Jewelry Businesses Continue to Shutter

RAPAPORT... The US jewelry trade has shrunk 4% since a year ago, accordingto data from the Jewelers Board of Trade (JBT). A total of 25,667 businesses were in operation in the firstquarter of this year, 1,141 fewer than in the same period in 2017, the JBT saidTuesday. During the first quarter of this year, 343 US jewelry companies closed. That included 241 retailers, 21wholesalers and 26 manufacturers that ceased operations for reasons other than financial failure. Some 45businesses consolidated through mergers or acquisitions, and 10 companies shutdown due to bankruptcy. By comparison, only 62 jewelry firms opened during the period, including 45retailers, nine wholesalers and eight manufacturers. Canada saw 25 companies close their doors for variousreasons, while two new businesses emerged.