Jewelry and Silverware Manufacturers NAICS 339910

Sep 8, 2025 - American Silverware Maker Welcomes Tariffs: WSJ

• According to a report in the Wall Street Journal, some companies including a US-based silverware manufacturer are embracing news of new higher tariffs on a wide assortment of steel-based products. In August 2025, the Trump administration added 400 products to its tariff list, which will incur 50% tariffs on their steel and aluminum content. Sherrill Manufacturing CEO Greg Owens, who says his company is the only US-based manufacturer of stainless-steel flatware, admitted that it has been difficult to keep his business afloat while battling cheaper imports for market share. He called the new tariffs a victory for the industry. Other products affected by the new tariffs include farm equipment, bulldozers, motorcycles, dumbbells, and infant swings. The sector-specific, steel-and-aluminum tariffs were imposed by the White House under a national-security rationale.
• Indicators measuring the collective mood of US consumers showed a downward turn, with consumer confidence and consumer sentiment levels falling. Consumer confidence levels, an indicator of discretionary expenditures, declined in August 2025, month over month, falling by 1.3 points, according to the Consumer Confidence Index. Consumer confidence levels were lower in August, but remained similar to levels in the past three months, according to The Conference Board, which publishes the monthly index. August’s loss can be attributed to consumers under 35 years old while confidence levels rose for consumers over 55. In addition, the consumer sentiment index from the University of Michigan dropped in August 2025 for the first time in four months. The index fell to 58.2 in August data from 61.7 in July. Year-ahead inflation expectation results were higher monthly, as consumers convey lingering anxiety about prices amid tariff impacts. The index serves as a predictor of consumer spending as it indicates consumers’ perception of their financial prospects and the broader economy.

• Jewelry has been serving as a bright spot in the overall lagging luxury goods market, according to a recent report by consultant Bain & Company released with Italian luxury goods group Altagamma in Rapaport. The jewelry segment has shown strong results, with the report noting “a robust appetite for both ultra-luxury items and more accessible aspirational products.” Bain commented that the global luxury market has been under strain, with younger buyers questioning the relevance and worth of luxury product purchases. The most likely scenario for the next 12 months is a moderate decline of between 2% and 5%, following a strong post-pandemic recovery. Sluggish tourism has dampened the European market, but strong local demand, including an interest in jewelry, has offset the decline.
• Jewelry manufacturing, included in the miscellaneous manufacturing category, is one of the seven manufacturing industries reporting growth in August’s Manufacturing ISM Report on Business. Miscellaneous manufacturers reported increases in new orders and production, while reporting slower supplier deliveries, lower customer inventories, and higher prices for raw materials. Other industries reporting growth were Textile Mills; Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Food, Beverage & Tobacco Products; Petroleum & Coal Products; Miscellaneous Manufacturing; and Primary Metals. Ten manufacturing industries reporting contraction during the period were Furniture and Related Products; Fabricated Metal Products; Paper Products; Wood Products; Plastics & Rubber Products; Transportation Equipment; Furniture & Related Products; Machinery; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Chemical Products; and Fabricated Metal Products. Overall, economic activity in the manufacturing sector contracted for the sixth consecutive month in August, with the Manufacturing PMI registering 48.7%.