The value added of jewellery and silverware manufacturing in Canada has demonstrated varied trends from 2014 to 2023, fluctuating between periods of decline and growth. From 2014 to 2020, the sector experienced several declines, reaching a low in 2020 with a year-on-year decrease of 22.23%. However, in the following years, it rebounded significantly, showing substantial growth rates: 22.74% in 2021, 19.5% in 2022, and 15.05% in 2023. As of 2023, the value stood at 702.93 million Canadian dollars.
From 2024 onwards, the forecast indicates consistent growth in the sector, with year-on-year increases leading to a forecasted value of 1011.2 million Canadian dollars by 2028. The projected 5-year CAGR stands at 5.72%, culminating in an overall growth rate of 32.04% by 2028.
Future trends to watch for:
- Emergence of innovative design and technology integration in jewelry production
- Increased consumer preference for sustainable and ethically sourced materials
- Potential impact of global economic conditions on luxury spending
