The number of jewelry businesses in the United States declined in 2024, with closures surpassing new entrants, according to data from the Jewelers Board of Trade (JBT).
The JBT reported that 720 jewelry businesses closed in 2024 – a 15% increase in closures compared to 2023.
Of these, three were due to bankruptcy, 102 were the result of mergers or acquisitions, and 615 ceased operations for other reasons. The closures primarily impacted the retail sector, which contracted by 3.2% to 17,124 businesses. The wholesale and manufacturing sectors also declined, with wholesalers decreasing by 2.8% to 3,284 businesses and manufacturers falling by 4.2% to 2,155 businesses.
Meanwhile, 397 new jewelry businesses opened in 2024, a 1.2% decline compared to 2023. Among these, 324 were retailers, 58 were wholesalers, and 21 were manufacturers.
Regionally, the Northeast saw the highest number of new business openings, with 114 entrants, followed by 94 in the Southeast and 65 in the South Central region.
Credit Ratings and Financial Trends
JBT’s credit ratings for jewelry businesses indicated financial pressures across the sector. The organisation downgraded the credit scores of 632 companies in the U.S. and Canada during the fourth quarter, an increase from 595 in the same period of 2023. Upgrades were less frequent, with 677 businesses receiving improved ratings, down from 692 the previous year.
While closures increased, the consistent emergence of new businesses—especially in the Northeast and Southeast regions—suggests areas of growth potential. Jewelers may benefit from monitoring these regions for opportunities while focusing on adaptability and long-term sustainability in an evolving market.