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
Jul 2, 2024 - De Beers Suspends Lab-Grown Jewelry Production
- Pivoting away from lab-grown diamonds, De Beers announced in May 2024 that it planned to stop producing lab-grown diamonds for its Lightbox jewelry brand as part of a new strategy, according to Rapaport. The decision marked an end to a controversial program launched six years ago to produce lab-grown diamonds for its Lightbox line. De Beers plans to focus on natural diamond marketing and selling premium polished diamonds with clear provenance, per an interview with CEO Al Cook in Rapaport. Cook said the firm’s traceable brand called Code of Origin guarantees provenance information and gives a “rarity score” for each stone. Jewelry manufacturers will have to monitor the effect of the De Beers' announcement in an evolving diamond marketplace. De Beers plans to continue to produce lab-grown diamonds for industrial applications through its Element Six business.
- The men’s jewelry market is projected to grow from $35.9 billion in 2024 to $71.8 billion in 2032, at a CAGR of 8.4%, driven by higher disposable income, according to a Polaris Market Research report. The men’s jewelry market was valued at $34.2 billion in 2023. According to the report, the men’s jewelry category has undergone a significant transformation with growing fashion awareness, design versatility, and a changing depiction of masculinity in society. Wedding bands and signet rings with gemstones, pendants with religious symbols or personal engravings, and layered necklaces are becoming more popular with men. The ring category dominated the market in 2023, as rings have become more of a status symbol. Sales of men's gold jewelry are expected to grow significantly during the forecast period.
- The US jewelry and silverware manufacturers industry is projected to grow at a CAGR of -0.36% between 2024 and 2028, according to a forecast from Inforum and the Interindustry Economic Research Fund, Inc. The expected growth rate is slower than the overall economy's anticipated growth. The report noted that consumer confidence levels are expected to improve in the forecast window, which bodes well for durable manufacturing industries. Additionally, consumer sentiment has seen a degree of improvement following sustained lower levels. Factors that continue to limit consumer spending are higher price levels and interest rates, though both are expected to improve in 2024. Post-pandemic, consumer spending has shown slower gains of 2.5% in 2022 and 2.2% in 2023, supported in part by savings compiled by households from federal pandemic relief programs.
- Consumer confidence levels fell in June 2024, after an uptick in May, according to data from The Conference Board. The Conference Board’s consumer confidence index was 100.4 in June 2024 from 101.3 in May 2024. Dana Peterson, chief economist at The Conference Board, noted that confidence was the highest among those under age 35 and those in the income category of over $100,000. Plans for large appliance and smart phone purchases rose on a six-month basis, while plans for car purchases stalled.
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