The rate of jewelry business closures slowed in the third quarter of 2024, following a 30% surge during the first half of the year, as reported by the Jewelers Board of Trade (JBT).
During this period, 167 jewelry businesses closed in the United States and Canada, a decrease from 179 closures during the same quarter last year. Among these closures were 136 retailers, 17 wholesalers, and 14 manufacturers, with most located in the United States.
The JBT categorizes closures as companies that have ceased operations, merged, been acquired, or filed for bankruptcy.
On a positive note, new businesses continued to grow, with 113 jewelry companies opening in the third quarter, a 27% increase compared to the same time last year. These new businesses included 92 retailers, 18 wholesalers, and three manufacturers, nearly all based in the United States.
Overall, while the industry continues to consolidate, the pace of closures has slowed significantly. By the end of September, there were 23,984 jewelry businesses listed in the JBT database across North America—a 3.2% decrease from the previous year—comprising 18,162 retailers, 3,524 wholesalers, and 2,298 manufacturers.