bankruptcies.
More on Surveys
The Latest
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
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.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
