Materials
Fine and fashion jewelry; gold/diamond pieces from India, fashion pieces from China, luxury from Italy.
Why it matters · Precious-metal prices and import tariffs both feed retail jewelry costs.
6
Inputs
14
Companies
0
Facilities
10
Source countries
How it's made
Precious Metal & Rough Sourcing
Refined gold/silver/platinum bullion is sourced from refiners (LBMA Good Delivery), and rough diamonds/gemstones are sourced from miners (De Beers, Alrosa) and traders.
Diamond Cutting & Polishing
Rough stones are planned, sawn, bruted and polished into finished diamonds — an industry overwhelmingly concentrated in Surat, India.
Metal Alloying & Forming
Pure gold is alloyed to karat (14k/18k) and cast (lost-wax), stamped or fabricated into mountings; silver is alloyed to sterling.
Setting & Assembly
Cut stones are set into mountings (prong, pavé, channel); components (clasps, findings) are assembled and soldered.
Finishing & Hallmarking
Pieces are polished, plated (rhodium for white gold), quality-graded, hallmarked/stamped and certified (e.g. GIA grading for center stones).
What it's made of
6 raw inputs feed jewelry. Inputs flagged with ● are critical — without them, production halts.
mineral
●mineral
●mineral
manufactured
manufactured
manufactured
Where it comes from
Weighted share of upstream inputs sourced from each country.
| Country | Weighted share | Inputs supplied to jewelry |
|---|---|---|
| INIndia | 65% | Cut & Polished Diamonds · Lab-Grown Diamonds (CVD/HPHT) |
| CHSwitzerland | 29% | Refined Gold Bullion (Jewelry Grade) · Gold Refining & Assaying (LBMA Good Delivery) · Sterling Silver (Jewelry Grade) |
| MXMexico | 27% | Refined Gold Bullion (Jewelry Grade) · Sterling Silver (Jewelry Grade) |
| ILIsrael | 24% | Cut & Polished Diamonds |
| CACanada | 18% | Refined Gold Bullion (Jewelry Grade) · Sterling Silver (Jewelry Grade) |
| BEBelgium | 9% | Cut & Polished Diamonds · Sterling Silver (Jewelry Grade) |
| KRSouth Korea (Republic of Korea) | 8% | Sterling Silver (Jewelry Grade) |
| COColombia | 7% | Refined Gold Bullion (Jewelry Grade) |
| ZASouth Africa | 6% | Cut & Polished Diamonds · Refined Gold Bullion (Jewelry Grade) |
| KZKazakhstan | 6% | Sterling Silver (Jewelry Grade) |
Shipped finished
Countries that ship finished jewelry directly to the U.S. — distinct from the upstream raw inputs above.
| Country | U.S. imports | Share of U.S. imports |
|---|---|---|
| INIndia | $5.6B | 28% |
| ITItaly | $2.0B | 10% |
| ILIsrael | $1.9B | 9% |
| FRFrance | $1.8B | 9% |
| THThailand | $1.4B | 7% |
| BEBelgium | $1.0B | 5% |
| CNChina | $655M | 3% |
| CACanada | $646M | 3% |
| ZASouth Africa | $554M | 3% |
| CHSwitzerland | $511M | 3% |
Who makes it
14 companies in this supply chain, sorted by market share.
Russian state-controlled diamond miner; ~a third of world rough-diamond output. Sanctioned after 2022; G7 banned Russian diamonds.
Supplies these inputs
Cut & Polished Diamonds
Replaceability
Substitutability 40% · 24 mo to replace
Business segments
Historic dominant rough-diamond miner/marketer; also runs Lightbox lab-grown line. With Russia's Alrosa, anchors global rough-diamond supply.
Supplies these inputs
Cut & Polished Diamonds · Lab-Grown Diamonds (CVD/HPHT)
Replaceability
Substitutability 50% · 12 mo to replace
Business segments
Major Swiss gold refiner (LBMA Good Delivery); part of Heraeus precious metals.
Supplies these inputs
Gold Refining & Assaying (LBMA Good Delivery)
Replaceability
Substitutability 35%
Business segments
US CVD lab-grown gem-diamond and single-crystal-diamond-wafer maker.
Supplies these inputs
Lab-Grown Diamonds (CVD/HPHT)
Replaceability
Substitutability 30% · 9 mo to replace
Business segments
De Beers' synthetic-diamond division; industrial + CVD optical/electronic-grade diamond.
Supplies these inputs
Lab-Grown Diamonds (CVD/HPHT)
Replaceability
Substitutability 20% · 36 mo to replace
Business segments
Indian CVD lab-grown diamond manufacturer.
Supplies these inputs
Lab-Grown Diamonds (CVD/HPHT)
Replaceability
Substitutability 40% · 6 mo to replace
Business segments
Major Chinese synthetic-diamond maker (HPHT); industrial grit + gem-grade.
Supplies these inputs
Lab-Grown Diamonds (CVD/HPHT)
Replaceability
Substitutability 35% · 6 mo to replace
Business segments
World's largest precious metals recycler and a major PGM refiner; Hanau (Germany) is primary site with €35M expansion by 2026 adding electrolytic lines; also operates PGM recycling in South Africa (Port Elizabeth), USA (Santa Fe Springs CA, Wartburg TN), China (Taicang), and India (Udaipur).
Supplies these inputs
Refined Gold Bullion (Jewelry Grade)
Replaceability
Substitutability 50% · 6 mo to replace
Business segments
One of the world's largest natural-diamond cutting/polishing manufacturers (Surat, Gujarat).
Supplies these inputs
Cut & Polished Diamonds
Replaceability
Substitutability 40% · 18 mo to replace
Business segments
Swiss precious-metals refiner (LBMA Good Delivery).
Supplies these inputs
Refined Gold Bullion (Jewelry Grade) · Gold Refining & Assaying (LBMA Good Delivery)
Replaceability
Substitutability 30% · 18 mo to replace
Business segments
Major Swiss precious-metals refiner and bullion brand (MKS PAMP).
Supplies these inputs
Refined Gold Bullion (Jewelry Grade)
Replaceability
Substitutability 30% · 18 mo to replace
Business segments
World's largest single gold refinery by capacity; refines much of African gold.
Supplies these inputs
Refined Gold Bullion (Jewelry Grade)
Replaceability
Substitutability 30% · 18 mo to replace
Business segments
Austrian cut-crystal maker; dominant in crystal figurines and decorative components.
Supplies these inputs
Jewelry Findings, Clasps & Settings
Business segments
One of the four big Swiss gold refiners (LBMA Good Delivery); among the largest precious-metal refineries worldwide.
Supplies these inputs
Refined Gold Bullion (Jewelry Grade) · Gold Refining & Assaying (LBMA Good Delivery)
Replaceability
Substitutability 30% · 18 mo to replace
Business segments
