Recent data released by the Jewelers Board of Trade (JBT) reveals a concerning trend of increased closures among jewelry retailers in the United States. Year-on-year figures indicate an acceleration in the rate of closures, with each quarter of 2023 experiencing a higher closure rate than the previous one. In the fourth quarter of 2023, the closure rate reached 2.8 percent, up from 2.6 percent in the third quarter, 2.4 percent in the second quarter, and 2.2 percent in the first quarter.
The JBT, a provider of commercial credit information, also reports a decrease of 102 in the number of jewelry wholesalers in the US, marking a 3 percent decline, and 87 fewer manufacturers, representing a 3.8 percent decrease.
Bankruptcy emerged as the primary cause for the cessation of retail operations in the US, with 178 closures recorded in the first quarter of this year alone.
According to JBT data, the current tally stands at 17,442 retailers, 3,316 wholesalers, and 2,207 manufacturers operating in the US market.
