The number of active jewelry companies in the US continued to fall in the second quarter of the year, according to the latest data from the Jewelers Board of Trade (JBT).
During the three months ending June 30, 226 jewelry businesses closed. This represents a 30% increase compared to the same period last year. Currently, there are 22,760 active jewelry companies in the US. This is a 3.6% decrease from the second quarter of 2023 and 205 fewer companies than in the previous quarter.
Among the closed businesses, 37 shut down due to mergers or takeovers, one went out of business due to bankruptcy, and 188 closed for other reasons. New business openings dropped to 83, down from 116 a year ago.
Retailers make up the largest segment of the industry with 17,260 companies, which is a 3.6% decrease from last year. The wholesale sector fell by 3% to 3,305 businesses, and the manufacturing sector shrank by 4% to 2,195 firms.
The JBT, which provides credit information for the industry, downgraded the credit ratings of 633 companies in the US and Canada this quarter. This is compared to 873 downgrades a year ago. However, it upgraded the credit ratings of 663 businesses, a rise from 823 upgrades in the same period last year.
