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Strong luxury watch sales bode well for gold, diamonds

Kitco News

Swiss watch exports were up 37.2% in March compared to the same month in 2020, according to a report by the Federation of The Swiss Watch Industry.

The industry notes that the comparison is with last year's almost universal lockdown due to the pandemic, but signs still point to a revival.

"The month’s performance was supported by all groups of materials, particularly steel and precious metals, which together generated over 80% of the growth in value," writes the industry group. "The number of watches exported logically followed the same trend, increasing by +33.7%, to 1.2 million items. This was the first increase in over 30 months."

BMO Capital Markets Research said the data "...points to healthier demand for luxury goods with positive read-throughs for precious metal jewellery and diamonds."

The industry group broke down performance be region. China exports were the strongest at 100.5%. Europe was 45.6 %. The only decline was in Japan, down 11%.

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