Jewelry and Silverware Manufacturers NAICS 339910

May 9, 2025 - Flat Growth Forecast

• The US jewelry and silverware manufacturers industry is projected to grow at a flat growth rate between 2025 and 2029, according to a forecast from Inforum and the Interindustry Economic Research Fund, Inc. This rate is slower than the overall economy's anticipated growth. The durable goods manufacturing sector forecast indicates that the labor force is expected to diminish, barring immigration reform that allows greater numbers. However, new technologies could support labor productivity for the industry. Consumer sentiment is expected to improve in the forecast period, which bodes well for the sector. A factor that may curb consumer spending is substantially higher tariffs on consumer goods, which may be painful for households. On a positive note, lower inflation supports a moderate increase of real disposable income by about 2% in 2025 and 1.9% in 2026. Real income could suffer if average prices rise due to tariff implementation.
• Fewer jewelry businesses were operating in the first quarter of 2025 compared to the same period last year, according to data from the Jewelers Board of Trade (JBT) reported in Rapaport. The total number of companies active in the US in the first quarter was 22,330, which is nearly 3.4% fewer than the same quarter in the previous year. Jewelry manufacturers accounted for 2,119 of the industry, a decline of 4.6%. Jewelry retailers accounted for 16,959 of the industry, a decline of 3.5% year over year, and wholesalers fell 2.5% to 3,252. During Q1 2025, 212 businesses exited the sector, a nearly 20% increase from the same quarter a year ago. Of the businesses that exited the sector, three went bankrupt, 34 closed due to mergers or takeovers, and 175 closed for other reasons. The number of new businesses during the quarter fell to 90, compared to 94 a year earlier.

• Resourcing factories, disrupting diamond flow, and raising prices are several potential impacts on the jewelry industry from new Trump Administration policies imposing new tariffs on China, Mexico, and Canada, according to a JCK Online report. Industry experts noted that companies focused on fashion jewelry with operations in China would be immediately affected by tariffs. According to Richline CEO and president Dave Meleski, the fine jewelry manufacturer is resourcing its products from its factory in China to countries not currently affected by the trade war. He said tariff volatility may negatively affect the metals market and worries that an escalation in gold prices could dampen consumer sales. The flow of diamonds from Canada may be affected by the trade wars; Canada exported some $88 million in diamonds to the US in 2023. Canada has announced a new retaliatory 25% levy on several categories of jewelry originating from the US.
• Jewelry manufacturing, included in the miscellaneous manufacturing category, is one of the 11 manufacturing industries reporting growth in April’s Manufacturing ISM Report on Business. Miscellaneous manufacturers reported increases in production, while reporting slower supplier deliveries, lower employment, increased order backlogs, and higher prices for raw materials. Other industries reporting growth were Apparel, Leather & Allied Products; Petroleum & Coal Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Textile Mills; Computer & Electronic Products; Nonmetallic Mineral Products; Machinery; Chemical Products; and Primary Metals. Six manufacturing industries reported contraction during the period including Wood Products; Paper Products; Food, Beverage & Tobacco Products; Transportation Equipment; and Fabricated Metal Products. Overall, economic activity in the manufacturing sector contracted for the second consecutive month in April, with the Manufacturing PMI registering 48.7%.