It is located in Marin County, California.
Pulse On: Succession Planning
In its Business Pulse survey for March, Jewelers of America surveyed jewelers about their plans for passing on the family business. How do our results compare with the situation at your store?
New York--Jewelers of America’s Business Pulse survey shows that while a great number of jewelry stores are headed by individuals age 50 or older, many don’t have any type of succession plan in place.
Conducted in March, JA’s online poll was taken by a total of 204 retailers, and they were asked about succession planning as well as their sales for the month of January.
Of those 204 jewelers polled, 177, or 92 percent, reported that their jewelry store was a family-owned business.
The vast majority (83 percent) of those 177 family-owned operations said the owner of their business is over 50 years old.
Of that 83 percent, the greatest percentage of respondents--45 percent--said the owner is more than 60 years old while the remaining 38 percent reported that the owner is between 50 and 59.
A total of 14 percent of owners are reported to be between the ages of 40 and 49 while only 4 percent are 39 or younger.
The graying of the jewelry industry is not news.
RELATED CONTENT: Demographic drop-off
When the Jewelers Board of Trade released its final statistics for 2015, outgoing President Dione Kenyon cited the lack of a next generation waiting in the wings to take over the family business as the number one reason--albeit among many--that the number of jewelers closing their stores continues to rise.
RELATED CONTENT: The Generation Gap
And, getting younger professional interested in careers in jewelry is currently a focal point for a number of organizations. MJSA has it “Be a Jeweler” program, while the Independent Jewelers Organization has launched a Millennial Advisory Board and U.S. Antiques Shows has “Antique Young Guns,” to name just a few.
Still, succession planning remains an issue for many family-owned stores.
Of the 177 survey respondents who said they were in a family-owned business, 26 percent said they have no succession plan in place, while 22 percent said their plan is to either sell (11 percent) or close (11 percent) their business.
A total of 40 percent, meanwhile, said they do plan for the next generation to take over the store.
Jewelers, are these results representative of the situation in your store? Tell us in the comments section below or email us at michelle.graff@nationaljeweler.com.
National Jeweler is a for-profit subsidiary of Jewelers of America, though the two organizations act independently of each other. JA acquired National Jeweler from Emerald Expositions in February 2015.
The Latest
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.