The US jewelry industry’s downsizing continued at a slower rate in the first quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 133 companies exited the sector during the three months ending March 31, compared with 187 in the same period a year earlier, the JBT reported last week. In total, there were 23,531 companies active in the US industry at the end of the quarter, 2.2% fewer than the same period last year.
Of the businesses that discontinued operations, one firm went bankrupt, while 21 dropped out due to mergers or takeovers. A further 111 closed for other reasons. Meanwhile, the number of new businesses slid to 113, versus 152 the year before.
Retailers still constituted the bulk of the sector, at 17,853 — down 2.2% year on year. The wholesale trade slipped 1.7% to 3,401, while the manufacturing industry contracted 2.9% to 2,277 businesses.
The organization, which provides credit information for the trade, downgraded 858 companies’ credit ratings across the US and Canada during the quarter, versus 885 a year ago. Meanwhile, it raised the scores of 828 businesses, compared to 803 in the first three months of 2022.
Image: A woman looking at a display in a jewelry store. (Shutterstock)
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