Jewelry Manufacturing in The US Industry Report

Jewelry Manufacturing in the USJune 2015 1
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Gold washed: Rising import penetration and

volatile input costs will erode industry revenue
IBISWorld Industry Report 33991
Jewelry Manufacturing in the US

June 2015
2 About this Industry
16 International Trade
33 Key Statistics
Industry Definition
19 Business Locations
33 Industry Data
Main Activities
Similar Industries
21 Competitive Landscape
Additional Resources
21 Market Share Concentration
33 Annual Change
21 Key Success Factors
4 Industry at a Glance
Zeeshan Haider
33 KeyRatios
34 Jargon & Glossary
21 Cost Structure Benchmarks

23 Basis of Competition
5 Industry Performance
24 Barriers to Entry
Executive Summary
25 Industry Globalization
Key External Drivers
Current Performance
26 Major Companies
Industry Outlook
26 Tiffany & Co.
11 Industry Life Cycle
29 Operating Conditions
13 Products & Markets
29 Capital Intensity
13 Supply Chains
30 Technology & Systems
13 Products & Services
30 Revenue Volatility
15 Demand Determinants
31 Regulation & Policy
15 Major Markets
32 Industry Assistance
www.ibisworld.com | 1-800-330-3772 | info @ibisworld.com
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About this Industry

Industry Definition
Operators in this industry manufacture

jewelry or silverware using precious or
semi-precious metals and stones.
Costume jewelry manufacturers,
specialty coin producers and lapidaries
Main Activities
The primary activities of this industry are
(artisans that form stones, minerals

and other durable materials into
decorative items such as cameos and
engraved gems) are also included in
this industry.
Manufacturing bracelets
Manufacturing rings
Manufacturing necklaces
Manufacturing and engraving personal metal goods
Manufacturing silverware
Manufacturing lapidary work
Manufacturing costume jewelry
The major products and services in this industry are

Costume jewelry
Jewelers materials and lapidary work manufacturing
Precious and semi-precious metal jewelry excluding gold and platinum
Precious metal jewelry and accessories made from gold and platinum
Other
Similar Industries
31691 Leather Good & Luggage Manufacturing in the US

This industry manufactures personal goods except metal carried on or about the person, such as compacts
and cigarette cases.
32799 Mineral Product Manufacturing in the US
This industry manufactures synthetic stones and gemstones.
33221 Hand Tool & Cutlery Manufacturing in the US
This industry manufactures nonprecious and precious plated metal cutlery and flatware.
33281 Metal Plating & Treating in the US
This industry engraves, chases, and etches nonprecious and precious plated metal flatware and other plated
ware and jewelry.
33299a Guns & Ammunition Manufacturing in the US
This industry manufactures nonprecious plated ware except cutlery and flatware.
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About this Industry
Additional Resources
For additional information on this industry

www.jckgroup.com
Jewelers Circular Keystone
www.modernjeweler.com
Modern Jeweler
www.nationaljewelernetwork.com
National Jeweler
www.gold.org
World Gold Council
IBISWorld
writes over 700 US

industry reports, which are updated
up to four times a year. To see all
reports, go towww.ibisworld.com
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Jewelry Manufacturing in the US June 2015
Industry at a Glance
Jewelry Manufacturing in 2015
Key Statistics
Snapshot
Revenue
Annual Growth 10-15
Annual Growth 15-20
Profit
Exports
Businesses
$8.5bn
-1.6%
1.1%
2,215
$406.8m $8.4bn
Demand from jewelry stores
Revenue vs. employment growth
% change
Tiffany & Co.

28.6%
20
15
10
10
% change
Market Share
-10
-20
5
0
-5
-10
-30
Year 07
09
11
Revenue
13
15
17
19
21
-15
Year
09
11
13
15
17
19
21
Employment
SOURCE: WWW.IBISWORLD.COM
p. 26
Products and services segmentation (2015)
10.0%
Costume jewelry
Demand from jewelry

and watch wholesaling
13.0%
Precious and semi-precious

metal jewelry excluding
gold and platinum
Demand from
jewelry stores
46.7%
Precious metal jewelry

and accessories made
from gold and platinum
World price of gold

World price of silver
Per capita disposable
income
13.7%
Jewelers' materials and

lapidary work manufacturing
Trade-weighted index
Households earning
more than $100,000
16.6%
p. 5
Other
Industry Structure
Life Cycle Stage

Revenue Volatility
SOURCE:
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SOURCE:
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Decline
Medium
Regulation Level
Medium
Technology Change
Medium
Medium
Capital Intensity
Low
Barriers to Entry
Industry Assistance
Low
Industry Globalization
High
Concentration Level
Low
Competition Level
High
FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 33
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Industry Performance
Executive Summary | Key External Drivers | Current Performance

Industry Outlook | Life Cycle Stage
Executive
Summary
The Jewelry Manufacturing industry is

making a slow recovery from recession
driven drops in demand and the large
fluctuations in commodity prices
witnessed over the past five years.
Despite an economic recovery in the
United States, this industry has failed to
return to growth; however, its
performance has improved manifold
compared with the years prior to 2010.
IBISWorld expects industry revenue to
decline at an annualized rate of 1.6% to
$8.5 billion over the five years to 2015,
including a 0.9% drop in 2015 alone.
The world price of gold exhibited

significant volatility over the five years to
2015. Over the past five years, uncertainty in
currency and capital markets resulted in
consumers increasingly purchasing precious
metals and other commodities as a store of
value. However, as the dollar started gaining
some momentum and capital markets
normalized, demand for gold as a store of
value declined, manifesting in a 15.4%
decline in its price in 2013 and an additional
10.2% decline in 2014. The price of gold is
expected to fall 2.1% over 2015.
Consequently, the price of gold experienced

significant volatility over this period; overall,
it is expected to increase at an annualized
rate of 0.2% over the five years to 2015.
These conditions induced volatility in
industry revenue and uncertainty in profit
margins, which dissuaded new operators
from setting up shop and forced existing
ones to exit the industry.
Nonetheless, overall performance
improved in 2013 and 2014, as a decline
in the price of gold and pent-up demand
encouraged consumers to make jewelry
purchases that they had delayed in
previous years. Additionally, improving
global economic conditions and rising
demand for US manufactured jewelry in
Asian markets sustained industry
exports, which are expected to account
for 99.0% of revenue in 2015.
Over the five years to 2020, this
industry is expected to return to growth.
increase at an annualized rate 1.1% to
$8.9 billion. Improving economic
conditions and a significant reduction in
price volatility is expected to benefit this
industry and will increase industry
participation over the next five years.
Additionally, increasing domestic
demand and improving conditions will
boost demand for fine jewelry, which will
have a positive impact on margins.
Demand from jewelry and

watch wholesaling
Jewelry wholesalers purchase industry
products such as fine and costume jewelry,
silverware and lapidary work from
operators in this industry and resell them
to retailers. Therefore, a rise in demand
from jewelry wholesalers leads to higher
manufacturing demand and sales. The
Jewelry and Watch Wholesaling industry
is expected to decrease demand for
industry products over 2015, representing
a potential threat for the industry.

In recent years, wholesale bypass has
become a commonplace practice in this
industry. Cutting out the middlemen
enables industry operators to improve
and sustain margins. It also enables
downstream retailers to save on the
markup imposed by wholesalers.
Additionally, it creates a direct
communication channel between
retailers and manufacturers, which
enables the latter to respond to changes
in consumer tastes and demand more
High
prices of input materials and rising

import penetration hampered revenue
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rapidly. The Jewelry Stores is expected to

increase over 2015, presenting an
opportunity for this industry.
World price of gold
The world price of gold affects the
production costs and price of fine jewelry.
During periods of increased gold prices,
production costs for jewelry
manufacturers rise, causing industry
operators to either incur lower profit
margins or raise the prices of goods.
Greater prices typically reduce demand
for jewelry, adversely affecting industry
sales. The world price of gold has surged
in recent years, but is expected to
decrease over 2015.
World price of silver
Much like gold prices, the world price of
silver also drives up production costs and
prices for industry products. When silver
prices are high, the overall price of
jewelry increases, causing demand to
decline. The world price of silver is
expected to decrease in 2015.
Per capita disposable income
During periods when disposable income is
low, retail demand declines since
consumers purchasing power is reduced,
inducing them to delay or cut back on
purchases of industry products.
Subsequently, manufacturing demand falls

as retailers purchase fewer items to stock
inventory. Conversely, when disposable
income increases and demand for industry
goods rise, retailers are likely to purchase
more from manufacturers, leading to higher
industry demand. Per capita disposable
income is expected to increase over 2015.
Trade-weighted index
The trade-weighted index (TWI)
represents the value of the US dollar
relative to foreign currencies. When the
TWI is low, US-made jewelry becomes
more affordable to foreign buyers
because the dollar has a relatively lower
value against other currencies.
Conversely, when the TWI rises, USmade jewelry becomes relatively more
expensive on the global market. The TWI
is expected to increase during 2015,
representing a threat to the industry.
Households earning more than $100,000
Jewelry, watches and silverware are
nonessential goods that are most often
purchased by high-income earners
(households in the highest income quintile).
As the number of households in this group
increases, so does the consumption of
jewelry products. The number of households
earning more than $100,000 is expected to
increase over 2015.
World price of gold

