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Jewellery Manufacturing in Canada - Market Research Report (2015-2030)

Samuel Kanda Samuel Kanda New York, United States Last Updated: July 2025 NAICS 33991CA

Revenue

$5.8bn

2025

$7.1bn

Past 5-Year Growth

Profit

$XXX.Xm

Employees

3,639

Businesses

1,297

Wages

$XXX.Xm

Jewellery Manufacturing in Canada industry analysis

Canadian jewellery production has endured significant volatility in recent years. Fluctuating macroeconomic conditions have directly impacted demand for luxury products. Jewellery revenue jumped in 2020 and 2021. During this time, producers benefited from passing on soaring gold and silver prices to buyers, which, combined with higher significant disposable income gains in 2020, largely supported growing revenue. Although input prices largely continued to grow over the following years, weakening macroeconomic conditions, including elevated inflation and slowing global economies, placed downward pressure on revenue for 2022 and 2023. Since 2020, jewellers have largely benefited from higher gold and silver prices, particularly as heightened uncertainty pushes investors to opt for purchases that offer a more secure value guarantee, including precious metals. Overall, these trends have supported revenue growing at an estimated CAGR of 2.3% to $7.1 billion through the end of 2025, including a 5.5% gain that year alone. 

Trends and Insights

  • Jewellery makers are struggling with unpredictable input costs and global supply disruptions. While higher gold and diamond prices boost revenue, they also push up retail prices and can scare off potential buyers.
  • Tariffs from the US Government on Canadian jewellery products that don’t meet USMCA rules of origin will significantly raise export costs. This will force Canadian producers to absorb cost increases or pass them to consumers, making them less competitive in the United States.
  • Ontario is Canada’s main hub for jewellery manufacturing. Access to big urban centers, retail infrastructure and tourist traffic keeps the jewellery industry strong and connected to both local and regional customers.
  • Jewellery is very similar by nature, requiring manufacturers to offer a wide range of styles. This creates a need for having little inventory for multiple pieces.
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Industry Statistics and Trends

Market size and recent performance (2015-2030)

Industry revenue has grown at a CAGR of 6.7 % over the past five years, to reach an estimated $5.8bn in 2025.

Trends and Insights

Current economic uncertainty affects jewellery sales

  • Jewellery products are largely considered to be a luxury purchase because of their often higher prices. The price range of jewellery can vary greatly across product lines based on the materials and processes used during production. High-end pieces made of precious materials, like gold and diamonds, are more expensive, making them highly susceptible to changes in macroeconomic factors like disposable income, inflation and consumer uncertainty.
  • Additional trends and insights available with purchase
Jewellery Manufacturing in Canada
Revenue (2015-2030)
IBISWorld Logo Source: IBISWorld

Industry outlook (2025-2030)

Market size is projected to grow over the next five years.

Trends and Insights

Heightened uncertainty will result in smaller revenue gains

  • Canadians will face some macroeconomic uncertainty over the coming years, largely driven by hostile trade conditions with the United States, Canada's largest trading partner. Elevated tariffs are set to weaken Canadians' disposable income and make them feel uncertain about their financial future, discouraging major purchases. Elevated uncertainty will likely cause consumers to postpone luxury purchases or opt for more affordable, lower quality costume jewellery, resulting in slower revenue gains.

Biggest companies in the Jewellery Manufacturing in Canada

Company
Market Share (%)
2023
Revenue ($m)
2023
Profit ($m)
2023
Profit Margin (%)
2023
Royal Canadian Mint
301.5
3.4
1.1
Beverly Hills Jewellers MFG Ltd.
111.9
1.9
1.7
Spence Diamonds
35.4
0.6
1.7

To view the market share and analysis for all 3 top companies in this industry, view purchase options.

Products & Services Segmentation

Jewellery Manufacturing in Canada
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Products with diamonds, Precious metal jewellery and Minted coins. Products with diamonds is the largest segment of the Jewellery Manufacturing in Canada.

Trends and Insights

Minted coins serve the domestic and foreign markets

  • The Royal Canadian Mint (RCM) produces coinage for more than 85 different nations. The RCM is a leading provider of finished coins and coin blanks to customers worldwide, including central banks, mints, monetary authorities and finance ministries.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

The Jewellery Manufacturing industry in Canada manufactures jewellery or silverware using precious or semiprecious metals and stones. Costume jewellery manufacturers, specialty coin producers and lapidaries, which are artisans who form stones, minerals and other durable materials into decorative items, are also included in this industry.

What's included in this industry?

Products and services covered in the Jewellery Manufacturing industry in Canada include Manufacturing gold jewellery, Manufacturing diamond jewellery, Manufacturing silver jewellery, Manufacturing platinum jewellery, Manufacturing silverware and Manufacturing costume jewellery.

Companies

Companies covered in the Jewellery Manufacturing industry in Canada include Royal Canadian Mint, Beverly Hills Jewellers MFG Ltd. and Spence Diamonds.

Purchase this report to view all 3 major companies in this industry.

Related Terms

Related terms covered in the Jewellery Manufacturing industry in Canada include costume jewellery, bridal sets, alloy and lapidary.

