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US sees drop in jeweller closure rate in 2020 despite pandemic difficulties

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Jewellers across the US shut up shop at a lower rate last year compared to 2019, despite COVID-19 implications.

The Jewelers Board of Trade, based in Rhode Island, reported that 495 US jewellery retailers ceased business operations in 2020.

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This figure is down from 723 in 2019.

It went on to explain how of those closing in 2020, 381 fell into the category of ceased operations, while 97 were listed as consolidations and the remaining 17 were classified as bankruptcies.

The closures came as 126 jewellery retail businesses opened their doors in the same year, down by 193 year on year.

When including wholesalers and manufacturers along with retailers, the number rises to 606 jewellery businesses closing their doors in 2020.

A number still down on the same 2019 figure, which saw 912 businesses close down.

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