The U.S. jewelry industry fell again in the last quarter of 2024, with 753 fewer retail, wholesale, and manufacturing businesses compared to the same period in 2023. This marks a continued contraction in the industry, according to recent data.
On January 16, the Jewelers Trade Board (JBT), a leading provider of business credit information, reported a 3.2% year-over-year decline in the number of jewelry businesses. While this is a slight improvement from the 3.3% decline in the previous quarter, the industry is still under pressure.
At the end of 2024, the U.S. jewelry market consisted of 17,124 retailers, 3,824 wholesalers, and 2,155 manufacturers. These numbers include both newly opened businesses and those that closed during the year.
In the fourth quarter, 158 businesses ceased operations. Of these, 23 were sold or merged, most of which were retailers. Only one business filed for bankruptcy, indicating that most business closures were due to other factors.
On a positive note, 90 new retail stores opened during the quarter, along with eight wholesalers and five manufacturers. These new entrants suggest some resilience and growth potential in certain areas of the industry.
The data highlights ongoing challenges facing the U.S. jewelry industry, but also points to some activity as companies adapt to changing market conditions.
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