Shuttering of US Jewelry Companies Slows

The number of active US jewelry companies continued to shrink in the third quarter, but at a slower pace than a year ago, according to the latest data from the Jewelers Board of Trade (JBT). 

Some 158 businesses closed during the three months that ended September 30, versus 171 in the same period a year earlier, the JBT said last week. In total, there were 22,699 companies active in the US industry, a drop of 3.3% from the third quarter of 2023. 

Of the businesses that discontinued operations, 30 shut due to mergers or takeovers, while 127 closed for other reasons. Only one went bankrupt, the JBT noted. Meanwhile, the number of new firms grew to 112, a 25% increase over the 90 that opened the year before. 

Retailers still constituted the bulk of the sector, at 17,213, down 3.3% year on year. The wholesale trade slipped 2.6% to 3,310, while the manufacturing sector contracted 4.1% to 2,176 outfits. 

The JBT, which provides credit information for the trade, downgraded the credit ratings of 809 companies across the US and Canada during the quarter, compared to 881 a year earlier. Meanwhile, it raised the scores of 623 businesses, versus 728 from July to September of 2023.

Image: A jewelry store. (Shutterstock)