RAPAPORT… The US jewelry industry contracted in 2019 as the number of businesses closing shop continued to exceed new entrants.
The sector shrank 3.3% to 24,565 companies active in the fourth quarter, compared with 25,400 a year earlier, according to data the Jewelers Board of Trade (JBT) released Thursday. While 900 businesses left the industry during the year, only 228 joined.
However, the decline has become gentler: Closures fell 11% compared with 2018, when 1,013 companies said goodbye, while the number of new industry members increased 2.7% to 228, from 222 the previous year.
The JBT’s figures cover US retailers, wholesalers and manufacturers that are on its records. Closures encompass voluntary decisions to shut down, as well as bankruptcy, receivership, and changes of ownership due to takeovers, mergers or other transactions.
Image: Jewelry in a store window. (Shutterstock)
US Trade Continues to Downsize
The Bottom Line
- The US jewelry sector shrank 3.3% in 2019, falling to 24,565 active companies by Q4.
- A total of 900 businesses exited the industry, while only 228 new companies joined during the year.
- Closures decreased 11% from 2018, and new entrants rose 2.7%, indicating a slower rate of contraction.
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