The US jewelry industry continues to face challenges, with the sector shrinking by 3.2% in the final quarter of 2024, according to the latest data from the Jewelers Board of Trade (JBT). This marks a decline of 753 retail, wholesale, and manufacturing businesses compared to the same period in 2023.
The JBT’s quarterly report reveals that the overall number of jewelry retailers has dropped to 17,124, with wholesalers totaling 3,824 and manufacturers 2,155. This data reflects the closure of businesses as well as the launch of new ventures.
In the last quarter of 2024, 158 jewelry businesses ceased operations. Of these, 23 were sold or merged, with most being retail businesses. Interestingly, only one bankruptcy was recorded during the period. On a positive note, there were 90 new retail openings, along with 8 wholesalers and 5 manufacturers entering the market.
Despite the ongoing contraction, the figures reflect a slight improvement over the previous quarter, which saw a 3.3% reduction in businesses. The continuing trend underscores the volatility within the industry, as retailers and manufacturers adapt to market pressures, shifting consumer behaviors, and economic challenges.
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