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Jewelry Business Closure Rate Drops

Jul 21, 2019 10:45 AM   By Rapaport News
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The US jewelry trade contracted in the second quarter, but the rate of downsizing has slowed, data from the Jewelers Board of Trade (JBT) revealed.

In the three months ending June 30, 185 jewelry businesses exited the market, a 21% drop versus the same period a year ago. Retailers constituted 135 of those — 31% fewer than last year, while the number of wholesalers leaving the market grew 20% to 36. The manufacturing trade lost 14 companies, as opposed to nine a 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 number leaving due to bankruptcy more than doubled to seven, as opposed to three in the second quarter of 2018, while the number of consolidations fell 2.4% to 40.

Meanwhile, the JBT recorded 68 new business openings, compared to 71 during the same period in 2018.

The total number of recorded jewelry businesses slipped 2.5% in the April-to-June period. Some 26,252 stores were operating in the second quarter as opposed to 26,909 a year ago.

Image: A store jewelry display. (Libreshot)
Tags: jbt, jewelers board of trade, Rapaport News
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