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133 Jewelers Join Sector in First Half

Jul 19, 2018 3:06 AM   By Rapaport News
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RAPAPORT... The number of new jewelry businesses in the US jumped 87% in the first half of the year, even as the industry continued to shrink overall.

A total of 133 companies entered the sector in the six months to June 30, compared with 71 in the same period last year, the Jewelers Board of Trade (JBT) reported Wednesday. Most of the new businesses were retailers (108 versus 59 a year ago), while the number of wholesalers joining the trade stood at 15 compared with six in the first half of last year. Some 10 manufacturers also opened, whereas six launched in the equivalent period of 2017.

The number of US businesses leaving the jewelry sector grew 4.3% to 577 in the first half, according to the JBT. Of those, 478 “ceased operations,” meaning they closed for reasons other than financial failure, a merger or a takeover. A further 86 companies discontinued because they were involved in a merger or sale of the business, while 13 went bankrupt.

In the second quarter, there were 71 new businesses, compared with 25 for the same three months of last year. Exits from the market slipped to 234 from 235 for the period.

The total number of jewelry businesses active during the second quarter declined 4.5% to 25,484.

Image: Kwangmoozaa/Shutterstock
Tags: bankrupt, bankruptcy, ceased operations, financial failure, jbt, jewelers, jewelers board of trade, jewelry businesses, jewelry industry, manufacturers, merger, Rapaport News, takeover
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