Industry Code

NAICS 2007

NAICS 339910 - Jewellery Manufacturing in Canada

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

Jewellery makers are struggling with unpredictable input costs and global supply disruptions. While higher gold and diamond prices boost revenue, they also push up retail pri...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2015-2024) and forecast (2025-2030)
  • Employees, including historical (2015-2024) and forecast (2025-2030)
  • Businesses, including historical (2015-2024) and forecast (2025-2030)
  • Profit, including historical (2015-2025)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Tariffs from the US Government on Canadian jewellery products that don’t meet USMCA rules of origin will significantly raise export costs. This will force Canadian producers ...

In this chapter

  • Products & Services
  • Major Markets
  • International Trade

Key metrics

  • Largest market segment and value in 2025
  • Product innovation level
  • Total imports, level and trend
  • Total exports, level and trend
  • Trade Balance

Charts

  • Products & services segmentation in 2025
  • Major market segmentation in 2025
  • International trade, including imports by country and exports by country

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services
  • Recent trends in import and export volumes, country of origin or destination, and expected future trends

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

Ontario is Canada’s main hub for jewellery manufacturing. Access to big urban centers, retail infrastructure and tourist traffic keeps the jewellery industry strong and conne...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each province
  • Share of population compared to establishments in each region in 2025

Tables

  • Number and share of establishments in each province in 2025
  • Number and share of revenue each province accounts for in 2025
  • Number and share of wages each province accounts for in 2025
  • Number and share of employees in each province in 2025

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Jewellery is very similar by nature, requiring manufacturers to offer a wide range of styles. This creates a need for having little inventory for multiple pieces.

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2020-2025
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Major companies design new themed collections to appeal to customers. These collections are often in collaboration with artists and athletes.

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2021 through 2025
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2025
  • Overview of Royal Canadian Mint's performance by revenue, market share and profit margin from 2019 through 2025
  • Overview of Beverly Hills Jewellers MFG Ltd.'s performance by revenue, market share and profit margin from 2019 through 2025
  • Overview of Spence Diamonds's performance by revenue, market share and profit margin from 2019 through 2025

Detailed analysis

  • Description and key data for Royal Canadian Mint, and factors influencing its performance in the industry
  • Description and key data for Beverly Hills Jewellers MFG Ltd., and factors influencing its performance in the industry
  • Description and key data for Spence Diamonds, and factors influencing its performance in the industry

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

Gold and silver prices play a big role in jewellery production revenue. When these metal prices go up, companies can charge more, but profit can get squeezed by higher costs.

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2015-2030) 
  • Assistance historical data and forecast (2015-2030) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Jewellery producers are impacted by volatile material costs. With gold and silver prices jumping in recent years, producers are spending more and facing tighter profit, espec...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
  • Investment vs. share of economy

Data tables

  • Liquidity Ratios (2018-2023)
  • Coverage Ratios (2018-2023)
  • Leverage Ratios  (2018-2023)
  • Operating Ratios (2018-2023)
  • Assets (2018-2023)
  • Liabilities (2018-2023)
  • Cash Flow & Debt Service Ratios (2015-2030)
  • Revenue per Employee (2015-2030)
  • Revenue per Enterprise (2015-2030)
  • Employees per Establishment (2015-2030)
  • Employees per Enterprise (2015-2030)
  • Average Wage (2015-2030)
  • Wages/Revenue (2015-2030)
  • Establishments per Enterprise (2015-2030)
  • IVA/Revenue (2015-2030)
  • Imports/Demand (2015-2030)
  • Exports/Revenue (2015-2030)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2015-2030)
  • IVA (2015-2030)
  • Establishments (2015-2030)
  • Enterprises (2015-2030)
  • Employment (2015-2030)
  • Exports (2015-2030)
  • Imports (2015-2030)
  • Wages (2015-2030)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Jewellery Manufacturing industry in Canada in 2025?

The market size of the Jewellery Manufacturing industry in Canada is $5.8bn in 2025.

How many businesses are there in the Jewellery Manufacturing industry in Canada in 2025?

There are 1,297 businesses in the Jewellery Manufacturing industry in Canada, which has grown at a CAGR of 1.6 % between 2020 and 2025.

How may import tariffs affect the Jewellery Manufacturing industry in Canada?

The Jewellery Manufacturing industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.

How may export tariffs affect the Jewellery Manufacturing industry in Canada?

The Jewellery Manufacturing industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.

Has the Jewellery Manufacturing industry in Canada grown or declined over the past 5 years?

The market size of the Jewellery Manufacturing industry in Canada has been growing at a CAGR of 6.7 % between 2020 and 2025.

What is the forecast growth of the Jewellery Manufacturing industry in Canada over the next 5 years?

Over the next five years, the Jewellery Manufacturing industry in Canada is expected to grow.

What are the biggest companies in the Jewellery Manufacturing industry in Canada?

The biggest companies operating in the Jewellery Manufacturing industry in Canada are Royal Canadian Mint, Beverly Hills Jewellers MFG Ltd. and Spence Diamonds

What does the Jewellery Manufacturing industry in Canada include?

Manufacturing gold jewellery and Manufacturing diamond jewellery are part of the Jewellery Manufacturing industry in Canada.

Which companies have the highest market share in the Jewellery Manufacturing industry in Canada?

The company holding the most market share in the Jewellery Manufacturing industry in Canada is Royal Canadian Mint.

How competitive is the Jewellery Manufacturing industry in Canada?

The level of competition is high and increasing in the Jewellery Manufacturing industry in Canada.

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in Canada include:

  • Statistics Canada
  • Industry Canada
  • Canadian Business Patterns

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

Learn more about our methodology and data sourcing on the Help Center.

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