The Jewelers Board of Trade (JBT) reported 420 North American jewelry business discontinuances in the first half of 2024, a 30% leap from the prior year (when closures decreased).

Of those businesses, 341 were retailers, 51 were wholesalers, and 28 were manufacturers. According to the JBT, a company experiences a discontinuance when it ceases operations, merges or gets acquired, or files for bankruptcy.

The number of businesses entering the industry fell 22% in the first half, compared with the same period in 2023, the JBT said. It added 184 new businesses to its roster during the first six months of 2024—141 retailers, 30 wholesalers, and 13 manufacturers.

Most of the businesses logged by the JBT were in the United States: 180 of the new businesses, and 325 of the 341 discontinuances. The rest were in Canada.

As usual, the JBT’s stats showed the industry continuing to consolidate. At the end of June 2024, its database listed 24,057 North American businesses, a 3.5% drop from the prior year. That breaks down to 18,219 retailers, 3,520 wholesalers, and 2,318 manufacturers.

(Photo: Getty Images)

 

Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine