Editor’s Note
This article examines the cyclical nature of the jewelry manufacturing industry, highlighting its sensitivity to macroeconomic factors like disposable income and consumer confidence. The analysis details recent volatility and the path to recovery, underscoring the sector’s dependence on broader economic health.
Jewelry manufacturers have endured significant volatility in recent years. Jewelry sales are largely discretionary, making demand highly dependent on downstream macroeconomic factors like disposable income, inflation and unemployment. Per capita disposable income has increased in recent years, although these increases did not translate to higher demand in 2020, mainly because of heightened consumer uncertainty. Although improving macroeconomic conditions allowed the domestic industry to recover, unstable macroeconomic conditions prevented jewelry sales from jumping drastically after the 2021 jump. Many manufacturers have been directly impacted by fluctuating input prices, particularly gold, silver, platinum and diamonds. Rising input costs and heightened price-based competition have harmed domestic producers’ profitability. These trends will cause revenue to grow at an estimated CAGR of 4.4% between 2020 and 2025, reaching $16.4 billion, with a 3.0% gain in 2025 alone.
The Jewelry Manufacturing industry in the United States operates under the NAICS industry code 33991. Operators in this industry manufacture jewelry or silverware using precious or semiprecious metals and stones. Costume jewelry manufacturers, specialty coin producers and lapidaries (artisans that form stones, minerals and other durable materials into decorative items such as cameos and engraved gems) are also included in this industry. Related terms covered in the Jewelry Manufacturing industry in the United States include costume jewelry, bridal sets, alloy and lapidary.
Products and services covered in Jewelry Manufacturing industry in the United States include Precious metal jewelry and accessories made from gold and platinum, Precious and semi-precious metal jewelry excluding gold and platinum and Jewelers’ materials and lapidary work manufacturing.
Companies covered in the Jewelry Manufacturing industry in the United States include Tiffany & Co.
