Number of US Jewelry Businesses Declines

RAPAPORT... The US jewelry industry continued to downsize in the first quarter, according to the latest data from the Jewelers Board of Trade (JBT).Some 187 companies exited the sector during the three months ending March 31, compared with 142 in the same period a year earlier, the JBT reported Wednesday. In total, there were 23,852 companies active in the US industry, 1.8% fewer than the same period last year.Of the businesses that discontinued operations, one firm went bankrupt, while 50 dropped out due to mergers or takeovers. A further 136 closed for other reasons. Meanwhile, the number of new businesses skyrocketed to 152, versus 33 the year before.Retailers still constituted the bulk of the sector, at 18,086 - down 1.8% year on year. The wholesale trade slipped 2% to 3,442, while the manufacturing sector contracted 2.3% to 2,324 firms.The organization, which provides credit information for the trade, downgraded 885 companies' credit ratings across the US and Canada during the quarter, versus 650 a year ago. Meanwhile, it raised the scores of 803 businesses, compared to 1,643 in the first three months of 2021.Image: A jewelry store display. (Shutterstock)