JBT: US Loses 647 Jewelry Retailers in Q2
July 22, 24
(IDEX Online) - The US jewelry sector shrank yet again during the second quarter of 2024, with the overall loss of 647 retailers, a reduction of 3.6 per cent.
The rate at which businesses are closing is accelerating, according to newly-published figures by the Jewelers Board of Trade (JBT), which provides commercial credit information.
In the previous quarter the overall loss (total number of businesses - accounting for closures and openings) was down by 563 - or 3.1 per cent. In Q4 of 2023 it was 2.8 per cent, in Q3 it was 2.6 per cent, in Q2 it was 2.4 per cent and in Q1 it was 2.2 per cent.
The total number of jewelry retailers in the US now stands at 17,260, down from 17,907 a year ago.
The number of wholesalers fell 3.0 per cent to 3,305 and the number of manufacturers was down 4.0 per cent to 2,195.
Of the retailers that closed down only one was reported as a bankruptcy. There were 158 listed as "ceased operations" and 33 consolidated in a sale or merger. JBT said 59 retail new jewelry businesses opened in the US during the quarter.