In 1991 Ratners Group jewellery empire was at its peak, boasting annual sales of more than £1.2 billion; however, it all disappeared 'overnight'. Astonishingly, the business controlled roughly 50 per cent of the UK jewellery market and generated profits exceeding £120 million.

In 1991, Gerald Ratner, CEO of the Ratners Group jewellery chain, gave a speech at the Institute of Directors, infamously describing a decanter that he sold as “crap”.

In 1992, The Sun published a staged front-page photo of Gerald Ratner holding a gun to his head. Intended as a PR stunt to end media mockery, it instead backfired, cementing his downfall.

A chart from the New York Times, details the decline of share price for Ratners.

Gerald Ratner holds up a front-page headline about his infamous 1991 speech that famously derailed his jewellery empire. | Photo by Adam Gerrard, Daily Mirror

Comparison of jewellery chain global store counts in 1990 and 2026, highlighting the significance of Ratners Jewellery at its peak 35 years ago, compared to equivalent jewellery chains today.

Last year, the UK press reported that Ratner was trying to acquire H. Samuel and Ernest Jones because he claimed the US owners were “doing everything wrong”.

Gerald Ratner recounts losing everything after one speech, rebuilding his finances and mental health, and now earning a living through motivational speaking, mentoring, and property investments. (The Mail on Sunday, 11 July 2021)