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 1,900 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 1,900 companies that employ about 21,400 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 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

                                Recent Developments

                                Nov 4, 2023 - Flat Growth Expected for Industry
                                • Lower consumer spending, lingering supply chain problems, and inflation are expected to limit growth in the US jewelry and silverware manufacturers industry, which is projected to grow at a less than 1% CAGR from 2022 to 2027, according to a recent Inforum forecast. This rate is slower than the projected growth of the overall economy. The slowdown follows several years of uneven growth in 2020 (down 11.5%), 2021 (up 1.8%) and 2022 (up 9%).
                                • US manufacturing activity contracted in October 2023, falling below the baseline for growth for the twelfth consecutive month, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 46.7 in October, a slight decline from the 49 recorded in September. A reading above 50% indicates manufacturing expansion. October’s New Orders Index remained in the contraction zone at 45.5%. The October Production Index was 50.4%, a decrease from September’s 52.5%. Two of the manufacturing industries tracked by the ISM reported growth in October: Plastics & Rubber Products and Food, Beverage & Tobacco Products. The 13 industries reporting contraction in October were: Printing & Related Support Activities; Textile Mills; Electrical Equipment, Appliances & Components; Machinery; Fabricated Metal Products; Wood Products; Computer & Electronic Products; Furniture & Related Products; Paper Products; Miscellaneous Manufacturing; Primary Metals; Chemical Products; and Transportation Equipment.
                                • The diamond market continued to struggle in August 2023, according to data from the RapNet Diamond Index (RAPI) in Rapaport News. Prices for 1-carat diamonds fell nearly 5%, and 0.30-carat diamonds fell 4.7% in August 2023. The declines mark the worst performances since the beginning of the COVID-19 crisis in April 2020. The RAPI for 0.50-carat stones also dropped 8.6%, and 3-carat diamonds fell 2.1% in August. Economic challenges and an expanding synthetics market are taking a toll on the diamond industry. The industry is also awaiting anticipated stricter source-disclosure rules from G7 governments to restrict the flow of Russian gemstones.
                                • Jewelry and watches are the top performing categories in the luxury market as customers seek to buy “less but better” in uncertain economic conditions, according to a new Bain & Company report in Rapaport. In its “Luxury Goods Worldwide Market Study – Spring 2023,” Bain said that consumers would be driven by a “quest for elevation” that will be fulfilled by “iconic and uber-lux” jewelry and watches. The personal luxury goods market is projected to reach between $578 billion and $622 billion by 2030, double its size in 2022. Luxury shopping is rising in Europe but slowing down in the US thanks to the economy in 2023. The personal luxury goods market is expected to grow 5-12% in 2023, following a record year in 2022. According to Bain’s Claudia D’Arpizio, “The luxury industry is experiencing a new phase after its post-pandemic growth, with renewed drivers of resilience establishing winners and losers."
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