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 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

                                Recent Developments

                                Dec 8, 2022 - Signet Expects Strong Holiday Sales
                                • Signet Jewelers - the parent company of Zales, Jared, and Kay Jewelers – recently said it expects a strong finish to the year and raised its guidance for full-year 2022 sales. The comments came amid the firm’s third-quarter reporting, which included Q3 sales of $1.6 billion, up 3% from 2021. Year-over-year growth in Q3 was somewhat muted compared to the same period in 2021 when stimulus dollars helped fuel a rise in jewelry demand. Signet’s fresh guidance pegs full-year 2022 sales between $7.7 billion to $7.84 billion compared to an earlier projection of between $7.6 billion and $7.7 billion. Signet’s CEO also said Black Friday met the firm’s expectations and that it enjoyed the strongest Cyber Monday sales in company history.
                                • In value terms, 25% of all US diamond jewelry sales take place online, according to the latest Diamond Insight Report by De Beers. In 2015, the online channel only accounted for 14% of diamond jewelry sales value. Online sales now account for 31% of diamond jewelry sales volume, compared to just 18% in 2015. Growth of online diamond jewelry sales is primarily being driven by Gen Z consumers, who make 42% of purchases online. Nearly 40% of Gen Z diamond jewelry buyers research a brand’s ethical credentials when shopping. De Beers that as Gen Z comes of age, diamond jewelry brands will increasingly cater to the digitally-native and socially-conscious cohort.
                                • Despite high inflation and rising interest rates, the National Retail Federation (NRF) expects consumer spending to remain resilient this holiday season. While the NRF acknowledges consumers are feeling the pinch of higher interest rates and inflation, it believes economic fundamentals – including job growth, rising wages, and savings accumulated during the pandemic - will sustain consumer spending. The NRF also points to US gross domestic product growth of 2.6% in the third quarter as evidence that the US economy hasn’t slipped into recession. The NRF forecasts holiday spending will rise between 6% and 8% over 2021 levels to reach between $942.6 billion and $960.4 billion. The outlook for 2022 is down from the 13.5% rise seen in 2021 but is better than the average 4.9% growth seen over the last decade.
                                • Industry watchers suggest jewelry retailers are unlikely to have many big sales this holiday season, according to CNN Business. Many large retailers have been offering discounted items to clear bloated inventories and make room for holiday products. Some retailers overbought earlier in the pandemic, and in some cases, merchandise arrived late and out-of-season due to supply chain disruptions. Jewelers have largely avoided overstocked inventories and will be less likely to resort to discounted sales events. Signet Jewelers – owner of Zales, Kay Jewelers, and Jared – is beefing up its higher-priced offerings to meet increased jewelry demand from wealthy customers. At the same time, the firm is also expanding its selection of value offerings in response to inflation.
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