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
Nov 12, 2024 - Manufacturing Activity Contracts, Employment Down
- US manufacturing activity contracted in October 2024, marking the lowest Manufacturing PMI registered in 2024, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 46.5% in October, down 0.7 percentage points from the 47.2% recorded in September. A reading above 50% indicates manufacturing expansion. Manufacturing industries reporting growth in October were Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Petroleum & Coal Products; Computer & Electronic Products; and Miscellaneous Manufacturing. Employment by manufacturing companies fell 0.4% in October compared to a year ago, and average wages for nonsupervisory employees rose 5.6% to $28.17 per hour during the period, according to the Bureau of Labor Statistics.
- 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.
- More jewelry businesses closed in the second quarter of 2024, according to data from the Jewelers Board of Trade (JBT) reported in Rapaport. During the three months ending June 30, 226 companies exited the sector, a 30% increase from the same quarter a year ago. The total number of companies active in the US in the second quarter was 22,760, which is 205 fewer than the previous quarter. Retailers accounted for 17,260 of the industry, a decline of 3.6% year over year. Meanwhile, wholesalers decreased 3% to 3,305, and manufacturers fell 4% to 2,195 of the total. Of the firms that exited the sector, one went bankrupt, 37 closed due to mergers or takeovers, and 188 closed for other reasons. The number of new businesses during the quarter dropped to 83, compared to 116 a year earlier.
- Consumer confidence levels increased in October 2024, improving in all five components of the Consumer Confidence Index, according to The Conference Board. The index was 108.7 in October 2024 from 99.2 in September 2024. Dana Peterson, chief economist at The Conference Board, noted that confidence was the highest among those between the ages of 35 to 54 and those in the income category of over $100,000. Per Peterson, “Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years.” Plans to purchase homes and new cars rose on a six-month average basis.
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