Jewelry and watch industry: Brilliant figures – yet growing concerns

The foreign trade figures for the German jewelry and watch industry appear impressive at first glance, with exported goods rising significantly. However, behind these impressive numbers lies a much more nuanced reality that also has implications for INHORGENTA.

Export surge thanks to precious metal prices – not thanks to genuine demand

Although export values in the jewelry sector have increased considerably year-on-year, 23.6 percent in the third quarter, even by a total of 29.1 percent in the first nine months of the year. But this increase primarily reflects one thing: Precious metal prices have risen dramatically.

Gold has become almost 80 percent more expensive in five years, silver over 40 percent. Accordingly, the monetary value of exported goods is rising, even though there has been no real increase in sales. Therefore, higher demand cannot be inferred from these figures.

A similar picture emerges for watches: Exports increased nominally by 6.1 percent However, the actual market dynamics remain subdued.

^{All figures published here refer to import and export values and not to consumer prices. The figures are collected by the Federal Statistical Office of the Federal Republic of Germany and do not reflect the results of individual companies. The data may be subsequently corrected or adjusted by the Federal Statistical Office. The figures from the most recent publication apply.}

^{Source: German Association of Jewelry and Watches, Silverware and Related Industries eV, November 19, 2025}

Imports are also rising – but the mood remains subdued.

A similar pattern is evident on the import side. Jewelry imports are increasing significantly. 44.3 percent, with raw materials and semi-finished products being the dominant markets. Watch imports remain almost stable.

Nevertheless, the mood in many companies is subdued. High commodity prices are increasing the costs of storage, financing, and insurance. Consumer spending remains subdued, and geopolitical tensions and economic uncertainties are putting additional pressure on the market.

BVSU Managing Director Guido Grohmann sums it up perfectly:
„"The impressive figures make the situation look better than it actually is."“

^{All figures published here refer to import and export values and not to consumer prices. The figures are collected by the Federal Statistical Office of the Federal Republic of Germany and do not reflect the results of individual companies. The data may be subsequently corrected or adjusted by the Federal Statistical Office. The figures from the most recent publication apply.}

^{Source: German Association of Jewelry and Watches, Silverware and Related Industries eV, November 19, 2025}

Challenging environment – and a quartet of crises

Companies are not only struggling with precious metal prices, but also with:

• geopolitical crises and wars
• Trade conflicts
• a weak domestic economy
• Restraint in trade

Especially since the end of the spring trade fairs, retailers have become significantly more cautious. The third quarter already shows a marked decline compared to the second.