By The Jewelers Board of Trade
The Jewelers Board of Trade (JBT) has a message that we would like to share with you.
Good news. Jewelry business closures continue to lag behind predictions. In Q1 2021, 148 jewelry businesses discontinued their operations, down 51% from Q1 2020. That breaks down to retailers 121 vs. 247; wholesalers 12 vs. 37 and manufacturers 15 vs. 19. Total jewelry business tracked by JBT in North America stands at 25,413.
Not surprising that it continues to be even harder to start a new jewelry business. New jewelry businesses in the U.S. were down 33 vs. 48 in Q1 2020. Of that, new retailer listings came in at 30 vs. 39
The average claim placed with JBT increased by 45% to $12,006 in Q1 2021 vs. Q1 2020.
Credit Rating adjustments trending positive with a 2.53% increase/decrease in Q1 2021 vs. Q1 2020 reflecting faster payments. Additionally, JBT’s members’ average receivables over 60 days past due at 3/31/21 of 14.92% decreased from 15.67% in 2020 and 15.78% in 2019.
Only JBT members receive an in-depth statistics report each quarter. If you are not already a JBT member, you are missing out on critical information that will give you a competitive advantage. Click here to learn more and apply for membership today.
If you are already a JBT member, thank you for your participation and for continuing to submit trade information on a timely basis.