Jewelry and Silverware Manufacturers NAICS 339910

Jul 7, 2025 - Luxury Segment May Contract in 2025

• Jewelry has been serving as a bright spot in the overall lagging luxury goods market, according to a recent report by consultant Bain & Company released with Italian luxury goods group Altagamma in Rapaport. The jewelry segment has shown strong results, with the report noting “a robust appetite for both ultra-luxury items and more accessible aspirational products.” Bain commented that the global luxury market has been under strain, with younger buyers questioning the relevance and worth of luxury product purchases. The most likely scenario for the next 12 months is a moderate decline of between 2% and 5%, following a strong post-pandemic recovery. Sluggish tourism has dampened the European market, but strong local demand, including an interest in jewelry, has offset the decline.
• Jewelry manufacturing, included in the miscellaneous manufacturing category, is one of the nine manufacturing industries reporting growth in June’s Manufacturing ISM Report on Business. Miscellaneous manufacturers reported increases in new orders and production, while reporting lower employment, higher inventories, increased order backlogs, and higher prices for raw materials. Other industries reporting growth were Apparel, Leather & Allied Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Furniture & Related Products; Computer & Electronic Products; Machinery; Food, Beverage & Tobacco Products; and Electrical Equipment, Appliances & Components. Six manufacturing industries reported contraction during the period including Textile Mills; Wood Products; Paper Products; Chemical Products; Transportation Equipment; and Fabricated Metal Products. Overall, economic activity in the manufacturing sector contracted for the second consecutive month in June, with the Manufacturing PMI registering 49%.

• 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.