HUB 生产基地 36 | JNA May/June 2025 US jewellery manufacturers are counting on buyers’ inherent desire to celebrate meaningful moments and their emotional connection to jewellery to support growth amid challenging times. 美国珠宝制造商深明消费者与珠宝产生情感联系，借此庆贺重要时刻， 有助在挑战时期推动业务增长。 Cautious optimism pervades US JEWELLERY manufacturing scene 美国珠宝制造业保持谨慎乐观 | Bernardette Sto. Domingo 杜明高 | The US jewellery sector has proven its grit and resilience over the years, braving through several market-moving scenarios such as wars, recessions and pandemics, to name a few. Recently, the US’ status as one of the largest jewellery markets in the world has once again been put to the test. Ongoing geopolitical and macroeconomic woes coupled with current developments like record-high gold prices and US President Donald Trump’s tariffs are taking their toll on the market, gradually chipping away at consumer confidence and overall sentiment. The Tax Foundation, an international research think tank based in Washington DC, said that as of April 10, threatened and imposed counter tariffs affect US$330 billion of US exports. The group warned that if fully imposed, such tariffs would slash US gross domestic product (GDP) by 0.2 per cent. Combined US-imposed and other countries' retaliatory tariffs, meanwhile, could reduce US GDP by 1.0 per cent. According to Deloitte, tariffs will likely raise inflation without increasing domestic production in the near term. Rising prices could dent purchasing power and consumer spending growth next year. "Finally, what is also worrying now is the lack of clarity on the final tariff framework itself. This uncertainty is starting to weigh on consumer and business sentiment," noted the firm. Bracing for tougher times ahead, US-based jewellery manufacturers are adopting a wait-and-see stance, adding that the industry remains stable. This guarded optimism stems from generally favourable fundamentals in the jewellery sector. According to data from the US Bureau of Economic Analysis, the US jewellery market grew 5 per cent to US$85.41 billion in 2024, up from US$81.32 billion in 2023. Jewellery imports were also promising, having reached US$22.75 billion last year, up 10.17 per cent from US$20.65 billion in 2023. Exports, meanwhile, dipped 5.74 per cent to US$13.63 billion from US$14.46 billion in 2023, government data further revealed. Jewellers are also banking on traditionally strong business operations, advanced manufacturing techniques and the inherent allure and value of jewellery to bolster consumer engagement and connections. State of the trade The US jewellery manufacturing sector is on a steady path to recovery, buoyed by stable demand in the customised and upmarket segments.
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