U.S. jewelry store closings fell by 7% in the third quarter of 2024. At the same time, the pace of new store openings increased.
The Jewelers’ Board of Trade reported that 130 jewelry retailers closed their doors in the quarter.
That number represented a decrease from 140 closings in the third quarter of 2023.
The total included 102 retailers in the category of “ceased operations” as well as 27 “consolidations (sale/merger)” and one in the bankruptcy category.
The total number of U.S. jewelry businesses that closed, including retailers, wholesalers and manufacturers, was 158. That was a decrease from 171 in the third quarter of 2023.
Meanwhile, JBT reported that 92 new retailers opened their doors in the U.S., up from 68 in the third quarter of 2023.
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The total number of new jewelry businesses, including retailers, wholesalers and manufacturers, was 112. That was up from 90 new businesses in the year-ago quarter.
JBT listed a total of 17,213 jewelry retailers in the U.S. as of the third quarter of 2023, down from 17,802 in the same quarter a year ago.
The group listed 22,699 jewelry businesses in all, including retailers, wholesalers and manufacturers. That was down from 23,468 in the third quarter of 2023.
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