15
2000
$ per troy ounce
10
% change

continued
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-15
Year
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800
400
Year 07
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Current
Performance
After almost a decade of decline, revenue

growth for the Jewelry Manufacturing
industry has finally begun to pick up,
even though revenue remains below its
level in 2010. A number of factors have
worked in favor of this industry over the
few years, which have helped it recover
from the recessionary years following the
financial meltdown in the United States.
There has been a resurgence in demand
for domestically manufactured jewelry,
aided by growth in per capita disposable
income, which has improved overall
consumer sentiment. A resurrection of
confidence in currency and capital
markets has also helped relieve some
pressure off the price of precious metals,
Industry structure
Following the financial meltdown in the

United States, consumer confidence in
currency and capital markets
plummeted. The stock market crash and
the closure and declaration of
bankruptcy by many financial
institutions left consumers rattled with
many people losing their entire savings.
Consequently, people started investing
in commodities that had a tangible value
as currency came close to losing its
function as a store of value. Two of the
commodities that received substantial
investment during this period were gold
and silver. Therefore, the increase in
demand for gold and silver resulted in a
significant increase in their prices
during the earlier half of the five-year
period. Under normal circumstances,
this would have benefited industry
operators that had inventories of gold
and other precious metals that they
bought prior to the price hikes.
However, following the economic
downturn, consumers had lost interest
in purchasing jewelry, which is generally
sold at a markup over the total value of
the precious metal contained within it.
Instead, people started buying solid gold
especially gold and silver, which has

reduced input costs for manufacturers
and prices for consumers. Consequently,
a fall in the price of industry items has
once again sparked consumer interest in
jewelry, which has helped industry
operators recover some of the revenue
they lost during the recession. However,
imports still pose a significant threat to
the industry, which are becoming
increasingly more competitive, while the
industry also loses its export revenue due
to the strengthening dollar. Overall,
decline at an annualized rate of 1.6% to
$8.5 billion over the five years to 2015,
with an expected decline of 0.9% in 2015.
Profit
margins suffered as
operators were forced to
reduce their markup
and other precious metals to preserve
and increase the value of their wealth.
Consequently, industry operators had to
reduce their markup; as a result, profit
margins suffered.
Even though a reduction in the
markup charged by industry operators,
coupled with more economic certainty
toward the middle of 2010, helped
release some pent up demand, constant
increases in the price of gold until 2012
and the weak recovery of downstream
demand resulted in many operators
closing shop. Over the five years to 2015,
industry establishments are anticipated
to decline at an annualized rate of 0.3%
to 2,229 locations. A decrease in the
number of establishments resulted in a
decline in the amount of labor employed
by this industry, which reduced the
industrys wage bill to $1.1 billion,
representing a 1.8% annualized decrease
over the five-year period.
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Exchange rate
dynamics
There is significant import penetration in

this industry. The United States imports
industry items from Israel, India, China
and Belgium. These countries have a
significant cost advantage in
manufacturing jewelry because of lower
labor costs. Furthermore, Belgium is
known for its diamonds, while one of
Indias largest exports is jewelry and
precious metals. These countries have
also been closing the quality gap relative
to domestic manufacturers at a rapid
rate, giving them a further competitive
advantage in this industry. Over the five
years to 2015, imports have increased at
an annualized rate of 2.8% and are
expected to reach $39.6 billion by the end
of 2015, satisfying 99.8% of domestic
demand. Import penetration has hurt
industry revenue growth, especially over
the past five years, because of an
increasing number of price-conscious
consumers and a general increase in the
price of products produced by this
industry. Consequently, many industry
operators have closed their domestic
manufacturing operations and shifted
their production facilities offshore.
Conversely, exports have declined as a
proportion of revenue, to 99.0% in 2015.
Overall, exports are anticipated to fall to
$8.4 billion in 2015, representing an
annualized decline of 2.0% over the five
years to 2015 thanks to an appreciation
of the dollar, which has diminished
export growth in this industry.
Furthermore, domestically
manufactured jewelry also competes
with foreign goods in the international
market, which enjoys proximity to the
largest importers of industry goods from
Import
penetration hurt
revenue growth and
many operators shifted
production offshore
the United States. Subsequently, foreign
goods enjoy lower overhead costs due to
lower freight costs, in addition to a more
competitive cost structure, which is
making it increasingly difficult for
domestically manufactured products to
compete in the international market.
Furthermore, the dollar has appreciated
against most major countries currencies
that import jewelry from the United
States, which has reduced demand for
domestically manufactured industry
items in these countries, resulting in
exports declining faster than overall
industry revenue. Nonetheless, relative
to the rise of the trade-weighted index,
lost export revenue is expected to be
small as increasing demand from Asian
markets, especially Hong Kong, sustains
some export revenue. Jewelry exports to
Hong Kong have increased at an
annualized rate of 9.9% over the past
five years and its share of exports has
increased from 15.8% in 2010 to an
estimated 25.3% in 2015. Hong Kongs
proximity to Asian markets, especially
China, and its status as a popular
shopping destination for tourists around
the world has sustained demand for US
manufactured jewelry in the country.
For further details regarding trade,
please see the International Trade
section of the report.
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Decrease in exports
Revenue growth is expected to pick up

over the next five years. Domestic
demand is expected to increase; however,
much of it will be satisfied by imports. An
appreciation of the dollar will discourage
exports and will likely force domestic
manufacturers to concentrate on the local
market. However, exchange rate
appreciation will also benefit domestic
manufacturers by making the imports of
unprocessed and semiprocessed precious
metals and minerals cheaper, which is
also likely to reduce costs for domestic
manufacturers. Overall, IBISWorld
expects that revenue will increase at an
annualized rate of 1.1% to $8.9 billion in
the five years to 2020.
Over the next five years, the tradeweighted index is expected to increase at
an annualized rate of 3.2%.
Consequently, domestically
manufactured jewelry will likely become
more expensive for international buyers.
Coupled with the fact that largest
importers of industry products are
countries whose currencies have been on
the decline and are not expected to
rebound significantly over the next five
years will further accentuate this trend.
Therefore, industry exports are
projected to decline over the five years to
2020 at an annualized rate of 0.3% to
$8.3 billion. Consequently, exports
share of revenue is anticipated to
increase from an expected 99.0% in
2015 to 92.5% in 2020.
Conversely, imports are expected to
rise at an average annual rate of 4.1% to
$48.4 billion. An appreciation of the
dollar is expected to make imports even
more attractive for domestic consumers
than they currently are. Imports lower
price point, particularly for costume
jewelry, engraved personal metal goods
and silverware, will substantially reduce
demand for domestically manufactured
Industry revenue
20
10
% change
Industry
Outlook
0
-10
-20
-30
Year 07
09
11
13
15
17
19
21
products in these categories. As a result,

industry operators are likely to move out
of these product segments and more
likely to target the market for fine
jewelry geared toward high-income
individuals. Those that choose to remain
producing silverware and costume
jewelry are likely to face low profit
margins and tough competition.
Nonetheless, an expected
improvement in demand is likely to
increase industry participation.
IBISWorld expects the number of
industry enterprises to increase at an
annualized rate of 1.1% to 2,334
companies over the five years to 2020.
Operators are expected to become more
domestically oriented as the US
economy improves and demand for fine
jewelry in the United States increases.
As industry participation grows,
IBISWorld expects jewelry
manufacturers to hire more labor, which
is expected to increase the wages paid
out by this industry at an annualized
rate of 0.2% to $1.1 billion. However,
wages as a proportion of revenue will
decrease, relieving some pressure off
profit margins.
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Potential
opportunities
While exchange rate dynamics are

unlikely to benefit this industry, other
structural changes taking place in the
economy are likely to offset falling
exports and will spur revenue growth.
For example, the number of households
earning more than $100,000 per year is
expected to increase at an annualized rate
of 0.8%, reaching 24.0% of all
households in the United States by 2020.
The increase in the number of
households earning more than a
$100,000 per year is expected to be twice
as fast as it was during the previous five
year period, which represents a major
opportunity for this industry. This
market segment is of prime importance
for this industry, as it constitutes one of
the largest markets for the industrys
products. People in this income group
engage in more discretionary spending,
are brand conscious and do not deter
from paying premium prices for premium
products. In fact, industry major player,
Tiffany & Co., has a product segment
called statement, fine and solitaire
jewelry, which specifically targets highincome individuals that still purchase
jewelry for its value as a status symbol.
An increase in the number of people that
fall in this segment is likely to help the
Higher
household income
will likely offset some of the
revenue losses and sustain
profit margins
industry offset some of the revenue losses
incurred because of an increase in the
trade-weighted index, while
simultaneously sustaining profit margins.
Furthermore, as economic conditions
improve and consumer sentiment rises
over the next five years, it is likely to
encourage import substitution, whereby
people that previously could not afford
to buy domestically manufactured
jewelry will be able to do so. Coupled
with the reduced cost of imported raw
materials due to exchange rate
appreciation, as well as price increases
of gold and silver slowing, the industry
will have a new market segment to tap,
which still gives this industry some
hope. However, due to continued
volatility in commodity prices, it
remains to be seen whether the industry
will be able to fully reap the benefits of
these structural changes taking place in
the United States economy.
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Life Cycle Stage
Industry value added is forecast

to lag behind US GDP
Imports are increasingly replacing
domestic production
% Growth in share of economy
The industrys profit margins are expected

to decline over the ten years to 2020
20
Maturity
Quality Growth
Company
consolidation;
level of economic
importance stable
High growth in economic

importance; weaker companies
close down; developed
technology and markets
15
Key Features of a Decline Industry

