The US jewelry industry’s downsizing rate picked up steam in the first quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 212 companies exited the sector during the three months that ended March 31, compared with 178 in the same period a year earlier, the JBT reported last week. In total there were 22,330 companies active in the US industry at the end of the quarter, 3.4% fewer than the same period last year.
Of the businesses that discontinued operations, 34 dropped out due to mergers or takeovers, while 175 closed for other reasons. Another three went bankrupt during the period. Meanwhile, the number of new businesses slipped to 90 from 94 the year before.
Retailers still constituted the bulk of the sector, at 16,959 — down 3.5% year on year. The wholesale trade slid 2.5% to 3,252, while the manufacturing industry contracted 4.6% to 2,119 businesses.
The organization, which provides credit information for the trade, downgraded 707 companies’ credit ratings across the US and Canada during the quarter, as opposed to 727 a year ago. Meanwhile, it raised the scores of 662 businesses, compared to 717 in the first three months of 2024.
Image: A jewelry store. (Shutterstock)
