The number of US jewelry businesses that closed their doors increased 15% in 2024, according to the Jewelers Board of Trade (JBT).
A total of 720 firms discontinued operations during the year, compared to 628 in 2023, the JBT said Thursday. Of those, three went bankrupt, while 102 dropped out due to mergers or takeovers. A further 615 closed for other reasons.
Meanwhile, 397 new companies opened during the year, a decrease of 1.2% over the year before.
In total, 22,563 businesses were operating as of December 31, 2024 — 3.2% fewer than a year earlier. The retail sector, the largest portion of the industry, shrank 3.2% to 17,124 companies. The wholesale segment declined 2.8% to 3,284 firms, and the number of manufacturers decreased 4.2% to 2,155, said the JBT, which provides credit and other financial information to the trade.
In the fourth quarter, the number of new businesses grew 32% year on year to 103, while those closing increased to 158, up 10% from 144 a year ago.
The organization downgraded the credit scores of 632 companies across the US and Canada during the quarter, a rise from 595 during the same time in 2023. It raised the scores of only 677 business, down from 692 a year earlier.
Image: A jewelry-store display. (Shutterstock)
