This industry comprises establishments primarily engaged in one or more of the following: (1) manufacturing, engraving, chasing, or etching jewelry; (2) manufacturing metal personal goods (i.e., small articles carried on or about the person, such as compacts or cigarette cases); (3) manufacturing, engraving, chasing, or etching precious metal solid, precious metal clad, or pewter cutlery and flatware; (4) manufacturing, engraving, chasing, or etching personal metal goods (i.e., small articles carried on or about the person, such as compacts or cigarette cases); (5) stamping coins; (6) manufacturing unassembled jewelry parts and stock shop products, such as sheet, wire, and tubing; (7) cutting, slabbing, tumbling, carving, engraving, polishing, or faceting precious or semiprecious stones and gems; (8) recutting, repolishing, and setting gem stones; and (9) drilling, sawing, and peeling cultured and costume pearls.
NAICS 3399, covering Other Miscellaneous Manufacturing, encompasses a wide array of products that do not fit within more specific categories. A recent qualitative trend in this sector is the emphasis on customization and niche product offerings. As consumers increasingly seek unique and personalized products, businesses in this category are focusing on adjusting production processes to meet these demands. Companies are leveraging digital tools and data analytics to refine their understanding of consumer preferences, thus enabling better customization capabilities.
Sustainability and eco-friendliness are also becoming crucial differentiators within this industry. Companies are investing in green manufacturing practices, utilizing sustainable materials, and implementing recycling programs to attract environmentally conscious consumers. This shift is not only a response to consumer demand but also a proactive approach to comply with tightening regulations regarding environmental impact.
The integration of advanced technologies such as automation, 3D printing, and the Internet of Things (IoT) is forecasted to accelerate efficiency and flexibility in production processes. These innovations are expected to reduce costs and production times while enhancing product quality, ultimately enabling manufacturers to keep pace with fluctuating demand and rapidly changing market trends.
Looking towards the near future, the industry is likely to experience increased consolidation as companies seek to expand their capabilities and market reach through mergers and acquisitions. This trend may lead to a more competitive landscape but could also foster innovation and diversification within the sector.
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