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US jewellery sector shrinks Q1 2024; 563 retailers shut shop

The US jewelry sector shrank yet again during the first quarter of 2024, with the closure of 563 - or 3.1 per cent - of the country's 28,000 retailers.

Year-on-year figures just published by the Jewelers Board of Trade (JBT), show the rate of closures is speeding up. 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 JBT, which provides commercial credit information, also shows a reduction of 102 in the number of US jewelry wholesalers (down 3 per cent) and 87 fewer manufacturers (down 3.8 per cent). JBT says it now lists 17,442 retailers in the US, 3,316 wholesalers and 2,207 manufacturers.Bankruptcy was the single biggest cause for ceasing retail operations in the US - 178 in Q1 of this year.

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