More US Jewelry Businesses Shutting Doors

The number of active US jewelry companies continued to decline in the second quarter, according to the latest data from the Jewelers Board of Trade (JBT). 

Some 226 businesses closed during the three months that ended June 30, an increase of 30% versus the same period a year earlier, the JBT said Wednesday. In total, there were 22,760 companies active in the US industry, a drop of 3.6% compared with the second quarter of 2023 and 205 fewer than the previous quarter. 

Of the businesses that discontinued operations, 37 shut due to mergers or takeovers, while one closed because of bankruptcy. Another 188 closed for other reasons, the JBT noted. Meanwhile, the number of new businesses slid to 83, compared to 116 the year before. 

Retailers still constituted the bulk of the sector at 17,260, down 3.6% year on year. The wholesale trade slipped 3% to 3,305, while the manufacturing sector contracted 4% to 2,195 firms. 

The JBT, which provides credit information for the trade, downgraded the credit ratings of 633 companies across the US and Canada during the quarter, relative to 873 a year ago. Meanwhile, it raised the scores of 663 businesses, while it upgraded 823 from April to June 2023. 

Image: A jewelry-store display. (Shutterstock)