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Jewelry Business Closure Rate Slows

Shutdowns have dwindled by nearly two-thirds over the same period last year.
Apr 22, 2019 7:11 AM   By Rapaport News
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RAPAPORT...
The US jewelry trade continued to downsize in the first quarter, albeit at a slower pace than in previous years, data from the Jewelers Board of Trade (JBT) revealed.

The number of jewelry businesses exiting the market dropped 64% in the first three months of 2019 versus the same period a year ago, to 125. Retailers constituted 100 of those — 65% fewer than last year, while the number of wholesalers leaving fell 55% to 14. The manufacturing trade lost just 11 companies, as opposed to 30 a year ago, based on data the credit-information provider released last week.

Most of the companies that quit the industry were not involved in any financial failure, takeover or merger. Only six went bankrupt — a 4% decrease over last year — while the number of consolidations dropped 33% to 30.

Meanwhile, the JBT recorded 57 new business openings, compared to 62 during the same period in 2018.

The total number of recorded jewelry businesses slipped 3.2% in the first three months of the year, compared with the same time last year. Some 25,037 stores were operating in the first quarter as opposed to 25,898 a year ago.

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