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
Mar 12, 2025 - Costs, Supply Chain Impacted by Tariffs
- 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 10 manufacturing industries reporting growth in February’s Manufacturing ISM Report on Business. Miscellaneous manufacturers reported increases in new orders, production, and employment, while reporting slower supplier deliveries, lower inventories, increased order backlogs, and higher prices for raw materials. Other manufacturing industries reporting growth during the period included Petroleum & Coal Products; Primary Metals; Wood Products; Food, Beverage & Tobacco Products; Electrical Equipment, and Appliances & Components. The five manufacturing industries reporting contraction during the period were Furniture & Related Products; Textile Mills; Nonmetallic Mineral Products; Computer & Electronic Products; and Machinery. Overall, economic activity in the manufacturing sector expanded for the second month in a row in February, with the Manufacturing PMI registering 50.3%.
- 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.
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