The jewelry business saw a sharp rise in closures in the fourth quarter of 2024, with discontinuances up 8% compared to the same period in 2023, according to the Jewelers Board of Trade (JBT).
JBT recorded 161 jewelry businesses shutting down during the quarter, including 122 retailers, 23 wholesalers, and 16 manufacturers. Three of those closures occurred in Canada, while the rest were in the United States.
For the full year, jewelry store closures jumped 14% to a total of 747, including 601 retailers, 89 wholesalers, and 57 manufacturers. Of these, 642 were traditional store closings, 102 were mergers or consolidations, and three involved bankruptcy filings.
Despite the decline in total businesses, new jewelry enterprises emerged. The fourth quarter saw 104 new businesses—90 retailers, nine wholesalers, and five manufacturers—up from 81 new entrants in the same period the previous year. However, total new business formations for 2024 declined by 3.1%, with manufacturers seeing the steepest drop of 4.1%.
The number of active jewelry businesses in North America stood at 23,842 at the end of 2024, a 3.2% drop from 2023’s total of 24,635. The breakdown includes 18,071 retailers, 3,495 wholesalers, and 2,276 manufacturers.
By region, the Northeast led in new business formations, followed by the Southeast and South Central areas. However, the overall decline in businesses raises concerns about the future of the jewelry sector. With closures outpacing new openings, will the industry see a revival, or is this a sign of deeper challenges ahead?