The US jewelry industry downsized further last year, as bankruptcies and closures outnumbered new arrivals to the sector, the Jewelers Board of Trade (JBT) reported.
The number of businesses on the JBT’s books fell 4.4% to 25,102 in 2018, continuing the downward trend recorded over the past few years, according to data the group released Wednesday.
However, the decline slowed versus previous years. Some 1,013 companies closed during the year, compared to 1,022 a year ago. The JBT also recorded 222 new businesses opening, versus 156 last year.
Some 852 retailers left the market — a 4.3% increase over the prior year. The number of wholesalers closing dropped 19% to 100, while the manufacturing trade lost 61 companies, as opposed to 81 a year ago.
Of the 1,013 business that shut, 33 went bankrupt, up 22% over 2017, while 148 companies were involved in consolidation or mergers, a 3.5% increase.