RAPAPORT… The shrinking of the US jewelry industry slowed in the third
quarter, with the number of companies closing down or going bankrupt declining.
Some 192 firms in the US ceased their operations in the
three months to September 30, a decline of 51% from the same period a year ago,
according to data the Jewelers Board of Trade (JBT) released this week. Retail
closures fell 53% to 146, with terminations of wholesalers down 45% to 31. The
number of jewelry manufacturers shutting down fell 35% to 15.
Bankruptcies in the industry also declined slightly, from 10
companies to nine.
However, the US trade still got smaller, with the number of
companies listed by the JBT declining 4.5% to 26,246 in the third quarter.
Image: International Gem and Jewelry Show
US Jewelry Trade Slowdown Eases
The Bottom Line
- 192 US jewelry firms ceased operations in Q3, a 51% decrease from the previous year.
- Retail closures dropped 53% to 146, while wholesaler and manufacturer shutdowns fell 45% and 35%, respectively.
- Despite improvements, the total number of jewelry companies declined 4.5% to 26,246 in the third quarter.
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