Jewelry and Silverware Manufacturers
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 1,800 jewelry and silverware manufacturers in the US manufacture all types of jewelry, silverware, and related components. Major product categories include gold and platinum jewelry; silver and silver-clad jewelry; jewelry made of precious stones, semi-precious stones, pearls, or stamped metal; and costume jewelry. Silverware accounts for a very small percentage of the industry.
Seasonal Demand
Demand for jewelry is highly seasonal and peaks during gift-giving occasions, such as the November-December holidays, Valentine’s Day, and Mother’s Day.
Variable Material Costs And Supply
The price of metals and gemstones is highly volatile and fluctuates based on market conditions and investor sentiment.
Industry size & Structure
The average jewelry or silverware manufacturer operates out of a single location, employs fewer than 5 workers, and generates $4 million in annual revenue.
- The jewelry and silverware manufacturing industry consists of about 1,800 companies that employ about 18,400 workers and generate $7.8 billion annually.
- The industry is concentrated at the top and fragmented at the bottom; the top 50 firms account for 73% of industry sales.
- Jewelry manufacturers account for the vast majority of industry sales and establishments. The domestic silverware manufacturing industry accounts for about 1% of sales.
- Large companies, such as Tiffany's and David Yurman, may have retail operations. Other large jewelry manufacturers include Stuller and Richline Group (a subsidiary of Berkshire Hathaway). Large silverware manufacturer Lenox owns the Oneida brand (Lenox itself is owned by a private equity firm), and both brands rely on overseas production. Sherrill Manufacturing is one of the last remaining US flatware manufacturers.
Industry Forecast
Jewelry and Silverware Manufacturers Industry Growth
Recent Developments
Jan 13, 2025 - Fewer Jewelry Business Closings
- Fewer US jewelry businesses closed in the third quarter of 2024, with 158 closing in Q3 2024 compared to 171 in Q3 2023, according to data from the Jewelers Board of Trade (JBT) reported in InStoreMag. The number of new businesses during the quarter rose to 92, compared to 68 a year earlier. The total number of companies active in the US in the third quarter was 22,699, which is nearly 770 fewer than a year ago. Retailers accounted for 17,213 of the industry, a decline of 3.2% year over year. During Q3 2024, 130 stores exited the sector, a 7% decrease from the same quarter a year ago. Of the stores that exited the sector, one went bankrupt, 27 closed due to mergers or takeovers, and 102 closed for other reasons.
- According to a recent report in The New York Times, jewelers are seeking out silver jewelry products as gold prices reached record levels. While silver costs approximately $30 an ounce, the price of gold was about $2,600 an ounce in December 2024 after peaking at $2,800 an ounce in October. The report found that some jewelry designers have turned to silver to make sizable and intricate pieces that would be cost prohibitive if made in gold. The lower cost of silver allows jewelers and consumers to prioritize design and creativity, according to one boutique jewelry store owner who has seen sales of silver items jump in 2024. According to Eric Gozenput, CEO at precious metals seller Bullion Exchanges, the shift to silver has influenced not only fashion trends but cultures such as India where buying gold jewelry is a deeply rooted tradition.
- Jewelry and silverware manufacturers will have to monitor minimum wage changes in 2025, as 21 states and 50 local jurisdictions increased their minimum wages, according to Chain Store Age. States with the highest minimum wage in the US are Washington ($16.66 per hour), California ($16.50), and New York ($16.50). Nearly 30 cities in California and seven towns in Washington will raise minimum wages in 2025, with Tukwila, Washington, offering the highest minimum hourly wage in the US at $21.10. According to the Economic Policy Institute, the minimum wage change will affect more than $9 million workers and raise pay by a combined $5.7 billion. Unchanged since 2009, the federal minimum wage is $7.25 an hour, and some 20 states, primarily located in the South and the Midwest, use the federal minimum as their wage floor.
- Swiss exporters are expressing concerns about president-elect Donald Trump’s proposed import tariffs for a number of industries, according to Reuters. Economists from the KOF Institute at ETH University in Zurich estimate that Swiss economic output could be reduced by up to 1% if a trade war is generated from the proposed tariffs ranging from 10% to 20%. The Swiss watch, precision instruments, food, machinery, pharmaceuticals, and appliances industries will suffer significantly from higher tariffs, according to the study. The United States is the biggest market for Switzerland’s export-oriented economy, accounting for nearly 20% of all good exports in the first nine months of 2024, per the report. Any new tariffs may take up to a year to pass through the government so impacts may not be felt until 2026.
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