The jewelry industry has been declining for the past few years. Per Bloomberg, the Jewelers Board of Trade reported that jewelry store closures accelerated 53% in 2016.One factor, per National Jeweler, is that Millennials prioritize spending their money on experiences, rather than material things."Jewelry has definitely been tough and millennials are shifting their spending to experience," Brian Yarbrough, an analyst at Edward Jones & Co., told Bloomberg. "That limits your ability to show a lot of growth."