Revenue grows slower than economy
Falling company numbers; large firms dominate
Little technology & process change
Declining per capita consumption of good
Stable & clearly segmented products & brands
10
Quantity Growth
Many new companies;

minor growth in economic
importance; substantial
technology change
Mineral Product Manufacturing

Jewelry & Watch Wholesaling
0
Jewelry
Manufacturing
Jewelry Stores
Gold & Silver Ore Mining
Decline
Leather Good & Luggage Manufacturing
-5
Shrinking economic
importance
-10
-10
-5
10
15
20
% Growth in number of establishments

SOURCE: WWW.IBISWORLD.COM.AU
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Industry Life Cycle

This
industry
is D
eclining
Jewelry manufacturing in the United States

has experienced a downfall in recent years
with industry value added (IVA) projected
to decline at an annualized rate of 0.9%
over the 10 years to 2020. This is well
below overall GDP growth, which is
forecast to grow about 2.5% per year on
average over the same period.
Over the past five years, the number of
industry enterprises has dropped
annually by 0.3%. With a growing share
of production being shifted overseas and
import values satisfying an increasing
portion of domestic demand, domestic
manufacturers are losing profit margins,
becoming irrelevant and being force to
close up shop. Additionally, larger
companies have increasingly been
acquiring smaller brands. This
consolidation trend has had a
downstream effect on employment and
wages, with both decreasing annually

over the past five years.
Staggering input prices, such as those
attached to gold, silver and diamonds,
have affected manufacturers, dragging
bottom lines into the dirt. Intense price
competition from imports has been the
main driver of these declines. Today,
Israel is the largest exporter into the
United States and accounts for an
estimated one-quarter of all jewelry
exports to the United States. China and
India have also emerged as fast-growing
exporters, further dominating domestic
demand for jewelry. Unfortunately for
industry players, imports are projected to
rise in the next five years, growing 4.1%
per year. As slowly returning consumer
sentiment sends shoppers back to jewelry
stores, imports are forecast to make up a
large share of their purchases.
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Products & Markets
Supply Chain | Products & Services | Demand Determinants

Major Markets | International Trade | Business Locations
Supply Chain
KEY BUYING INDUSTRIES

42394
Jewelry & Watch Wholesaling in the US

Jewelry and Watch wholesalers are a major customer for this industry, regarded as the major
link between manufacturers and the retail market.
44831
Jewelry Stores in the US

Jewelry Stores purchase a range of merchandise directly from manufacturers.
45211
Department Stores in the US

Department stores purchase industry goods like fine jewelry, fashion jewelry and silverware
from manufacturers.
KEY SELLING INDUSTRIES
Products & Services
21222
Gold & Silver Ore Mining in the US

Operators in this industry provide gold and silver for the production of fine jewelry.
21223
Copper, Nickel, Lead & Zinc Mining in the US

Operators in this industry provide non-precious metals for the production of fine jewelry.
21231
Stone Mining in the US

Operators in this industry provide precious stores for jewelry production.
21239
Mineral & Phosphate Mining in the US

Operators in this industry provide gems for jewelry production.
Precious and semi-precious metals

jewelry and accessories
The majority of revenue for this industry
comes from the sale of jewelry made
primarily of precious metals and stones.
Items in this category are made from
gold, silver, platinum and other similar
metals or alloys (a combination of
metals). Additionally, stones like
diamonds, rubies and emeralds are often
incorporated into these designs. Jewelry
made from these materials include
bracelets, necklaces, earrings and rings.
Accessories category includes brooches
and pins, encrusted wallets and cases,
watches and bands, cuff links and other
accessories. Over the past five years, this
segment has decreased in terms of its
share in line with declining demand for
fine jewelry at the retail level. Low levels
of confidence in the economy coupled
with a decrease in household disposable
income have forced consumers to cut
down on their spending on luxury items,
including fine jewelry. As a result,
retailers have purchased less fine jewelry
from wholesalers. The demand for bridal

jewelry, however, has kept sales volume
of fine jewelry afloat. Even during the
tough economic times, bridal jewelry,
such as engagement rings, bridal sets and
wedding bands have been in demand.
While many consumers have switched to
less expensive items to adjust to their
lower levels of disposable income during
tough economic times, the necessity of
bridal jewelry has prevented this product
segment from experiencing a decline.
Precious metal accessories have also
declined as a share of industry
revenue. IBISWorld estimates that
increasing input costs have pushed up
the price of accessories over the past
five years; during tough economic
times and low income, rising prices
have not been met with high consumer
demand. Overall, precious metal
jewelry and accessories are expected to
account for 46.7% of revenue, while
jewelry made made of silver, semiprecious metals and gemstones such as
pearls is execpted to account for 13.0%
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Products & Markets
Products & Services

continued
Products and services segmentation (2015)
10.0%
13.0%
Costume jewelry
Precious and semi-precious

metal jewelry excluding
gold and platinum
46.7%
Precious metal jewelry

and accessories made
from gold and platinum
13.7%
Jewelers' materials and lapidary

work manufacturing
Total $8.5bn
16.6%
Other
of revenue, giving this category a

combined share of 59.7%.
Jewelers materials and lapidary work
The jewelers materials and lapidary work
segment primarily includes engraved or
etched precious metal solids. Also included
in this segment is lapidary work, which is
the art of making jewelry out of cut or
carved stones, such as diamonds, emeralds,
rubies and other precious stones and gems.
Lapidaries are considered artisans or gem
cutters who create standard or custom
jewelry pieces with motorized equipment.
This segment also includes jewelers
findings and materials, which primarily
includes materials used in manufacturing
jewelry and other gemstone findings, which
are then cut, polished and encrusted onto
precious metals for the manufacturing of
jewelry items. This segment also includes
plated metals and other materials plated by
precious and semi-preciou metals. The
proportion of revenue generated by this
segment has decreased over the past five
years because most of the lapidary work
has moved offshore. Overall, IBISWorld
estimates that lapidary work will comprise
8.0% of revenue while jewelers materials
and findings will account for the remaining
5.7% of revenue, to give this segment a
combined 13.7% share.
Costume and fashion jewelry

The value of costume and fashion jewelry
has increased in comparison to precious
jewels. Despite decreased disposable
income, consumers have continued to
spend on fashion and costume jewelry
because they serve as an inexpensive
alternative to fine jewelry. Costume
jewelry is usually made with inexpensive
gemstones that are set in nickel, brass or
pewter (as opposed to silver, gold or
platinum). As such, the volume of
production of costume and fashion jewelry
has increased significantly in the past five
years. This segment is expected to account
for 10.0% of total revenue in 2015.
Other
This segment includes various
miscellaneous product categories
including silverware and hollowware
made of precious and semi-precious
metals, miscellaneous jewelry items and
products not categorized in jewelers
findings and materials. This segment is
expected to account for 16.6% of revenue,
with the silverware and hollowware
segment contributing 0.7%. This
segments share has increased over the
past five years due to increased spending
by high-income earners on miscellaneous
and novelty jewelry items.
WWW.IBISWORLD.COM
Products & Markets
Demand
Determinants
The downstream demands of jewelry

retailers and wholesalers are the main
demand determinant of the Jewelry
Manufacturing industry. This is because
demand at the retail and wholesale level
directly translates to demand for the
industry operators; upstream retailers
and wholesalers adjust their inventory
purchases according to their
performance. Jewelry retailers and
wholesalers downstream demands are
sensitive to the following: expenditure by
households in the highest income
quintile, consumer confidence, and
household disposable income.
Most products offered in the industry
are considered luxury items since they
are traditionally expensive and are not
staple goods. Consequently, the
households in the highest income
quintile, who are able to afford such
luxury products, are the industrys key
consumers that determine demand.
Although the expenditure by the highest
income quintile has dropped during the
recession, it is expected to reverse its
downward course. This anticipated
increase in expenditure by the highest

income quintile will in turn increase the
demand for jewelry retailers, wholesalers
and manufacturers.
The demand for the industry is also
subject to the level of consumer
confidence in the economy and
household disposable income. The
nonessential nature of the industrys
goods allows consumers to postpone
their purchases of expensive items in
uncertain economic times. This has been
the case over the past five years, as
Americans without jobs have been forced
to cut down on their discretionary
spending. As a result, the retail and
wholesale demand for jewelry and
watches have fallen significantly.
Because the Jewelry Manufacturing
industrys products are often given as gifts,
demand for these products tends to be
highest in the lead-up to special occasions,
such as Christmas and Valentines Day.
Additionally, national commemorative
events and sporting events (e.g. the
Olympics) can drive demand for collectable
coins, medals and medallions.
Major Markets
Exports
Export figures counted by the US
International Trade Commission account
for 99.0% of industry revenue. Stone
setting and assembling of small pieces is
intricate work that requires high levels of
labor. Manufacturers often send halffinished products to countries like Hong
Kong and India, where the cost of labor is
much lower than in the United States, to
be fully finished. Final products are then
imported back into the United States for
sale to downstream markets domestically
and internationally. Industry exports have
remained high over the past five years due
to a weak dollar; however, the dollar has
regained a lot of its lost value recently and
exports share of revenue is expected to
decline over the next five years.
Other
The Jewelry Manufacturing industry
primarily serves the jewelry
wholesaling industry in the domestic
market, which is characterized by
intense competition. Retailers are
increasingly engaging in wholesale
bypass, though, in order to score cost
savings over the increasing prices of
precious metals and stones. Producers,
likewise, are incorporating much of the
wholesaling activity within their own
operations so they can earn a higher
margin on their product by cutting out
the middleman. Increased efficiency in
transportation and computerized order
systems have made this possible over
the past 10 years. While the wholesale
market has shrunk during the past five
WWW.IBISWORLD.COM
Products & Markets
Major Markets
continued
Major market segmentation (2015)
1%
Other
Exports
years, it is the dominant buyer for

