US Jewelry Trade Shrinks by Nearly 5%

RAPAPORT... The US jewelry industry contracted again in the thirdquarter as more businesses left the sector than joined it, according to theJewelers Board of Trade (JBT). The number of recorded jewelry businesses fell 4.7% versusthe same period a year ago to 25,268, continuing the trend of the last fewyears, according to data the credit-information provider released Friday. The closure rate slipped slightly to 226 companies from 228 a year ago, while the JBTrecorded 51 new businesses compared to 40 last year. Retailers constituted 192 of the businesses that exited themarket - a 10% increase over last year. The number of wholesalers closingdropped 35% to 22, while the manufacturing trade lost just 12 companies, asopposed to 20 a year ago. As in previous quarters, most of the 226 companies that quitthe industry were not involved in any financial failure, takeover or merger.Only nine went bankrupt - in line with last year - while the number ofconsolidations jumped 37% to 37. In the first nine months of theyear, the number of shutdowns rose 8% to 802, while new businesses leaped 66%to 184.Image: A customer selects wedding rings. (Pixabay)