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In 2022, the watch and jewelry sector had a record year. This was despite the war in Ukraine, rising energy costs and inflation.
A year of gold (and diamonds)! Sales of watches and jewelry jumped by 20% in 2022, reaching 7.5 billion euros. This shows the excellent dynamism of the sector, despite the complicated economic and geopolitical context.
According to the professional committee Francéclat, the two sectors have “shone brightly” last year, with a peak of 5 billion euros reached for production, up 29%.
For both sectors, 2021 had already been a good year, but 2022 is proving to be even better, with historic productions. According to Hervé Buffet, deputy director of Francéclat, “the French market has never been in better shape“. And this, thanks to the French clientele as well as the return of tourists, great consumers of timepieces and jewelry.
With sales of 381 million euros, up 12%, watch production had its best year in 20 years. However, French brands represent only 2% of sales in the sector in France. Jewelry production jumped 31% to 4.6 billion euros.
In five years, French watch and jewelry production has more than doubled, from 2.4 to 5 billion euros. This growth has led to the recruitment of more than 2,000 new employees, in a sector that employs 14,000 people (only for production).
“To produce more and develop, brands need more components and in jewelry, there is a hypergrowth mainly driven by the houses of the Place Vendôme -Cartier, Van Cleef & Arpels, Dior, Chanel, Hermes … – which are on the rise,” said Hervé Buffet.
After falling to 4.7 billion euros in 2020, compared to 7.5 billion in 2019, a year inflated by massive exports to the United Kingdom just before the Brexit, exports of watches and jewelry are back on the rise according to Francéclat: “After a year 2021 still marked by periods of administrative closure more or less long depending on the commercial surfaces, 2022 returned to more usual patterns.”
Two sectors that are starting up again, despite situations marked by economic problems. Will they be able to maintain such a spectacular pace in 2023?
Read also >Swiss watchmaking: when China wakes up…
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In 2022, the watch and jewelry sector had a record year. This was despite the war in Ukraine, rising energy costs and inflation.
A year of gold (and diamonds)! Sales of watches and jewelry jumped by 20% in 2022, reaching 7.5 billion euros. This shows the excellent dynamism of the sector, despite the complicated economic and geopolitical context.
According to the professional committee Francéclat, the two sectors have “shone brightly” last year, with a peak of 5 billion euros reached for production, up 29%.
For both sectors, 2021 had already been a good year, but 2022 is proving to be even better, with historic productions. According to Hervé Buffet, deputy director of Francéclat, “the French market has never been in better shape“. And this, thanks to the French clientele as well as the return of tourists, great consumers of timepieces and jewelry.
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In 2022, the watch and jewelry sector had a record year. This was despite the war in Ukraine, rising energy costs and inflation.
A year of gold (and diamonds)! Sales of watches and jewelry jumped by 20% in 2022, reaching 7.5 billion euros. This shows the excellent dynamism of the sector, despite the complicated economic and geopolitical context.
According to the professional committee Francéclat, the two sectors have “shone brightly” last year, with a peak of 5 billion euros reached for production, up 29%.
For both sectors, 2021 had already been a good year, but 2022 is proving to be even better, with historic productions. According to Hervé Buffet, deputy director of Francéclat, “the French market has never been in better shape“. And this, thanks to the French clientele as well as the return of tourists, great consumers of timepieces and jewelry.
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