The decline in the US jewelry sector continues, with yet another drop in the number of retail, wholesale and manufacturing businesses.
The total number fell by 3.4 per cent – just under 800 businesses – to 22,330 year-on-year, according to the latest update from the Jewelers Board of Trade (JBT), which provides commercial credit information. The figures take account of both closures and new business openings.
The figure for the previous quarter, Q4 2024, was -3.2 per cent, and for Q3 2024 it was -3.3 per cent, indicating a steady rate of decline.
The biggest fall in Q1 2025 was among jewelry manufacturers, down 4.6 per cent to 2,119. The number of retailers fell 3.5 per cent, down to 16,959 and the number of wholesalers fell 2.5 per cent to 3,252.
JBT reported the opening of 68 new retail jewelers in the US during Q1.
Chow Sang Sang suffered a net loss of 74 of its 1,032 stores last year, amid weak demand, record-high gold prices and an economic slowdown in China, as well as Hong Kong and Macau.
China’s third biggest jewelry retailer (by revenue) saw sales for the year to 31 December 2024 fall by 15 per cent to HKD 21.18bn ($2.72bn).
Same-store sales were down 38 per cent on the mainland and 24 per cent in Hong Kong and Macau, primarily due to a drop in diamond demand. Profit slid 20 per cent to HKD 805.6m ($103.6m).
Chow Sang Sang did not rule out further store closures. “Under the present economic climate, it would be prudent to continue our physical store network consolidation,” it said its Annual Results.
“In 2024, uncertain economic conditions coupled with record-high gold price exerted significant pressure on jewellery demand in both Mainland China, and the Hong Kong and Macau markets, resulting in a 15 per cent year-on-year decline in turnover.
“Continuing our efforts to consolidate the store networks, we opened 48 and closed 122 stores, mostly in Mainland China.”
