Editor’s Note
**Editor’s Note:** This article examines the record-breaking foreign trade figures for the German jewelry and watch industry in Q1 2026, noting that while exports surged nearly 50% year-on-year, the data is significantly distorted by rising precious metal prices.
29 May 2026 10:31
Katharina Brändle
Economy
The foreign trade figures of the German jewelry industry reach record levels, but the precious metal price effect distorts the picture. © AI generated
The foreign trade figures of the German jewelry and watch industry for the first quarter of 2026 appear exceptionally strong at first glance. Exports of jewelry, gold, and silver goods reached approximately 2.42 billion euros. Compared to the same quarter last year, this represents an increase of nearly 50%, and compared to the first quarter of 2024, it is even a rise of more than 85%. Imports also increased significantly, reaching 2.04 billion euros.
For jewelers and specialized retailers, however, it is crucial to correctly interpret these figures. The strong increase does not automatically indicate a corresponding rise in demand.
A key driver is the high price level of precious metals. Gold, silver, and platinum have been in a pronounced upward trend since 2022. At the end of 2025, gold reached new record highs, and silver and platinum also saw strong gains. J.P. Morgan expects gold prices to remain high in 2026.
The price effect is particularly evident in precious metals and semi-finished products. The export value rose to 1.34 billion euros in the first quarter of 2026. This is more than 60% above the same period last year and almost double that of the first quarter of 2024. This area primarily reflects the increased material value, rather than a genuine expansion of industrial dynamics.
High gold, silver, and platinum prices drive export values upward and simultaneously increase pressure on pricing and product range. © BVSU
Finished jewelry also increased. Exports rose to 823.5 million euros, up from 697.1 million euros in the same quarter last year. This corresponds to an increase of around 18%. At the same time, import values for finished jewelry rose to 639.5 million euros. This suggests some stabilization, but no reliable statement about unit numbers or real demand.
Also notable is the area of gemstones, diamonds, synthetic diamonds, and pearls. Here, the export value rose to 264.2 million euros, more than double that of the same quarters last year. This development indicates a distinct market dynamic that goes beyond the pure precious metal effect.
Gemstones and diamonds show notable dynamics. © BVSU
The watch industry is quieter. Exports of watches, large clocks, and parts reached 470.1 million euros. This is around 2.3% more than in the same quarter last year. Small watches developed almost stably at 428.4 million euros. Imports of watches and watch parts, however, rose to 650.9 million euros. The increase of 13.8% could indicate a normalization of inventory levels.
Geopolitical tensions further intensify the pressure. War in Ukraine, trade conflicts, currency risks, high government debt, and the escalated conflict with Iran increase demand for precious metals as a safe-haven investment. Since 2022, central banks have significantly expanded their gold purchases. For the industry, this means: higher capital commitment, more difficult pricing, and greater uncertainty in price management.
The watch industry develops much more quietly. © BVSU
For jewelers, the central question remains how rising material costs can be passed on to end customers without losing sales.
The statistics show record figures. But the operational reality remains significantly more challenging. Precise assortment management, clear pricing architecture, and advisory services that explain the value of jewelry in a comprehensible way will be decisive. The figures for the second quarter will show whether the high values hide real demand or primarily the raw material price effect.
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Tags: Foreign Trade, BVSU, Germany, Precious Metals, Gold Price, Platinum, Raw Material Prices, Jewelry Exports, Jewelry Industry, Silver Price, Assortment Strategy, Watch Exports, Watch Industry, Economy
