133 Jewelers Join Sector in First Half

RAPAPORT... The number of new jewelry businesses in the US jumped 87% inthe first half of the year, even as the industry continued to shrink overall. A total of 133 companies entered the sector in the sixmonths to June 30, compared with 71 in the same period last year, the JewelersBoard of Trade (JBT) reported Wednesday. Most of the new businesses wereretailers (108 versus 59 a year ago), while the number of wholesalers joiningthe trade stood at 15 compared with six in the first half of last year. Some 10manufacturers also opened, whereas six launched in the equivalent period of2017. The number of US businesses leaving the jewelry sector grew4.3% to 577 in the first half, according to the JBT. Of those, 478 "ceasedoperations," meaning they closed for reasons other than financial failure, amerger or a takeover. A further 86 companies discontinued because they wereinvolved in a merger or sale of the business, while 13 went bankrupt. In the second quarter, there were 71 new businesses,compared with 25 for the same three months of last year. Exits from the market slippedto 234 from 235 for the period. The total number of jewelry businesses active during thesecond quarter declined 4.5% to 25,484.Image: Kwangmoozaa/Shutterstock