jewelry manufacturers.
Jewelers also sell their products to
retailers. As input materials become
more expensive, retailers choose to
source directly from manufacturers in
order to bypass the cost of incorporating a
wholesaler. Jewelry manufacturers, thus,
take on an increasing amount of
International Trade
Level & Trend
xports in the
E
industry are H
igh
and D
ecreasing
Imports
in the
industry are H
igh
and I ncreasing
Imports
Imports are expected to account for
99.8% of domestic demand in 2015. Over
the past five years, imports have grown at
an annualized rate of 2.8% to $39.6
billion. The United States imports most
of its jewelry from India (26.1%), Israel
(25.9%), China (11.1%) and Belgium
(8.8%). Producers in Israel, India and
China enjoy significant cost advantages
over producers in the United States. That
is because they industry operators in the
aforementioned countries have access to
low-cost labor and are much closer to
some of the largest exporters of precious
metals and gemstones. Consequently,
they face lower freight costs and have to
pay lower overheads. Belgium, on the
other hand, is known for its high quality
and rare diamonds. An appreciation of
wholesaling activity within their regular

operations and take on more retail outlets
as buyers. While the retail sector has been
struggling with intense competition over
the past five years, it has been a growing
market segment for the Jewelry
Manufacturing industry. IBISWorld
estimates retailers have increased as a
market during the past five years.
Industry trade balance

20
0
$ billion
Total $8.5bn
99%
-20
-40
-60
Year 07
Exports
09
11
Imports
13
15
17
19
21
Balance
the dollar has also encouraged imports.

The trade-weighted index (TWI), which
measures the value of the dollar against
the United States major trading partners,
WWW.IBISWORLD.COM
Products & Markets
International Trade
continued
has increased at an annualized rate of

3.7% over the past five years. However,
that does not tell the whole story related
to exchange rate dynamics and their
consequences for industry revenue. For
example, the Indian Rupee has
depreciated 17.3% against the US dollar,
between 2009 and 2014, making imports
from India significantly less expensive for
domestic consumers. Likewise, the Euro
has depreciated 1.1% against the dollar,
between 2009 and 2014, having a similar
impact on the price of foreign goods for
domestic consumers. Over the next five
years, IBISWorld expects industry
imports to follow a similar trend,
increasing at an annualized rate of 4.1%
to reach $48.4 billion by the end of 2020.
Exports
Exports have emerged as an important
market segment for this industry. The
data sourced from the Annual Survey of
Manufacturers (ASM) and the United
States International Trade Commission
Exports To...
(USITC) indicates that export values

exceeded industry revenue between 2010
and 2013. While a mathamtical anamoly,
it may be so because of significant
volatility in prices, which altered the final
revenue received by traders from the
time that it was recorded by USITC and
ASM. Additionally, re-exporting of
semi-finished and finished imported
products to other countries could also be
an explanation for why export values
exceed industry revenue.
Nonetheless, according to IBISWorld
analysis, industry exports have declined
at an annualized rate of 2.0% over the
past five years. Exports are expected to
total $8.4 billion in 2014, accounting for
99.0% of industry revenue. Major export
destinations for US manufacturers
include Hong Kong (25.3%), Mexico
(6.7%), Canada (6.4%) and Switzerland
(4.9%). Other countries account for the
remaining 56.7% of industry exports. US
manufactured jewelry is in high demand
on the international market because of
Imports From...
8.8%
Belgium
6.4%
Canada
4.9%
28.1%
11.1%
Switzerland
All others
China
6.7%
Mexico
56.7%
25.3%
Hong Kong
All others
25.9%
Israel
26.1%
India
Year: 2015
Total $8.4bn
SIZE OF CHARTS DOES NOT REPRESENT ACTUAL DATA
Total $39.6bn
SOURCE: USITC
WWW.IBISWORLD.COM
Products & Markets
International Trade
continued
premium brands like Tiffanys, which

command global recognition and respect
because of their high-quality and appeal
as a status symbol. Additionally, US
manufactured fine jewelry gives
customers the peace of mind because of
the perceived surety that it is
manufactured using conflict free raw
materials and contains the stated amount
of precious metals, gem stones and other

items of stated quality. The rise in the
trade-weighted index over the past few
years has harmed industry exports.
IBISWorld expects this trend to continue
as the dollar appreciates further over the
next five years and anticipated that
exports will account for 92.5% of revenue
in 2020, down from 99.0% in 2015.
WWW.IBISWORLD.COM
Products & Markets

Business Locations 2015
West
New
England
AK
0.2
Great
Lakes
WA
ND
MT
1.7
Rocky
Mountains
ID
OR
1.5
West NV
0.4
1.5
SD
0.3
WY
0.5
MN
0.0
0.4
Plains
CO
1.2
KY
0.3
OK
0.2
NC
1.5
TN
AZ
NM
2.0
3.2
Southwest
TX
4.9
HI
1.3
Additional States (as marked on map)

1 VT
2 NH
3 MA
4 RI
5 CT
6 NJ
7 DE
8 MD
0.6
0.5
0.5
2.9
3.2
0.0
SC
Southeast
0.2
MS
AL
0.2
0.3
GA
0.9
0.3
LA
0.8
FL
4.5
Establishments (%)
6.3
0.9
AR
0.0
0.7
13.9
WV VA
1.3
0.3
0.8
CA
West
2.1
MO
KS
2.3
OH
0.6
2.7
3.0
IN
IL
0.3
UT
PA
1.5
0.4
0.8
1 2
3
NY
24.9
5 4
MI
1.1
IA
NE
0.0
WI
ME
MidAtlantic
9 DC
0.1
Less than 3%
3% to less than 10%
10% to less than 20%
20% or more
WWW.IBISWORLD.COM
Products & Markets
The Mid-Atlantic region

The Mid-Atlantic region accounts for an
estimated 31.8% of all industry locations.
The region dominates every product
segment except costume jewelry and
novelty manufacturing. The regions
dominance stems largely from New York,
which is home to 24.9% of all US jewelry
manufacturing locations. Industry leader
Tiffanys is based out of New York City
and has several manufacturing facilities
around the region.
The West region
Next, the West region accounts for an
estimated 19.0% of all industry locations.
Distribution of establishments vs. population

40
30
20
10
Southwest
Southeast
Plains
New England
Rocky Mountains
Establishments
Mid-Atlantic
Great Lakes
0
West
According to data from the US Census

Bureaus County Business Patterns
report, this industrys most concentrated
regions by number of establishments
include the Mid-Atlantic, West and New
England regions. Together, these areas
account for 62.7% of total industry
establishments. By locating in these
regions, manufacturers are closer to the
majority of their clients (wholesalers),
reduce transportation costs, improve
delivery times and service response rates.
These regions are also closer to
international trade ports, which play a
vital role in this industry. The vast
majority of jewelry items are exported
and imported at least once during various
stages of production. Manufacturers are
also located in states that have the
highest per capita income because
people with high disposable incomes
generally purchase more jewelry and
silverware. New England, the West and
the Mid-Atlantic are expected to be the
regions with the highest median
household incomes, parallel to the
spread of industry establishments.
Nonetheless, they are closely followed by
the Southeast, Southwest and Great
Lakes, which are expected to account for
10.9%, 10.3% and 8.0% of industry
revenue, respectively.
Business Locations
Population
California (13.9% of all industry

establishments) ranks second behind
New York as the most densely
concentrated state by share of industry
establishments. Widespread access to
ports along that states ample Pacific
coastline helps it garner such a high
share of industry activity. California leads
the nation in its share of silverware and
hollowware manufacturing.
The New England region
The New England region accounts for
an estimated 11.9% of all industry
locations. The region dominates the
costume jewelry and novelty product
segment with almost one-quarter of all
related locations. The region also
ranks second by share of
establishments for jewelers material
and lapidary work manufacturing.
Rhode Island registers 6.3% of industry
establishments despite its small size
(contains only 0.3% of the US
population), due largely due Tiffanys
locating some of its manufacturing
facilities in that state. Massachusetts also
contributes to this regions third-place
ranking by share of establishments.
WWW.IBISWORLD.COM
21
Competitive Landscape
Market Share Concentration | Key Success Factors | Cost Structure Benchmarks

Basis of Competition | Barriers to Entry | Industry Globalization
Market Share
Concentration
Level
Concentration
in
this industry is L ow
Key Success Factors

