Following 108 years of existence, the trade magazine Modern Jeweler has announced that it will be shutting down after the publication of its August issue.

Publisher Tim Murphy and editor-in-chief Cheryl Kremkow extended thanks on the company’s website to all the people who worked on the magazine over the years, as well as to the retailers and manufacturers who shared their knowledge with the magazine’s readers.

A statement issued by the publishers stated: "We hope to find a buyer who believes in the future of the jewelry industry as much as we do. But even if we don't, and the August issue of Modern Jeweler is truly the last, we are sure that the jewelry industry's strong community and generosity of spirit will ensure its recovery is swift and its future is bright. We'll certainly miss being there to cover it."

Fifty people were laid off as a result of the closure of the New York-based publishing company.