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
Recent Developments
May 8, 2023 - Fewer Jewelry Businesses Close in Q1
- Fewer jewelry businesses closed in the first quarter of 2023, according to data from the Jewelers Board of Trade (JBT) reported in Rapaport. During the first three months of 2023, 133 companies exited the sector compared to 187 in the same quarter a year ago. The total number of companies active in the US in the first quarter was 23,531, 2.2% fewer than a year ago. Retailers accounted for 17,853 of the total; wholesalers, 3,401; and manufacturers, 2,277. Of the firms that exited the sector, one went bankrupt, 21 closed due to mergers or takeovers, and 11 closed for other reasons. The number of new businesses during the quarter dropped to 113, compared to 152 a year earlier.
- US manufacturing activity contracted in April 2023, falling below the baseline for growth for the sixth consecutive month, according to the Institute for Supply Management’s Manufacturing ISM Report on Business. The Manufacturing PMI registered 47.1 in April, a slight change from the 46.3 recorded in March. A reading above 50% indicates manufacturing expansion. April’s New Orders Index remained in the contraction zone at 45.7%. The April Production Index increased slightly to 48.9%. Five of the manufacturing industries tracked by the ISM reported growth in April: Apparel, Leather & Allied Products; Printing and Related Support Activities; Fabricated Metal Products; Petroleum and Coal Products; and Transportation Equipment. Eleven sectors reported contraction, including Computer & Electronic Products, Furniture & Related Products, Nonmetallic Mineral Products, Primary Metals, Electrical Equipment, Plastics & Rubber Products, Miscellaneous Manufacturing, and Wood Products.
- Weakening consumer demand contributed to lower US polished-diamond imports in January 2023, the fourth consecutive month of year-over-year declines, according to Commerce Department data reported by Rapaport. US polished-diamond imports decreased 12% year over year to $1.6 billion in January 2023. The decreases in the past four months follow 19 successive months of growth. For 2022, polished imports grew by 19% to nearly $23 billion as the market recovered from the COVID-19 pandemic. US polished-diamond exports fell by 10% in January 2023 year over year.
- The National Retail Federation (NRF) is projecting US retail sales growth of 4% to 6% in 2023, climbing to $5.13 trillion to $5.23 trillion. In 2022, retail sales grew by 7% to $4.9 trillion. The non-store and online sales segment is expected to grow by 10% to 12% in 2023 to a range of $1.41 trillion to $1.43 trillion. Much of the growth is driven by multichannel sales, which uses the physical store as part of the fulfillment process. Brick-and-mortar stores remain the primary point of purchase for consumers, accounting for some 70% of total retail sales. According to NRF President and CEO Matthew Shay, “In just the last three years, the retail industry has experienced growth that would normally take almost a decade by pre-pandemic standards. While we expect growth to moderate in the year ahead, it will remain positive as retail sales stabilize to more historical levels.”
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