U.S. Sees 29% Surge In Jewelry Store Closures In Q3

Around 280 American jewelry businesses closed down in the third quarter, a 29-percent rise on the same quarter in 2014, according to the Jewelers Board of Trade (JCT).

Including companies which were sold, merged or announced bankruptcy, the figure jumps to 318, which the JBT said was a 20-percent rise on the third quarter of last year.

Regarding retail jewelers or repairers which closed down, the number soared 43 percent to 237, while eight manufacturers and 31 wholesalers also shut up shop, according to the JBT.

However, there was a 25-percent jump in the number of new jewelry businesses, with 74 such operations commencing operations in the United States.

In the first nine months of this year, 727 jewelry-related businesses closwed down. That was a 28-percent rise on the January-September period of last year.

This included 599 retail jewelers or repairers, which was 32 percent more than in the same period of last year.

When taking into account sales, mergers and bankruptcies, a 15-percent increase was recorded to 844. On the bright side, newly opened operations increased by 4 percent to 224.