SIC 3911 Jewelry, Precious Metal

Contenidos

• NAICS CODE(S).
• FURTHER READING.

SIC 3911

This category encompasses those establishments primarily engaged in manufacturing jewelry and other articles worn on or carried about the person, made of precious metals such as platinum, gold, and silver (including base metals clad or rolled with precious metals), with or without stones. In addition to personal jewelry, products of this industry include cigarette cases and lighters; vanity cases and compacts; trimmings for umbrellas and canes; and jewel settings and mountings. Establishments primarily engaged in manufacturing costume jewelry from non-precious metals and other materials are classified in SIC 3961: Costume Jewelry and Costume Novelties, Except Precious Metal.

NAICS CODE(S)

339911

Jewelry (Including Precious Metal) Manufacturing

The precious metal jewelry industry encompasses retailers, wholesalers, manufacturers, and suppliers, including lapidaries, refiners, stone dealers, findings manufacturers (manufacturers of the small parts used in making jewelry, such as clasps and other items), and subcontractors who provide services such as polishing and electroplating. Manufacturing firms in the precious metal jewelry industry tend to be small establishments and are concentrated in the New York City area. The industry's major expenses are the costs of raw materials and highly skilled workers.

The demand for jewelry is largely affected by the amount of disposable income people have. Therefore, the increasing number of affluent individuals, working women, double-income households, and fashion-conscious men in the mid-2000s, coupled with renewed confidence in the economy, kept jewelry sales strong. In the early 2000s, the U.S. Department of Commerce identified 1,900 manufacturers of precious metal jewelry in the United States. The industry employed approximately 32,400 people.

The U.S. had 15 percent of the worldwide sales in this category. The value of shipments grew from $5.26 billion in 1998 to $8.62 billion in 2003. In 2004, gold jewelry alone reached $17 billion in retail sales. Online purchases were the largest growth category, with sales doubling between 2003 and 2004.

Two major issues of concern to the precious metal jewelry industry were the 10 percent luxury tax imposed on jewelry sales exceeding $10,000 and environmental regulations related to manufacturing processes. Regulations concerning the removal of toxic levels of metals used in electroplating added financial...