The US jewelry industry saw another decline in the first quarter of 2025, as the number of retail, wholesale, and manufacturing businesses fell again.
According to the latest report from the Jewelers Board of Trade (JBT), which provides commercial credit information, the total number of jewelry businesses dropped by 3.4 percent compared to the same period last year. That means around 800 fewer businesses, bringing the total down to 22,330. The figures include both business closures and new openings.
This marks a steady decline over the past few quarters. In the fourth quarter of 2024, the number dropped by 3.2 percent, and in the third quarter of 2024, it fell by 3.3 percent.
Jewelry manufacturers saw the sharpest decline in Q1 2025. Their numbers fell by 4.6 percent to 2,119 businesses. Retailers dropped by 3.5 percent to 16,959, while wholesalers declined by 2.5 percent to 3,252.
Despite the overall shrinkage, there was some new activity. JBT reported the opening of 68 new retail jewelry stores across the US during the first quarter.
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