Persistent downturn: US jewellery retailers experience more closures in Q1 2024

In the ever-evolving landscape of the US jewellery industry, the first quarter of 2024 marked yet another period of contraction, with a notable increase in the closure of retail establishments

Yet again, the US jewellery industry saw a decline in the first quarter of 2024, as 563 retailers - constituting 3.1 per cent of the nation's 28,000 retailers - closed their doors.

According to recent data released by the Jewelers Board of Trade (JBT), this closure rate is accelerating. In the fourth quarter of 2023, it stood at 2.8 per cent, increasing from 2.6 per cent in the third quarter, 2.4 per cent in the second quarter, and 2.2 per cent in the first quarter.

The JBT, a provider of commercial credit information, also indicates a decrease of 102 in the number of jewellery wholesalers in the US, a 3 per cent decline, and 87 fewer manufacturers, marking a 3.8 per cent decrease.

Bankruptcy emerged as the primary cause for retail closures in the US, with 178 closures in the first quarter of this year alone.

Presently, the JBT lists 17,442 retailers, 3,316 wholesalers, and 2,207 manufacturers operating in the US.