US Jewelry Business Closures Slow in Third Quarter

The number of active jewelry businesses in the United States continued to decline in the third quarter, but at a slower rate compared to the same period last year, according to the Jewelers Board of Trade (JBT). In total, 158 companies closed between July and September, down from 171 closures a year earlier. This left 22,699 businesses active in the industry, marking a 3.3% decrease compared to the third quarter of 2023.

The closures included 30 businesses that shut down due to mergers or takeovers, while 127 closed for other reasons, and one went bankrupt. On a positive note, new business openings increased by 25%, with 112 new companies entering the market compared to 90 during the same period last year.

Retailers still made up the majority of the industry, totaling 17,213—a 3.3% decline year over year. The wholesale sector dropped by 2.6%, and manufacturing saw the largest decrease, falling by 4.1%.

The JBT, which provides credit information to the trade, also reported downgrading the credit ratings of 809 companies in the US and Canada, compared to 881 last year. Conversely, credit ratings for 623 businesses were upgraded, down from 728 in the third quarter of 2023.

The report highlights a mixed picture for the jewelry industry, with fewer business closures but a noticeable decline in overall activity across retail, wholesale, and manufacturing. The increase in new firms, however, points to renewed interest and potential growth opportunities in the market.

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