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 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
                                Source: Vertical IQ and Inforum

                                Recent Developments

                                May 3, 2024 - Weak Growth Forecast for Industry
                                • 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 April 2024 from March 2024, marking a third consecutive month of weakness, according to data from The Conference Board. The Conference Board’s consumer confidence index was 97 in April 2024 from 103.1 in March 2024. According to Dana Peterson, Chief Economist at The Conference Board, “Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income.” Peterson added that confidence declined among consumers of all age groups and for all income groups except those in the $25,000 to $49,999 range. Plans for vacations, home purchases, and large appliances decreased on a six-month basis.
                                • According to a recent report by Grand View Research, the global jewelry industry is expected to grow significantly in the coming years, reaching a market value of $482 billion by 2030. The industry is projected to increase at a CAGR of nearly 5% between 2024 to 2030. In 2023, the global market size was valued at $353.2 billion. Rings were the largest jewelry segment in 2023, accounting for a 33% share. Greater demand for rings by male and younger customers is driving ring sales. Gold jewelry is the most popular material globally, with a market share of 54.9%. Additionally, the report projects that the US jewelry market will grow at a CAGR of 4.1% from 2024 to 2030.
                                • US manufacturing activity contracted in April 2024 after a brief expansion in March, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 49.2% in April, down 1.1 percentage points from the 50.3% recorded in March. A reading above 50% indicates manufacturing expansion. Prior to March’s expansion, US manufacturing activity had fallen below the baseline for growth for 16 consecutive months. April’s New Orders Index was in the contraction zone at 49.1%. The April Production Index was 51.3%, a decrease from March’s 54.6%. Nine manufacturing industries tracked by the ISM reported growth in April: Nonmetallic Mineral Products; Printing & Related Support Activities; Primary Metals; Textile Mills; Electrical Equipment, Appliances & Components; Petroleum & Coal Products; Transportation Equipment; Chemical Products; and Plastics & Rubber Products. The industries reporting contraction in April were Miscellaneous Manufacturing; Machinery; Furniture & Related Products; Wood Products; Food, Beverage & Tobacco Products; Fabricated Metal Products; and Paper Products.
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