International News
Jewellery sector’s growth will be fueled by a younger, diverse clientele: McKinsey & Co luxury fashion report
Jewellery sales are expected to regain momentum with 3% to 5% projected growth. An increasing number of consumers will transition from non-branded to branded jewellery.
A 2025 luxury fashion report by McKinsey & Co forecasts jewellery and leather goods to be the fastest-growing categories of the luxury goods industry through 2027. The jewellery sector’s growth will be fuelled by a younger and more diverse clientele.
The report notes that in the period 2019-2023, the jewellery category experienced a remarkable 8% CAGR (compound annual growth rate), globally. However, in 2024, growth slowed down between 2% to 4%. This year, jewellery sales are expected to regain momentum with 3% to 5% projected growth, and accelerate to 4% to 6% by 2027.
Jewellery sector’s growth in the next 3 years will be shaped by shifting customer profiles and buying behaviours. An increasing number of consumers will transition from non-branded to branded jewellery.
High jewellery sales are likely to increase in line with the growing number of ultra-high-net-worth individuals worldwide. Moreover, growing interest among younger buyers in genderless jewellery, along with luxury brands investing in technology and immersive experiences will further shape interest among digital natives and new consumers
However, the report cautions that an uncertainty in a clear segregation between lab-grown diamond and natural diamond markets could pose a challenge to this growth.
Key points:
- Jewellery to grow globally between 4%-6% through 2027: McKinsey & Co.
- High-jewellery demand to rise as the wealthy population grows worldwide.
- Global iconic jewellery brands continue to lead growth for luxury conglomerates
- Diamond-studded jewellery to see the biggest growth in India in 2025: Redseer
- India’s precious jewellery market to grow at a healthy 11-13% CAGR until 2028
- Organised jewellery sector in India to grow 20% year-on-year in FY25: Ind-Ra
International News
Swiss watch industry sees export values up 9.2% yoy in Feb 2026, USA, Japan, France drive growth
Growth was led by high-end segments and favorable base effects, while demand in China and Hong Kong remained fragile.
The Swiss watch industry experienced a notable rebound in February 2026, with export values climbing 9.2% year-over-year. This recovery follows a sluggish start to the year in January, where exports had dipped by 3.6%. It was mainly the very strong growth in three of the main markets – the USA, Japan and France – that tipped the balance.
According to the Federation of the Swiss Watch Industry (FHS), total monthly sales reached CHF 2.2 billion (approximately USD 2.77 billion), a significant increase from the CHF 1.9 billion recorded in the previous month.
Key Market Performance
The recovery was primarily driven by explosive growth in three core Western and Asian markets, which offset continued fragility in Greater China.
The Top Performers
- USA (+26.8%): Maintaining its position as the world’s largest market for Swiss watches, the U.S. continues to exhibit “seesaw” behavior. This volatility is largely attributed to shifting trade policies and tariff uncertainties under the Trump administration.
- Japan (+23.7%): Demand surged in Japan, marking it as a critical pillar of the February recovery.
- France (+57.1%): While appearing as the strongest growth leader for the third consecutive month, the FHS notes this likely reflects France’s role as a logistics hub. Many watches are transshipped through France to other European destinations rather than being sold to local French consumers.
The Struggling Hubs
In contrast to the Western rebound, the Asian “Greater China” region remains under pressure:
- China (-11.0%): Following a brief 5.0% uptick in January, demand plummeted again in February.
- Hong Kong (-5.2%): Similarly, the recovery seen in January (+3.6%) proved short-lived. The FHS characterized the demand in these regions as “fragile.”
Analysis of the Recovery
1. The “Base Effect”
A portion of the 9.2% growth is attributed to a positive base effect. February 2025 was an exceptionally weak month for the industry, with exports down 8.2% at that time. Consequently, the year-on-year comparison for 2026 appears more favorable because the starting point (February 2025) was so low.
2. Tariff Volatility in the U.S.
The U.S. market has become increasingly unpredictable. Watch brands and retailers have been oscillating between building up stocks to beat potential tariff hikes and pulling back during periods of trade policy shifts. This has created a “seesaw” effect in monthly export data.
3. Material and Price Segment Trends
Growth was not uniform across all categories. High-end timepieces continue to lead the charge:
- Precious Metal & Bimetallic Watches: These segments saw the strongest value increases, with bimetallic watches (gold/steel) surging by 38.4%.
- Price Tiers: Growth was most pronounced in watches with an export price between CHF 500 and CHF 3,000.
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