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Jewelry Businesses Closing at Higher Rate

Oct 22, 2019 10:40 AM   By Rapaport News
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RAPAPORT... The US jewelry trade contracted in the third quarter, with the rate of downsizing gaining speed after a slowdown over the past few months, data from the Jewelers Board of Trade (JBT) revealed.

In the three months ending September 30, 286 jewelry businesses exited the market, a 27% jump versus the same period a year ago. Retailers constituted 229 of those — 19% more than last year, while the number of wholesalers leaving the market grew 62% to 34. The manufacturing trade lost 23 companies, nearly double the 12 that left year ago, based on data the credit-information provider released last week.

Most of the companies quit the industry for reasons other than financial failure, takeover or merger. However, the firms leaving due to bankruptcy nearly halved to 5, as opposed to nine in the third quarter of 2018, while the number of consolidations spiked 57% to 58.

Meanwhile, the JBT recorded 61 new business openings, compared to 51 during the same period in 2018.

The total number of recorded jewelry businesses slipped 2.9% in the July-to-September period. Some 24,795 stores were operating in the third quarter, as opposed to 25,537 a year ago.

Image: A jewelry-store display case. (Shutterstock)
Tags: jbt, jewelers board of trade, jewelry store closures, Rapaport News
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