IBISWorld
identifies
250 Key Success
Factors for a
business. The most
important for this
industry are:
Market share refers to the percentage of

single firm revenue derived from
jewelry manufactured in the United
States and excludes US revenue from
jewelry produced in overseas factories.
As such, IBISWorld estimates that
Tiffanys, the industrys largest
enterprise, accounts for about one-third
of industry revenue, indicating a low
level of industry concentration. The
concentration level remains low as US
firms divert manufacturing offshore
and focus local operations on
distribution and marketing.
characterized by a large number of small
operators. As a result of this low
concentration, the industry is highly price
competitive, and local firms compete with

low-priced Asian imports. According to
data from the US Census Bureaus Survey
of US Businesses, small firms dominate
this industry. Nearly 80.0% of operators
employ fewer than 10 people, and only
one employs more than 1,000. Market
share concentration is forecast to
increase as company numbers continue
to dwindle due to external competition
and ongoing consolidation. As weaker
firms continue to struggle with overseas
competition, rising input costs and the
pricing power of the largest US
companies, they will become acquisition
targets for larger players looking to
expand their geographical distribution
and marketing capabilities.
Having an extensive distribution/

collection network
Established links and contracts with
retailers and distributors are an
important factor in sales.
Ability to pass on cost increases

Passing on price increases in the cost of
raw materials to clients ensures
profitability is maintained.
Access to niche markets

Niche markets can provide profit for the
expertise in design skills that a company
may have in a particular field.
Management of seasonal production
Jewelry can be a seasonal purchase, so
supply control over peak demand periods
is vital for success.
Cost Structure
Benchmarks
Costs presented in this discussion are

industry averages. Cost structures vary
widely among industry players depending
on their size, production scales, access to
production inputs, use of technology and
capital investment. Large companies can
vertically integrate, taking on more
marketing and distribution activities. By
expanding their economies of scope,
these players can spread costs over a
Effective quality control

Quality checks and standards for
manufactured products protect the
reputation of the company.
Access to highly skilled workforce
A highly skilled workforce is essential to
producing good designs that facilitate
product differentiation and promote
quality attributes.
larger base, reducing per unit costs. The

following segmentations are based on
data from the US Census Bureaus 2013
Annual Survey of Manufacturers (ASM)
and the 2012 US Census.
Profit
IBISWorld estimates that industry profit
(defined as earnings before interest and
taxes) accounts for nearly 4.8% of the
WWW.IBISWORLD.COM
22
average jewelry manufacturers revenue.

The industry is highly competitive with a
high level of imports and low market
concentration. As this industry has
struggled with competition from lowpriced imports, jewelers have been forced
to mark down their prices, therefore
receiving lower returns on their products.
At the same time, the cost of gold has
been rising an average of 0.2% per year
during the past five years. The
combination of high purchase costs
mixed with downward pricing pressure
has led firms to lay off employees to
reduce wage costs and salvage profit.
According to RMA data, the strategy has
been effective, and profit has increased
steadily since 2010.
Purchases
About half (48.9%) of an average firms
revenue, purchases consistently form the
largest industry expense. Purchases
include precious metals and stones such

as platinum, gold, diamonds and pearls.
The skyrocketing price of gold has
negatively affected the industry. Due to
already declining downstream demand,
manufacturers have found it difficult to
pass on cost increases to downstream
industries (e.g. jewelry wholesalers and
retailers). Meanwhile, cheaper imports
have increased price-based competition
and sent more poorly performing firms
out of business.
Wages
Wages and salaries have consistently
declined as a share of an average jewelry
manufacturers cost structure during the
past five years. Jewelry manufacturing is
a labor-intensive industry due to its
high-skilled nature. High wage costs
result from the experience in designing
and manufacturing jewelry required by
employees, as there are a limited number
Sector vs. Industry Costs

Average Costs of
all Industries in
sector (2015)
Industry Costs
(2015)
7.0
10.8
4.8
12.6
100
n Profit
n Wages
n Purchases
n Depreciation
n Marketing
n Rent & Utilities
n Other
80
Percentage of revenue
Cost Structure
Benchmarks
continued
60
48.9
56.6
40
1.0
20
2.5
2.8
19.4
1.0
1.7
1.1
29.9
0
WWW.IBISWORLD.COM
23
Cost Structure
Benchmarks
continued
of jewelers with the appropriate

experience. Also, the delicate nature and
labor-intensiveness of assembling
gemstones and diamonds contributes to
high wage costs. As mentioned, operators
have sought to reduce wages costs in light
of soaring purchase costs, heightened
import competition and weak
downstream demand. Wages are expected
to fall at an annualized rate of 1.8% and
total an estimated $1.1 billion during the
five years to 2015.
Depreciation, rent, utilities,
marketing and other costs
Depreciation is consistently a small part
of industry costs compared to labor.
Depreciation costs invariably fluctuate
among operators depending on their size
and number of assets involved.
Depreciable assets include buildings,
storage equipment, machinery for
producing jewelry and computer
systems. Next, creating a brand is an
important part of running a successful
Basis of Competition
Level & Trend
ompetition
C
in this
industry is H
ighand
the trend is S
teady
The Jewelry Manufacturing industry is a

highly competitive industry due to the
low barriers to entry and large number of
firms competing with each other. Firms
within this industry spend large sums on
advertising and store displays to
differentiate themselves from their
competitors. According to its latest
annual report, major player Tiffany & Co.
spent $247.4 million on advertising in
2013, representing nearly 6.1% of net
sales. There is little product
differentiation between firms in the
industry. Competition within the industry
is increasing as the industry faces tougher
competition from the overseas imports.
Internal competition
highly price competitive because the
industrys products are homogenous and
business for operators within this

industry. As competition intensifies
along with the growing value of imports,
advertising will become increasingly
important and will likely grow as an
expense. According to Tiffany & Co.s
annual report, A significant amount of
advertising is required to both reinforce
the Brands association with luxury,
sophistication, style and romance, as well
as to market specific products. Tiffany
spent 6.1% of the companys total
revenue on advertising, however, the
average amount spent on advertising for
the industry is 1.1% Rent and utilities
costs have fluctuated between 1.5% and
1.8% of the average firms revenue during
the past five years and is expected to
account for 1.7% in 2015. Lastly, Other
costs relate to general administration
expenses such as communications,
insurance, freight, legal and security
services and employee fringe benefits.
Cumulatively, they are expected to
account for 29.9% of industry revenue.
major clientele demographics are similar.

Price influences the competitive position
of US manufacturers relative to imports.
Machinery can assist in reducing costs
and end-product prices, while the
industry has also increasingly moved
manufacturing offshore to take advantage
of lower labor costs. High precious metal
and stone prices have reduced
manufacturers margins and have led to
price increases. To counter the price
rises, manufacturers hedge their supplies
to limit the risk.
A recognizable name such as Tiffany &
Co. is important in an industry
dominated by products embodying an
exclusivity that may be denoted by brand.
Brand recognition can be achieved
through the provision of quality products
over time and exclusive advertising
exposure. Promotion enhances the ability
WWW.IBISWORLD.COM
24
Basis of Competition
continued
of retailers to compete against other

industry participants.
Jewelry manufacturers compete with
each other on the basis of product
differentiation. They aim to carry a
minimum quantity of the broadest
possible product range. Manufacturers
attain a competitive advantage through
their ability to supply a broad range of
products. This not only satisfies most
consumer tastes but also appeals to a
wide income-earning spectrum and is an
important basis on which to compete
within this industry.
External competition
Competition from imports is very high.
Imports account for the bulk of domestic
demand. Major producers in countries
Barriers to Entry
Level & Trend
arriers to Entry
B
in this industry are

Mediumand S
teady
The level of product differentiation

between players in this industry varies.
Larger players benefit from their
economies of scale and are able to offer
consumers a broader range of
merchandise. High technical skills are
required to provide differentiated
products. The preexistence of
distribution networks between operators
and suppliers may in some cases be
viewed as a barrier to entry. Existing
operators benefit from the relationships
they have built with suppliers over a
period of time. Therefore, establishing
sales and distribution channels and
relationships with new customers is
essential. Some manufacturers have
established their own retail outlets,
including duty-free stores.
Likewise, some manufacturers
benefit from contractual arrangements
with primary source suppliers, which
can create a barrier to entry for
potential firms. Manufacturers are
like Israel, China and India are steadily

replacing domestic production. These
countries have low labor costs that
reduce the overall price of jewelry
pieces. High levels of imports result in
higher competition and, therefore, lower
profit margins for manufacturers.
Additionally, competition from internet
retailers puts price pressures on
manufacturers. These outlets often offer
wholesaler prices directly to consumers.
The ease of access and attractive price
points make internet retailers a threat to
the traditional jewelry supply chain.
While this threat is still relatively small,
it has increased significantly over the
past five years and will continue to put
revenue and profit constraints on
industry participants.
Barriers to Entry checklist

Competition
Concentration
Life Cycle Stage
Capital Intensity
Technology Change
Regulation & Policy
Industry Assistance
High
Low
Decline
Low
Medium
Medium
Low
increasingly hedging their purchases

because of the volatility in precious
metal and stone prices. Also, certain
trademarks and copyrights can exist,
which cover the design of certain
products. Establishing a brand that
generates repeat purchases can be very
expensive. Many companies in this
industry have spent considerable money
on establishing their name. A wellknown brand can maintain high margins
and be more profitable for a company.
WWW.IBISWORLD.COM
25
in
this industry is
Highand the trend
is I ncreasing
International trade is a
major determinant of
an industrys level of
globalization.Exports offer
growth opportunities
for firms. However there
are legal, economic and
political risks associated
with dealing in foreign
countries.Import
competition can bring a
greater risk for companies
as foreign producers satisfy
domestic demand that
local firms would otherwise
supply.
Trade Globalization
200
Going Global: Jewelry Manufacturing 20052015

