RAPAPORT… The future of US manufacturing is the focus of Rapaport
Magazine’s November cover feature, with interviewees from across the
industry lending their views on the matter.
US companies are increasingly sending work to overseas
manufacturers for cost reasons. Reversing that trend requires a multi-pronged
approach, jewelers say.
“Bringing manufacturing back to the United States is
possible, but to see substantial growth in this sector, there must be a
360-degree approach, from government to businesses to consumers,” says Victoria
Tse, founder and CEO of jewelry design house VTse in Pasadena, California.
The US jewelry sector has consistently downsized over the
past six years, according to data from the Jewelers Board of Trade. Domestic
production is in decline, and will continue to fall through 2022, according to
a December 2017 report from IBISWorld.
The cover feature looks at whether and how the nation can
save its jewelry-manufacturing sector. It also addresses the challenges of
producing “Made in the USA” products, and what impact the US-China tariff war might
have.
The November issue of Rapaport Magazine is
available here.
Rapaport Magazine: US Manufacturing
The Bottom Line
- US jewelry manufacturing has been shrinking for six years and is projected to continue declining through 2022.
- Industry leaders emphasize a comprehensive strategy involving government, businesses, and consumers to revive domestic production.
- The impact of the US-China tariff war and the complexities of producing 'Made in the USA' jewelry are key factors in the sector's future.
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