The US jewelry industry saw a further reduction in the number of active businesses in the third quarter, as revealed by the Jewelers Board of Trade (JBT).
During the three months ending on September 30, a total of 179 jewelry businesses ceased operations, marking an increase from the 160 closures observed during the same period in the previous year, the JBT reported on Monday. Consequently, the overall count of active jewelry companies in the United States stood at 23,301, reflecting a 2.6% decline from the third quarter of 2022.
Out of the companies that ceased operations, 22 did so due to mergers or acquisitions, while 147 closed for various other reasons. Two businesses went bankrupt, as per the JBT’s findings. Simultaneously, the number of newly established jewelry businesses decreased to 90, in contrast to the 108 new businesses recorded the previous year.
The retail segment remained the most significant sector in the industry, with 17,669 businesses, down 2.7% in comparison to the prior year. The wholesale trade sector experienced a 1.8% reduction, leaving 3,379 companies, while the manufacturing segment contracted by 3.2%, resulting in 2,253 firms.
The JBT, an organization offering credit information services to the trade, adjusted the credit ratings of 881 companies in the US and Canada during the quarter, compared to 988 adjustments in the previous year. At the same time, they raised the scores of 728 businesses, compared to 733 during the July to September period of 2022.
