Jewelry businesses closures slowed in the third quarter of 2024, after spiking 30% in the first half of the year, according to statistics compiled by the Jewelers Board of Trade (JBT).
The JBT logged 167 business discontinuances in the United States and Canada during the third quarter, down from 179 in the same period the prior year.
Those 167 businesses included 136 retailers, 17 wholesalers, and 14 manufacturers. All but nine of them were in the United States.
The JBT defines a discontinuance as a company ceasing operations, merging or getting acquired, or filing for bankruptcy.
News was also positive on the new-business front. Some 113 jewelry companies opened their doors in the third period, a 27% rise over last year. The new businesses encompassed 92 retailers, 18 wholesalers, and three manufacturers. (All but one is in the U.S.)
Overall, the JBT’s stats showed continued industry consolidation, even if the rate of closures has dropped considerably. At the end of September, the JBT database listed 23,984 North American businesses, a 3.2% drop from the prior year. That breaks down to 18,162 retailers, 3,524 wholesalers, and 2,298 manufacturers.
(Photo: Getty Images)
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