US Jewelry Industry Closure Rate Increases

RAPAPORT... The number of active US jewelry businesses continued its downward trend in the third quarter, according to the latest data from the Jewelers Board of Trade (JBT).Some 152 businesses shut during the three months ending September 30, compared with 113 in the same period a year earlier, the JBT said Monday. In total there were 23,702 companies operating in the US industry, a 1.9% drop compared with the third quarter of 2021 and 94 fewer than the previous quarter.Of the businesses that discontinued operations, 25 closed due to mergers or takeovers, one went bankrupt and 126 shut for other reasons, the JBT noted. The number of new businesses fell to 108, compared to 123 the year before.Retailers still constituted the majority of the sector, at 17,971, down 1.9% year on year. The wholesale trade slipped 1.7% to 3,421, while the manufacturing industry decreased 2.4% to 2,310 businesses.The JBT, which provides credit information for the trade, downgraded the credit ratings of 988 companies across the US and Canada during the quarter, versus 767 in the same period of 2021. Meanwhile, it raised the scores of 733 firms, compared to 921 a year ago.Image: A jewelry-store display. (Shutterstock)