The US jewelry industry experienced a sharp rise in business closures in 2024, with the number of shutdowns increasing by 15%, according to the Jewelers Board of Trade (JBT). A total of 720 firms ceased operations during the year, compared to 628 in 2023, signaling growing challenges in the sector.
Among the closures, three businesses declared bankruptcy, while 102 shut down due to mergers or acquisitions. The majority—615 companies—closed for other reasons, highlighting broad instability in the industry. Meanwhile, only 397 new jewelry businesses launched in 2024, reflecting a 1.2% decline from the previous year.
As of December 31, 2024, the number of active jewelry businesses stood at 22,563, a 3.2% drop from a year earlier. The retail segment, which represents the bulk of the industry, declined by 3.2% to 17,124 companies. The wholesale sector shrank by 2.8%, while manufacturers faced the steepest decline at 4.2%, reducing their total to 2,155 firms.
The final quarter of 2024 painted an even bleaker picture. While new business registrations surged by 32% year over year to 103, closures also jumped 10% to 158. Additionally, JBT downgraded the credit scores of 632 jewelry businesses across the US and Canada, up from 595 the previous year, further underscoring financial instability in the sector.
With closures outpacing new openings and financial pressures mounting, the future of the US jewelry market remains uncertain. Can the industry stabilize, or are more turbulent times ahead?