Global
Export
Jewelry
Manufacturing
150
100
50
0 Local
0
Low labor costs overseas make

outsourcing production attractive to
domestic firms. Outsourcing and offshoring
are expected to continue over the next five
years, while large vertically integrated
jewelers continue to cut costs and focus on
high-value activities domestically. Because
of this factor, jewelry manufacturing is a
highly globalized industry with raw
materials converted into items that are
exported internationally. Most large
operators in this industry have subsidiaries
in foreign markets. These subsidiaries are
manufacturing plants and sales offices.
Import
40
80
120
Imports/Domestic Demand
160
200 Export
Exports/Revenue
Level & Trend

lobalization
G
The Jewelry Manufacturing industry has

a high level of globalization due to
increasing import penetration and the
rising importance of exports. This trend
is expected to continue with further rise
in international trade. Imports account
for 99.8% of domestic demand for the
industry. Additionally, exports have
increased significantly over the past five
years because of international demand
for American-made luxury items. Major
operator Tiffany & Co. earns the
majority of its revenue outside the
United States.
Exports/Revenue
Industry
Globalization
Global
150
2015
100
2005
50
0 Local
0
Import
40
80
120
160
Imports/Domestic Demand
WWW.IBISWORLD.COM
Major Companies
Tiffany & Co. | Other Companies
Major players
(Market share)
71.4%
Other
Tiffany & Co. 28.6%
Player Performance
Tiffany & Co.
Market share: 28.6%
Tiffany & Co. was established in 1837 by

Charles Lewis Tiffany and is a
manufacturer and retailer of fine jewelry,
including diamonds, timepieces and
silver products. The company prides itself
on its sophisticated brand image, which it
created through excellent customer
service and elegant store environments.
The company currently operates 79 US
retail stores and also has operations
throughout the Americas, Asia and
Europe. It employs a total of 12,000
workers worldwide, 5,700 of which are
employed in the United States. Tiffany &
Co.s headquarters is located in New York
City. The companys extensive online
store also reaches customers worldwide.
Tiffany participates in this industry
through its three company-owned
manufacturing facilities in Cumberland,
RI; Mount Vernon, NY; and Lexington,
KY. The company also operates one
leased plant in Pelham, NY. Goods
manufactured in these plants account for

about 60.0% of the companys jewelry
currently sold. The remaining
manufacturing activities are outsourced
to trusted third parties, which allows
Tiffany to reduce the cost of capital
investments. The companys annual
report indicates that the company may
increase the percentage of internally
manufactured jewelry in the future, with
considerations to product quality, gross
margins and access to jewelry-making
skills and technology.
Financial performance
In the five years to fiscal 2016 (year-end
January), IBISWorld expects Tiffanys
industry-relevant revenue to increase at
an annualized rate of 8.3% to $2.4 billion.
Supported by a rebounding economy and
increasing demand for fine jewelry,
especially from consumers in the highest
income quintile, the company recorded
Tiffany & Co. (US manufacturing) - financial performance*

Revenue
($ million)
(% change)
Operating Income
($ million)
(% change)
2010-11
1,625.8
N/C
267.0
N/C
2011-12
1,851.2
13.9
361.1
35.2
2012-13
2,276.5
23.0
418.3
15.8
2013-14
2,418.7
6.2
182.6
-56.3
2014-15
2,549.9
5.4
536.7
193.9
2015-16
2,424.7
-4.9
434.9
-19.0
Year**
*Estimates; **Year-end January

SOURCE: ANNUAL REPORT AND IBISWORLD
WWW.IBISWORLD.COM
Major Companies
Player Performance
continued
strong growth in fiscal 2011 and 2012.

However, the high-end jeweler grappled
with weak demand during the recession.
With low confidence in the economy and
reduced disposable income, many
consumers refrained from making luxury
purchases. Since Tiffanys manufacturing
activity is directly linked to retail sales,
the decline in consumer demand led to a
decline in the companys domestic
production levels. Falling sales volumes

negatively impacted advantages the
company gained through large economies
of scale during the recession, which
meant lower fixed costs per unit of
merchandise. Currently, per-unit fixed
costs are higher and have led to volatile
profit margins, even though overall
profitability has been on an upward
trajectory since 2010.
Other Companies
Aside from Tiffany & Co.s 28.6% share of

the Jewelry Manufacturing industry, a
large number of small operators
constitute the remaining amount. In fact,
IBISWorld estimates that there are
currently 2,215 jewelry manufacturers
operating in the United States, of which
more than half are small businesses with
four or fewer employees that cater to
local demand. Furthermore, only 5.0% of
total industry operators are estimated to
have more than 50 workers. Large retail
jewelers, such as Blue Nile, Signet
Jewelers (brand names include Kay and
Jared) and Zale Corporation (brand
names include Zales and Gordons), do
not manufacture a majority of the
merchandise sold. It is important to note
that these corporations purchase a
majority of their goods in finished form
from a network of trusted manufacturers
who are mostly located in India,
Southeast Asia and Italy.
class rings often involves a high degree of

customization, so the company maintains
product-specific tooling and a library of
school logos and mascots that can be
used repeatedly for specific school
accounts over time. In addition to its
class ring offerings, Jostens designs,
manufactures, markets and sells
championship rings for professional
sports and affinity rings for specialty
markets. In 2015, Jostens industryspecific revenue is expected to total an
estimated $296.6 million, giving it a
market share of 3.5%.
Jostens
Estimated market share: 3.5%

Owned by a string of holding companies,
Jostens operates in the industry through
its manufacture of class rings and jewelry
products. Founded in 1897 and based out
of Bloomington, MN, the company
operates 13 retail locations across the
United States. The company purchases
substantially all precious, semiprecious
and synthetic stones from a single
supplier located in Germany. Producing
The Richline Group
Estimated market share: N/A

The Richline Group, formed in 2007 from
the merger of Bel-Oro International and
Aurafin LLC, is a leading manufacturer
and importer of fine and gold jewelry in
the United States. Headquartered in
Mt. Vernon, NY, the company
manufactures and distributes
necklaces, bracelets, earrings, charms,
pendants and rings under various
brand names: Alarama, Andin, Aurafin,
AuraGem, Bel-Oro, Michael Anthony,
Sadelli and Tru-Kay. Goods are then sold to
wholesalers and retailers, such as
independent and guild jewelers, department
stores, TV and electronic shopping networks
and mass merchandisers.
Since Berkshire Hathaway owns the
company, financial data is limited.
However, IBISWorld estimates that the
WWW.IBISWORLD.COM
Major Companies
Other Companies
continued
company has experienced strong revenue

growth over the past five years through
numerous acquisitions. In 2011 alone, the
Richline Group acquired Italian jeweler
Rosato and Canadian jeweler Finecraft

Fine Jewellery of Toronto. In 2015, the
company is estimated to generate roughly
$72.1 million in consolidated revenue.
WWW.IBISWORLD.COM
Operating Conditions
Capital Intensity | Technology & Systems | Revenue Volatility

Regulation & Policy | Industry Assistance
Capital Intensity
Level
The level
of capital
intensity is L ow
IBISWorld analysis reveals that the

Jewelry Manufacturing industry exhibits
a low level of capital intensity, which
reflects the importance of manual labor
over the need for automation machinery.
For every dollar spent on wages,
industry operators spend $0.08 cents in
capital investment. The industry
requires craftsmen, laborers and
apprentices for the assembly and design
of jewelry. A skilled workforce is
required to perform time-consuming,
labor-intensive activities, such as the
intricate assembly of jewelry. The
Jewelry Manufacturing industry also
consists of many small- to medium-size
firms that cater to specific client needs.
These privately owned small businesses
are often more labor intensive, allowing
Capital intensity
Capital units per labor unit

0.5
0.4
0.3
0.2
0.1
0.0
Economy
Manufacturing
Jewelry
Manufacturing
Dotted line shows a high level of capital intensity

them to be flexible in serving client

needs. At the same time, the industry
strives to implement technology that
Tools of the Trade: Growth Strategies for Success

Investment Economy
Recreation, Personal Services,

Health and Education. Firms
benefit from personal wealth so
stable macroeconomic conditions
are imperative. Brand awareness
and niche labor skills are key to
product differentiation.
Information, Communications,
Mining, Finance and Real
Estate. To increase revenue
firms need superior debt
management, a stable
macroeconomic environment
and a sound investment plan.
Jewelry Stores
Traditional Service Economy

Wholesale and Retail. Reliant
on labor rather than capital to
sell goods. Functions cannot
be outsourced therefore firms
must use new technology
or improve staff training to
increase revenue growth.
Capital Intensive
Labor Intensive
New Age Economy
Mineral Product Manufacturing

Jewelry & Watch Wholesaling
Jewelry Manufacturing
Leather Good & Luggage Manufacturing
Gold & Silver Ore Mining
Change in Share of the Economy
Old Economy
Agriculture and Manufacturing.
Traded goods can be produced
using cheap labor abroad.
To expand firms must merge
or acquire others to exploit
economies of scale, or specialize
in niche, high-value products.
WWW.IBISWORLD.COM
Capital Intensity
continued
reduces labor costs, which will increase

capital intensity. As employment levels
fall and wages are reduced accordingly,
Technology & Systems In this industry new technologies are

