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Metro Detroit jewelers going out of business as brick and mortar shops lose their shine

Yellow gold back in style, after you sold yours
Posted at 4:54 PM, Nov 18, 2019
and last updated 2019-11-22 15:30:25-05

(WXYZ) — Some jewelry stores in our areas are closing their doors. Dominic’s Fine Jewelry in Sterling Heights and George Koueiter and Sons Jeweler in Grosse Pointe Woods are all going out of business.

But they aren’t alone as some big name diamond retailers have also closed up shop this year.

“Today, to start a business like this would be a difficult thing to do,” said George Koueiter.

After 65 years, Koueiter and his family have decided now is the time to retire. They say online shopping has made brick and mortar shops lose their shine. And not to mention, trends change. They say millennials are not buying traditional jewelry pieces.

“The way they are buying engagement rings are quite different,” Koueiter said.

Retail Dive is a website that tracks industry trends.

According to them, mom and pop stores can’t compete with big name diamond jewelers and they cannot keep up in the online world. Plus, the younger generation is spending their money elsewhere and not on expensive jewelry.

Although it’s not just small businesses, in the past two years the parent company of Kay Jewelers –– Zales and Jared –– have closed more than 400 stores.

“Since the internet is becoming more of a dominant shopping instrument, we are just giving the customer what they want,” Dominic Meratta of Dominic’s Fine Jewelry explained.

After more than 30 years, Dominic’s Fine Jewelry near Lakeside Mall in Sterling Heights is also closing their doors.

They are keeping their website to make custom rings for shoppers.

Dominic says people want personalized service so they will build rings online and come in to an office space in the current store’s space to check out their design.

He says it’s the sign of the times as more and more stores close, but that isn’t stopping some shoppers from getting emotional.

“People coming in and actually tearing up, seeing that we are leaving,” Dominic added.

Now that the closing sales have begun, both shops will stay open until they sell their inventory, possibly through the holidays.