Editor’s Note
This article highlights the robust performance of the Iberian Peninsula’s jewelry and watchmaking sector in 2024, with a 10.5% increase in turnover to €2.1 billion. Key drivers include the revival of craftsmanship, shifting consumer preferences toward timeless value, and the sector’s resilience amid broader economic uncertainty.
According to provisional data from the DBK Sector Observatory, the jewelry and watchmaking sector in the Iberian Peninsula has increased its business turnover by 10.5% in 2024, reaching 2.1 billion euros. The sector continues to perform well despite geopolitical and economic uncertainty, closing 2024 on a high note.
The recovery of the jewelry craft, the revival of yellow gold jewelry driven by a new generation of consumers seeking quality, timelessness, and safe-haven value; an increasingly sustainability and traceability-conscious consumer; premium jewelry gaining ground; a definitive evolution following growth in brands that, under new codes, seek to maintain the essence of the industry through artisans, noble materials, original designs, and good practices; and established brands betting on reinforcing their quality and offering added value through new collections. All of these (among other things) are the keys marking the growth of the jewelry and watchmaking industry, which, despite circumstances, continues to move forward.
In 2023, the sector’s retail sales in Spain and Portugal reached approximately 1.9 billion euros, an increase of 8.6% compared to 2022, a year in which the sector closed with a combined turnover of 1.6 billion euros, a growth of 7% compared to the previous year. According to the data, the jewelry and watchmaking sector has not stopped growing since then.
Between 2023 and 2024, physical stores regained their charm, making a difference for the customer. Many boutiques in recent years renewed their image to bet on a more modern and sophisticated look where new generations could also find their place; from own-brand stores to multi-brand stores. According to Statista, in 2023, 34% of Spanish Gen Z and millennial consumers expressed that they preferred to make their purchases in physical stores when choosing jewelry and accessories.
The digital and physical worlds are definitively consolidating, and in this 2024, Spanish chains have captured the majority of the business, also showing a progressive increase in their market share. Meanwhile, independent trade sales reached 370 million euros, accounting for 19.4% of the total. Large retail surfaces and other channels accounted for 20.9% of total sales. By product, jewelry and costume jewelry items accounted for 55% of total sales, while watch products recorded a 10% share.
At the end of 2023, there were approximately 8,800 points of sale operating in Spain, specialized in jewelry and watchmaking items. This figure, however, maintains a downward trend due to the low activity of small independent businesses. Currently, the supply of specialized physical points of sale is complemented by the growth in the number of specialized stores in the online channel.
Eliminating seasonal and calendar effects, retail trade turnover increased by 1.7% in 2024.