Level
The level
of
Technology Change
is M
edium
Revenue Volatility
Level
The level
of
Volatility is M
edium
capital intensity will likely rise as more

machinery is put in place to offset
reduced employee head counts.
applied in developing new products and

new systems to manufacture products.
New technologies can render existing
products obsolete in a short period of
time. For example, advances in
computer-aided design (CAD) and
computer-aided machining (CAM) have
enabled jewelry designers to develop new
products by reducing material waste and
speeding up the design process. This
technology gives manufacturers a large
competitive advantage over others who
do not use it.
Since its inception in the 1980s, CAD
has become more user friendly and
artisan intuitive. Similarly, small-shop,
multi-axis CAM systems allow more
jewelers to experience the technologys
potential and create innovative,
contemporary designs. Jewelers utilizing
CAD and CAM can make it easier, faster,
and more efficient than without. CAD
software prices have come down over
the years to the point where the
investment warrants only slight
consideration. Prices range from about
$850 for an entry-level program to more
than $7,000 for a system that combines
software with subscription-based
services such as tech support, training,
and regular upgrades.
Manufacturers are increasingly using

computer-aided design to develop new
product innovations and modifications.
They use computerized information
systems to service customers, process
orders, and control inventory. Electronic
data interchange (EDI) is also used to
service customers. In the past, shipments
to stores were made in several bulk
shipments prior to the main selling
seasons, and during the selling seasons a
number of small fill-in shipments were
made. With EDI, however, companies
now make smaller bulk shipments just
prior to the primary selling seasons and
many subsequent fill-in shipments
during these seasons.
The types of materials used as inputs
to the manufacturing process are also
changing. For example, natural diamonds
can undergo a process to improve the
color of the diamond without reducing its
all-natural content. The process is
permanent and irreversible and it does
not involve treatments such as
irradiation, laser drilling, surface coating
or fracture filling. Colored stones are
increasingly being made using artificial
processes. These synthetic stones are
reducing material costs and providing
consumers with high quality jewelry at
affordable prices.
The volatility score is calculated as the

average of the absolute differences in
the year-on-year revenue growth rate.
sensitive to changes in consumer
jewelry purchasing patterns and
household expenditure. The US
economy experienced a long period of
expansion until the recent recession in

2008 and 2009. Revenue is also
sensitive to the price of inputs, but this
factor is weathered by the increasing
level of production outsourcing and
cost-cutting strategies in other areas
such as wages. Revenue within the past
five years has fallen by as much as 9.7%
WWW.IBISWORLD.COM
in 2012 but has also increased by 17.3%

in 2010. Because of this, IBISWorld
analysis reveals the industry exhibits a
moderate to high level of volatility, with
A higher level of revenue
volatility implies greater
industry risk. Volatility can
negatively affect long-term
strategic decisions, such as
the time frame for capital
investment.
When a firm makes poor
investment decisions it
may face underutilized
capacity if demand
suddenly falls, or capacity
constraints if it rises
quickly.
losses during and after the recessionary

period mostly offset by subsequent
gains as the economic conditions
started improving.
Volatility vs Growth
1000
Revenue volatility* (%)
Revenue Volatility
continued
Hazardous
Rollercoaster
100
Jewelry Manufacturing
10
1
0.1
Stagnant
30
10
Blue Chip
10
30
50
70
Five year annualized revenue growth (%)

* Axis is in logarithmic scale
Regulation & Policy

Level & Trend
he level of
T
Regulation is
Mediumand the
trend is S
teady
Companies are subject to federal, state

and local environmental, health and
safety laws and regulations that impose
workplace standards and limitations on
the discharge of pollutants into the
environment. Laws are established to
regulate standards for the handling,
generation, emission, release, discharge,
treatment, storage and disposal of
certain materials, substances and
wastes. Facilities in this industry are
subject to extensive environmental
legislation and regulations affecting the
discharge of waste.
Financial Crimes Enforcements
Network (FinCEN) enforces the industry
to comply with the money laundering
activities. This includes incorporating
policies, procedures, and internal
controls based upon the assessment of
the money laundering and terrorist
financing risks associated with line of
business, designation of a compliance
officer, providing on-going education
and training of personnel and
independent testing to monitor and

maintain an adequate program. Apart
from this, the Clean Diamond Trade Act
is designed to prohibit the import of
conflict diamonds, those that are
mined in African nations that help to
fund human rights abuses. This
legislation was passed in Congress on
April 10, 2003.
Companies within this industry group
are required to comply with
environmental laws and regulations, such
as The Clean Air Act. The US Nuclear
Regulatory Commission has established
regulations governing the operation of
nuclear reactors and the storage of
radioactive material. This is because
nuclear reactors are used to irradiate
clear topaz stones. Imports into the
United States are affected by import
duties, quotas and tariffs and are
collected by the US Customs Service.
Companies are also subject to
occupational health and safety, wage,
overtime and other employment laws.
WWW.IBISWORLD.COM
Industry Assistance
Level & Trend
he level of
T
Industry Assistance
is L owand the
trend is S
teady
The rates for key tariffs refer to the 2008

NTR rate, i.e. the normal trade-relations
rate. It is worth noting that rates may
differ greatly once trade is categorized by
a non-NTR nation. Rates range from
0.0% to 10.5% of the value of the piece.
A number of associations and groups
assist and support operators within this
industry. Manufacturing Jewelers and
Suppliers of America, Inc (MJSA)
represents the interests of those who are
connected to the manufacturing or sale
of jewelry. MJSA lobbies the
government on behalf of members as
well as keeps members informed and
conducts training. The Gemological
Institute of America (GIA) was
established in 1931 and is a nonprofit
institute of gemological research and
learning. GIA is also the creator of the

4Cs of diamond value (color, clarity, cut
and carat weight). A number of
informational resources, such as
Ganoskin, are also available to jewelers.
Other associations in the jewelry
industry include the American Gem
Society, American Gem Trade
Association, Jewelers of America, The
Jewelers Board of Trade, Jewelry Design
Professionals Network, Jewelry
Information Center and the Jewelers
Security Alliance. The Jewelers Vigilance
Committee, Society of American
Silversmiths, Society of North American
Goldsmiths, Womens Jewelry
Association and World Jewelry
Confederation (CIBJO) are also relevant
industry associations.
WWW.IBISWORLD.COM
33
Key Statistics
Industry Data
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Sector Rank
Economy Rank
Industry
Value Added
($m)
2,243.6
2,137.7
1,853.8
1,478.9
1,695.1
1,635.0
1,551.1
1,587.5
1,607.7
1,563.1
1,562.0
1,561.7
1,548.3
1,547.3
1,547.4
177/407
823/1370
Establishments
2,773
2,695
2,501
2,400
2,266
2,198
2,119
2,134
2,253
2,229
2,150
2,168
2,284
2,342
2,350
55/407
715/1370
Exports
Enterprises Employment
($m)
2,747
39,739
9,736.2
2,672
37,373
11,839.5
2,484
32,437
12,579.4
2,382
27,829
7,753.8
2,252
26,045
9,296.6
2,184
25,843
10,129.5
2,108
24,436
9,747.7
2,122
25,010
8,629.2
2,239
26,655
8,465.4
2,215
26,027
8,389.3
2,138
25,063
8,095.6
2,155
25,318
7,877.5
2,269
26,986
7,801.7
2,326
27,750
8,053.7
2,334
27,906
8,276.0
52/407
133/407
38/375
636/1370
749/1370
46/430
Imports
($m)
36,422.5
37,641.1
36,382.3
26,197.9
34,459.5
39,869.3
36,213.8
40,570.9
40,703.7
39,581.3
39,940.1
42,177.5
44,420.8
46,647.0
48,395.4
13/375
15/430
Wages
($m)
1,653.5
1,571.5
1,378.0
1,142.6
1,172.2
1,148.8
1,128.5
1,129.2
1,118.5
1,070.8
1,064.9
1,074.5
1,072.0
1,079.2
1,081.8
157/407
773/1370
Domestic
Demand
38,080.8
36,846.8
33,716.5
26,264.8
34,335.9
38,744.0
34,592.2
40,275.1
40,789.2
39,666.0
39,992.0
42,611.1
45,323.0
47,501.6
49,066.1
56/375
64/430
World price of gold

per troy ounce
($)
604.7
696.9
872.5
972.1
1,225.5
1,569.6
1,668.5
1,410.8
1,266.3
1,240.1
1,270.1
1,320.2
1,330.2
1,340.3
1,349.6
N/A
N/A
Industry
Revenue Value Added
(%)
(%)
-3.1
-4.7
-10.2
-13.3
-21.1
-20.2
17.3
14.6
-1.8
-3.5
-9.8
-5.1
2.6
2.3
2.6
1.3
-0.9
-2.8
-3.9
-0.1
2.0
0.0
4.7
-0.9
2.3
-0.1
0.4
0.0
339/407
362/407
1196/1370 1243/1370
Establishments
(%)
-2.8
-7.2
-4.0
-5.6
-3.0
-3.6
0.7
5.6
-1.1
-3.5
0.8
5.4
2.5
0.3
323/407
1154/1370
Enterprises Employment
(%)
(%)
-2.7
-6.0
-7.0
-13.2
-4.1
-14.2
-5.5
-6.4
-3.0
-0.8
-3.5
-5.4
0.7
2.3
5.5
6.6
-1.1
-2.4
-3.5
-3.7
0.8
1.0
5.3
6.6
2.5
2.8
0.3
0.6
324/407
367/407
1137/1370 1269/1370
Imports
(%)
3.3
-3.3
-28.0
31.5
15.7
-9.2
12.0
0.3
-2.8
0.9
5.6
5.3
5.0
3.7
336/375
380/430
Wages
(%)
-5.0
-12.3
-17.1
2.6
-2.0
-1.8
0.1
-0.9
-4.3
-0.6
0.9
-0.2
0.7
0.2
384/407
1304/1370
Domestic
Demand
(%)
-3.2
-8.5
-22.1
30.7
12.8
-10.7
16.4
1.3
-2.8
0.8
6.5
6.4
4.8
3.3
346/375
390/430
World price of gold

