Jewelry and Silverware Manufacturers NAICS 339910

Mar 5, 2026 - Court Ruling Opens Door to Tariff Refunds

• The US jewelry industry could receive significant tariff refunds after a US Court of International Trade ruling ordered Customs and Border Protection to reimburse duties imposed under the International Emergency Economic Powers Act (IEEPA), according to a report by JCK Online. The refunds could total about $175 billion across industries, offering potential financial relief for jewelry companies that paid tariffs over the past year on imported materials and finished goods. However, the timeline remains uncertain as the administration is expected to appeal the ruling, and industry leaders say companies must wait to see how the refund process unfolds. Historically, tariff refunds can take time—the government’s 1998 refund case took two years to complete. Jewelry companies are being advised to gather documentation and prepare to receive electronic refunds. The ruling does not apply to the current 10% global tariff, which may rise to 15%, meaning tariff-related cost pressures could continue.
• US consumer sentiment showed slight improvement in February, signaling mixed demand conditions for the jewelry and silverware manufacturing industry, which relies heavily on discretionary spending. The Conference Board Consumer Confidence Index rose 2.2 points to 91.2, though it remains below its November 2024 peak of 112.8. At the same time, the University of Michigan Consumer Sentiment Index edged up to 56.6, but is still 12.5% lower year over year. Inflation concerns continue to shape consumer behavior, with 46% of consumers citing high prices as eroding personal finances. While plans to purchase big-ticket items increased, broader spending trends remain cautious as consumers prioritize essential services and lower-cost activities. For jewelry and silverware manufacturers, stronger sentiment among higher-income consumers and major stockholders could support luxury demand, but weaker confidence among lower-income households may constrain broader growth in discretionary goods.

• The US jewelry and silverware manufacturers industry is projected to grow at a CAGR of 0.85% between 2025 and 2029, slower than the overall economy's anticipated growth, according to an updated forecast from Inforum and the Interindustry Economic Research Fund, Inc. Consumer sentiment is expected to improve in the forecast period, which bodes well for the durable goods manufacturing industries including to jewelry and silverware manufacturers. A factor that may curb consumer spending is substantially higher tariffs on consumer goods, which may be painful for households. The forecast noted that a tighter immigration policy could limit the expansion of the labor supply and job growth for durable goods manufacturing industries. However, labor productivity could still improve due to new technologies such as AI and 3-D printing as well as adjustments forced by the pandemic.
• According to reporting in JCK Online, a recent AlixPartners survey of 9,000 consumers highlights shifting generational preferences that may carry strategic implications for US jewelry manufacturers. Tiffany & Co ranked highest overall, favored by Gen X and millennials, while Gen Z preferred Cartier, and baby boomers leaned toward Signet-owned brands like Kay and Zales. Tiffany and Cartier were the only brands cited across all age groups, signaling broad appeal. Despite 5% sales growth in 2024, softer demand is forecast for 2025 amid economic uncertainty. With nearly half of respondents viewing in-store shopping as essential, physical retail remains critical. The findings suggest manufacturers should align product design, distribution, and brand messaging with generational expectations while reinforcing service excellence and retail presence to sustain demand.