While the global jewelry market is expected to continue growing and reach a worth of up to $381 billion by 2034, individual companies have fared very differently as many consumers in different parts of the world watch their spending more carefully.
Companies across the fine, demi-fine and fashion jewelry markets have all struggled. Tween jewelry and accessory giant Claire’s filed for Chapter 11 bankruptcy in August 2025 while Newport-based Lugano Diamonds & Jewelry followed with a bankruptcy filing in November 2025.
With its jewelry sales over the last year seeing some of its biggest double-digit declines, department store giant Saks Global is also in the midst of a high-profile bankruptcy case that signals wider retail trends.
“The best path forward”: Charles & Colvard on bankruptcy filing
The latest jewelry brand to file for Chapter 11 bankruptcy is North Carolina chain Charles & Colvard. Launched out of Morrisville in the Raleigh-Durham suburbs in 1995, the company went public in 1997 and specializes in lab-grown diamonds and other fine jewelry including engagement rings, wedding bands and pendants among other popular pieces.
The bankruptcy filing made in the Eastern District of North Carolina listed $19.2 million in assets and just over $10.5 million in liabilities. The company brought in $16 million in revenue in 2025 after a record $43.1 million during the covid-19 pandemic in 2020.
Related: 26-year-old sushi chain files for Chapter 11 bankruptcy
“After thoroughly evaluating our alternatives and considering recent events and the market pressures facing our industry, the company’s board of directors decided that a court-supervised process is the best path forward to make the changes needed to ensure Charles & Colvard’s long-term success,” executive board chair Michael R. Levin said in a press release announcing the bankruptcy.
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“Steep increase in consumer demand for lab-grown diamonds and gemstones”
The company’s board also named the competition created behind the explosion of the lab-grown diamond market that helped it win customers in its early days as one of the primary reasons behind its waning sales now.
“The market has seen a steep increase in consumer demand for lab-grown diamonds and gemstones,” Levin wrote further. “However, increasing saturation in the market of companies producing lab-grown diamonds and gemstones continues to drive down the value of these gems. Our company has seen increasing competition in e-commerce for consumer fine jewelry (Blue Nile, Brilliant Earth, others).”
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The rising costs of gemstones like moissanite has also seeped into the company’s bottom line in a way that it could not make up for by raising prices or bringing in more sales. Charles & Colvard has just one brick-and-mortar store in Morrisville but maintains an online business working with customers and distributors across the country.
Levin confirmed no plans to close its store or lay off the 60 employees who work for them.
“As this process unfolds, the Company remains fully committed to serving its customers, supporting its partners, and preserving the value of its brand,” the statement reads further. “On behalf of the Company’s Board of Directors and leadership, I want to thank our employees and suppliers for their continued dedication.”
Related: Prominent Miami resort files for Chapter 11 bankruptcy
