The number of active jewelry companies in the United States continued to decline in the third quarter of 2024, but the pace of closures slowed compared to the previous year. According to the Jewelers Board of Trade (JBT), 158 businesses shut down between July and September. This is an improvement from the 171 closures reported during the same period last year.
As of September 30, there were 22,699 active jewelry companies in the U.S. This represents a 3.3% decrease from the third quarter of 2023. Among the closed businesses, 30 ceased operations due to mergers or takeovers, while 127 closed for other reasons. Notably, only one company filed for bankruptcy during this period.
On a positive note, the number of new jewelry firms increased to 112, marking a 25% rise from the 90 new businesses that opened the previous year.
Retailers remained the largest segment of the industry, totaling 17,213, which is a 3.3% decline from last year. The wholesale trade saw a 2.6% drop to 3,310 companies, while the manufacturing sector contracted by 4.1%, leaving 2,176 manufacturers active.
Additionally, the JBT downgraded the credit ratings of 809 companies in the U.S. and Canada during the quarter, a decrease from 881 downgrades in the same period last year. Conversely, credit scores for 623 businesses improved, down from 728 upgrades from July to September 2023.
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