The decline in the number of active US jewelry companies decelerated in the second quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 174 businesses closed during the three months that ended June 30, a decrease of 23% versus the same period a year earlier, the JBT said last week. In total, there were 22,218 jewelry companies operating in the US, a decrease of 3.1% compared with the second quarter of 2024 and 112 fewer than the previous quarter.
Among the businesses that discontinued operations, 28 closed due to mergers or takeovers, while three shut due to bankruptcies. Another 143 ceased activities for other reasons, the JBT noted. Meanwhile, the number of new businesses increased by 97, compared to 83 the prior year.
Retailers continued to represent the largest share of the sector at 16,873, down 3% year on year. The wholesale trade slid 2.6% to 3,241, while the manufacturing sector dropped 4.7% to 2,104 firms.
The JBT, which provides credit information for the trade, downgraded the credit ratings of 561 companies across the US and Canada during the quarter, compared to 633 a year ago. Meanwhile, it improved the scores of 639 businesses, while it upgraded 663 from April to June 2024.
Image: A jewelry-store display. (Shutterstock)