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

                                Mar 5, 2024 - Growth Ahead for Global Jewelry Market
                                • 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 February 2024, falling below the baseline for growth for the sixteenth consecutive month, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 47.8% in February, down 1.3 percentage points from the 49.1% recorded in January. A reading above 50% indicates manufacturing expansion. February’s New Orders Index was in the contraction zone at 40.2%. The February Production Index was 48.4%, a decrease from January’s 50.4%. Eight manufacturing industries tracked by the ISM reported growth in February: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Primary Metals; Plastics & Rubber Products; Fabricated Metal Products; Chemical Products; Miscellaneous Manufacturing; and Transportation Equipment. The industries reporting contraction in February were Furniture & Related Products; Machinery; Wood Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; Paper Products; and Electrical Equipment, Appliances & Components.
                                • Couples in the US spent 5% less on engagement rings in 2023 compared to a year ago, as lab-grown stones grew in popularity, according to the 2023 Jewelry and Engagement Study by The Knot. Couples spent approximately $5,500 on engagement rings in 2023, compared to $5,800 in 2022. The study found that nearly half of respondents spent between $1,000 and $4,000 on their engagement rings, while 9% spent less than $1,000. Regionally, Mid-Atlantic couples spent the most on engagement rings ($6,900), while Midwestern couples spent the least ($4,900). Nearly half of center stones purchased in 2023 were lab-grown, growing nearly four times in popularity since pre-pandemic. Eight-five percent chose diamonds for their engagement ring stones. The round-cut center stone engagement ring was the most popular, followed by oval-cut stones, and white gold was the most popular metal, followed by yellow gold.
                                • Consumer confidence levels fell in February 2024 after increasing for three consecutive months, according to data from The Conference Board. The Conference Board’s consumer confidence index fell to 106.7 in February 2024 from 110.9 in January 2024. According to Dana Peterson, Chief Economist at The Conference Board, “The decline in consumer confidence in February interrupted a three-month rise, reflecting persistent uncertainty about the US economy. The drop in confidence was broad-based, affecting all income groups except households earning less than $15,000 and those earning more than $125,000.” Peterson added that the decline in consumer confidence was largest in householders over 55 and those under 35. Plans to purchase homes, autos, and large appliances decreased slightly on a six-month basis.
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