US Jewelry Industry Shrinks as New Business Openings Fall

(IDEX Online) - The number of US jewelry businesses continued to decline in the third quarter, although the rate of contraction slowed slightly, according to the Jewelers Board of Trade (JBT), which provides commercial credit information.

There were 21,831 US jewelry retailers, wholesalers and manufacturers at September 30, down 1.4% year over year. The decline compares with a 2.4% fall in the first quarter and 1.5% in the second.

JBT president Andrew Rickard described the results as a "mixed picture of the industry". While the lower number of business closures was encouraging, he warned that rising collection activity remained a "growing concern", with bankruptcies and claims against businesses continuing to point to financial strain.

The figures suggest that the pace of decline in the US jewelry trade is easing, but the fall in new business openings and the increase in year-to-date bankruptcies point to continuing financial pressure.

Retailers accounted for most of the reduction. There were 16,564 at the end of Q3, down 1.5% year over year. The number of wholesalers fell 0.9% to 3,206, while manufacturers declined 1.7% to 2,061.

The total number of listed businesses fell by 118 between the first and third quarters, including 103 retailers.

New business formation remained weak. Just 67 jewelry companies were established in the US during Q3, compared with 89 in the same period last year. The nine-month total was 236, down 14.8% from 277.

A total of 116 businesses exited the industry during the quarter, against 126 a year earlier. These included 88 that ceased operations and 28 that were consolidated, sold or merged. There were no bankruptcies during the quarter.

But bankruptcies remain a concern over the longer term. There were 15 in the first nine months of 2026, more than double the seven recorded in the same period last year. Ten involved retailers, three manufacturers and two wholesalers.