per troy ounce
(%)
15.2
25.2
11.4
26.1
28.1
6.3
-15.4
-10.2
-2.1
2.4
3.9
0.8
0.8
0.7
N/A
N/A
Revenue
($m)
11,394.5
11,045.2
9,913.6
7,820.7
9,173.0
9,004.2
8,126.1
8,333.4
8,550.9
8,474.0
8,147.5
8,311.1
8,703.9
8,908.3
8,946.7
157/407
693/1370
Annual Change
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Sector Rank
Economy Rank
Key Ratios
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Sector Rank
Economy Rank
IVA/Revenue
(%)
19.69
19.35
18.70
18.91
18.48
18.16
19.09
19.05
18.80
18.45
19.17
18.79
17.79
17.37
17.30
315/407
1099/1370
Imports/
Demand
(%)
95.65
102.16
107.91
99.75
100.36
102.90
104.69
100.73
99.79
99.79
99.87
98.98
98.01
98.20
98.63
4/375
4/430
Exports/
Revenue
(%)
85.45
107.19
126.89
99.14
101.35
112.50
119.96
103.55
99.00
99.00
99.36
94.78
89.63
90.41
92.50
4/375
4/430
Figures are in inflation-adjusted 2015 dollars. Rank refers to 2015 data.
Revenue per
Employee
($000)
286.73
295.54
305.63
281.03
352.20
348.42
332.55
333.20
320.80
325.58
325.08
328.27
322.53
321.02
320.60
264/407
566/1370
Exports
(%)
21.6
6.2
-38.4
19.9
9.0
-3.8
-11.5
-1.9
-0.9
-3.5
-2.7
-1.0
3.2
2.8
254/375
293/430
Wages/Revenue
(%)
14.51
14.23
13.90
14.61
12.78
12.76
13.89
13.55
13.08
12.64
13.07
12.93
12.32
12.11
12.09
232/407
939/1370
Employees
per Est.
14.33
13.87
12.97
11.60
11.49
11.76
11.53
11.72
11.83
11.68
11.66
11.68
11.82
11.85
11.87
368/407
730/1370
Average Wage
($)
41,609.00
42,049.07
42,482.35
41,057.89
45,006.72
44,453.04
46,181.86
45,149.94
41,962.11
41,141.89
42,488.93
42,440.16
39,724.30
38,890.09
38,765.86
339/407
877/1370
Share of the
Economy
(%)
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
177/407
823/1370
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Jargon & Glossary
Industry Jargon
ALLOYA mixture containing two or more elements that

dissolve into each other when molten.
BRIDAL SETSA set of rings that includes an
engagement ring and a matching wedding ring or band.
LAPIDARYA precious metal worker whose skills involve

cutting and engraving; also, any work involving precious
metal cutting or engraving.
COSTUME JEWELRYJewelry that is made of less

precious stones and metals, therefore having a lower
price point.
IBISWorld Glossary
BARRIERS TO ENTRYHigh barriers to entry mean that

new companies struggle to enter an industry, while low
barriers mean it is easy for new companies to enter an
industry.
CAPITAL INTENSITY Compares the amount of money
spent on capital (plant, machinery and equipment) with
that spent on labor. IBISWorld uses the ratio of
depreciation to wages as a proxy for capital intensity.
High capital intensity is more than $0.333 of capital to
$1 of labor; medium is $0.125 to $0.333 of capital to $1
of labor; low is less than $0.125 of capital for every $1 of
labor.
CONSTANT PRICESThe dollar figures in the Key
Statistics table, including forecasts, are adjusted for
inflation using the current year (i.e. year published) as
the base year. This removes the impact of changes in
the purchasing power of the dollar, leaving only the
real growth or decline in industry metrics. The inflation
adjustments in IBISWorlds reports are made using the
US Bureau of Economic Analysis implicit GDP price
deflator.
DOMESTIC DEMANDSpending on industry goods and
services within the United States, regardless of their
country of origin. It is derived by adding imports to
industry revenue, and then subtracting exports.
EMPLOYMENTThe number of permanent, part-time,
temporary and seasonal employees, working proprietors,
partners, managers and executives within the industry.
ENTERPRISE A division that is separately managed
and keeps management accounts. Each enterprise
consists of one or more establishments that are under
common ownership or control.
ESTABLISHMENTThe smallest type of accounting unit
within an enterprise, an establishment is a single
physical location where business is conducted or where
services or industrial operations are performed. Multiple
establishments under common control make up an
enterprise.
EXPORTSTotal value of industry goods and services sold
by US companies to customers abroad.
IMPORTS Total value of industry goods and services
brought in from foreign countries to be sold in the
United States.
INDUSTRY CONCENTRATIONAn indicator of the

dominance of the top four players in an industry.
Concentration is considered high if the top players
account for more than 70% of industry revenue.
Medium is 40% to 70% of industry revenue. Low is less
than 40%.
INDUSTRY REVENUEThe total sales of industry goods
and services (exclusive of excise and sales tax); subsidies
on production; all other operating income from outside
the firm (such as commission income, repair and service
income, and rent, leasing and hiring income); and
capital work done by rental or lease. Receipts from
interest royalties, dividends and the sale of fixed
tangible assets are excluded.
INDUSTRY VALUE ADDED (IVA)The market value of
goods and services produced by the industry minus the
cost of goods and services used in production. IVA is
also described as the industrys contribution to GDP, or
profit plus wages and depreciation.
INTERNATIONAL TRADEThe level of international
trade is determined by ratios of exports to revenue and
imports to domestic demand. For exports/revenue: low is
less than 5%, medium is 5% to 20%, and high is more
than 20%. Imports/domestic demand: low is less than
5%, medium is 5% to 35%, and high is more than
35%.
LIFE CYCLEAll industries go through periods of growth,
maturity and decline. IBISWorld determines an
industrys life cycle by considering its growth rate
(measured by IVA) compared with GDP; the growth rate
of the number of establishments; the amount of change
the industrys products are undergoing; the rate of
technological change; and the level of customer
acceptance of industry products and services.
NONEMPLOYING ESTABLISHMENT Businesses with
no paid employment or payroll, also known as
nonemployers. These are mostly set up by self-employed
individuals.
PROFITIBISWorld uses earnings before interest and tax
(EBIT) as an indicator of a companys profitability. It is
calculated as revenue minus expenses, excluding
interest and tax.
WWW.IBISWORLD.COM
Jargon & Glossary
IBISWorld Glossary
continued
VOLATILITYThe level of volatility is determined by

averaging the absolute change in revenue in each of the
past five years. Volatility levels: very high is more than
20%; high volatility is 10% to 20%; moderate
volatility is 3% to 10%; and low volatility is less than
3%.
WAGESThe gross total wages and salaries of all

employees in the industry. The cost of benefits is also
included in this figure.
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Jewelry Manufacturing in The US Industry Report

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Jewelry Manufacturing in the USJune 2015 1

Gold washed: Rising import penetration and

IBISWorld Industry Report 33991

Jewelry Manufacturing in the US

2 About this Industry

21 Market Share Concentration

21 Key Success Factors

34 Jargon & Glossary

21 Cost Structure Benchmarks

Key External Drivers

26 Tiffany & Co.

11 Industry Life Cycle

30 Technology & Systems

13 Products & Services

31 Regulation & Policy

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Jewelry Manufacturing in the USJune 2015 2

About this Industry

Operators in this industry manufacture

The primary activities of this industry are

(artisans that form stones, minerals

The major products and services in this industry are

31691 Leather Good & Luggage Manufacturing in the US

Jewelry Manufacturing in the USJune 2015 3

About this Industry

For additional information on this industry

writes over 700 US

Jewelry Manufacturing in the US June 2015

Annual Growth 10-15

Annual Growth 15-20

Demand from jewelry stores

Revenue vs. employment growth

Tiffany & Co.

Products and services segmentation (2015)

Key External Drivers

Demand from jewelry

Precious and semi-precious

Precious metal jewelry

World price of gold

Jewelers' materials and

Life Cycle Stage

Jewelry Manufacturing in the USJune 2015 5

Executive Summary | Key External Drivers | Current Performance

The Jewelry Manufacturing industry is

The world price of gold exhibited

Consequently, the price of gold experienced

Demand from jewelry and

Demand from jewelry stores

prices of input materials and rising

Key External Drivers

Jewelry Manufacturing in the USJune 2015 6

rapidly. The Jewelry Stores is expected to

Subsequently, manufacturing demand falls

Demand from jewelry stores

$ per troy ounce

Key External Drivers

Jewelry Manufacturing in the USJune 2015 7

After almost a decade of decline, revenue

Following the financial meltdown in the

especially gold and silver, which has

Jewelry Manufacturing in the USJune 2015 8

There is significant import penetration in

Jewelry Manufacturing in the USJune 2015 9