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 Industry Structure, How Firms Opertate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Quarterly Insight, Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 2,000 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 9 workers, and generates $3-4 million in annual revenue.

    • The jewelry and silverware manufacturing industry consists of about 2,000 companies that employ about 18,600 workers and generate $7 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 CMJ Manufacturing, Stuller, and Bita Collection. Large silverware manufacturers include Oneida (Everywhere Global) and Lenox, both of which rely on overseas production and are owned by conglomerates.
                                Industry Forecast
                                Jewelry and Silverware Manufacturers Industry Growth
                                Source: Vertical IQ and Inforum

                                Coronavirus Update

                                Apr 22, 2022 - Jewelers Cut Ties With Russian Diamond Firm
                                • Several major jewelers have said they will no longer source diamonds from Russia, including Tiffany & Co., Signet, Pandora, and Chopard, according to The Guardian. In response to Russian aggression, the US has sanctioned Alrosa, which is 33% owned by the Russian government and is the world’s largest diamond producer by volume. There is a growing concern in the global jewelry industry that Russia could use the proceeds of its diamond industry to help fund its war in Ukraine. Russia produces nearly one-third of the world’s diamonds.
                                • US retail spending rose 0.4% in March 2022 compared to the previous month. Retail sales for clothing and clothing accessories stores, which includes jewelry stores, grew 2.6% in March over February. However, growth in retail sales was not able to outpace inflation which grew at an annual rate of 8.5% in March, a new four-decade high. With gasoline prices at record highs, consumers are likely pulling back on some discretionary spending, according to The Wall Street Journal. As the Omicron variant has faded, consumers are spending more on services and less on physical goods.
                                • After two years of reduced spending due to the pandemic, the wedding industry is expected to stage a massive comeback in 2022, which would be a likely boon for jewelry stores. According to The Wedding Report, the number of US weddings in 2022 is expected to reach nearly 2.47 million, nearly double the number in 2020 and the largest number of weddings since 1984. Total wedding industry sales in 2022 are forecast to reach more than $60 billion, up from $43.5 billion in 2021 and more than double 2020’s sales of $25.7.
                                • Some jewelers say that reduced opportunity to travel has driven increasing jewelry sales. "In every market in the world, the number one competition to our industry is travel," said Stephen Lussier, executive vice president with De Beers, the world's largest diamond mining firm. Diamond jewelry has been capturing some of the unspent travel budget, Lussier said. However, some jewelry spending may contract as travel resumes. In 2022, global air passenger travel is expected to snap back to 83% of what it was in 2019 before the pandemic began, according to the International Air Transportation Association. Air passenger numbers in North America are forecast to rebound to 94% of 2019 levels in 2022. In 2021, global air travel was only 47% of pre-pandemic levels.
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