The US jewelry sector saw a significant decline in the second quarter of 2024, losing 647 retailers, which marks a 3.6 percent reduction.
According to the Jewelers Board of Trade (JBT), the rate of business closures is accelerating. The JBT provides commercial credit information and recently published these figures.
In the first quarter of 2024, the sector saw a loss of 563 businesses, a 3.1 percent decrease. This followed a 2.8 percent drop in the fourth quarter of 2023, a 2.6 percent decrease in the third quarter, a 2.4 percent decline in the second quarter, and a 2.2 percent drop in the first quarter of 2023.
The total number of jewelry retailers in the US is now 17,260, down from 17,907 a year ago.
The number of wholesalers decreased by 3.0 percent to 3,305, while the number of manufacturers fell by 4.0 percent to 2,195.
Among the retailers that closed, only one was due to bankruptcy. There were 158 closures listed as “ceased operations” and 33 that consolidated in a sale or merger. The JBT also reported that 59 new retail jewelry businesses opened in the US during the quarter.