Despite the war in Ukraine and the high cost of living, the jewelry and watchmaking sector achieved a record year in 2022 worldwide. The US market has never been in better shape – according to Statista the value of the jewelry and watch market was estimated to 270 billion U.S. dollars and it is expected to increase to over 330 billion dollars in the next three years.

2021 had already turned things around, and 2022 brought business to a record level. Many leading countries, such as France, UK or India marked historic growth, and the worldwide jewelry market has never been in such good shape – thanks to both local customers and the return of foreign tourists. Another factor playing an important role is marketing – brands (even the luxurious ones) are more and more using promo offers to attract more customers. This confirms one of the leading discount platforms in the UK – promocodius.co.uk. Discount experts have noted an increased interest in discount coupons for online purchases of jewelry and watches, up 17% compared to 2020.

The demand for coupons for discounted prices on jewelry, such as Argento discount code: https://promocodius.co.uk/shops/argento-com, even increases during Christmas and St. Valentines by 5 to 7 %.

Watches and jewelry in 2023: a booming (and recruiting) sector worldwide

In France – one of the leading countries in the jewelry sector worldwide – the sales of watches and jewelry jumped by 20% to 7.5 billion euros in 2022. At the same time, the sector is recruiting, with around a hundred new companies created in recent years. The sector demonstrates “exceptional dynamism” despite an “uncertain environment” linked to the conflict in Ukraine, rising energy costs and inflation.

This jump in sales of jewelry is happening worldwide – in the UK revenue in this sector amounted to 4.64 billion dollars during the last year. There is still room for growth of the market – the annual expected rise is estimated by 2.59%.

In global comparison, most revenue is generated in India (37.2 billion in 2022). In India, the gems and jewelry industry is one of the biggest (and also the fastest) sectors in the country. The value of the jewelry market worldwide is estimated to be 270 billion dollars.

Jewelry workshops spring up everywhere

The demand is increasing steadily. Companies from the jewelry and watch sector are expanding to meet this demand: a few years ago, it was rare to find workshops with more than 100 people, but today you have a number of them.

Workshops are springing up everywhere in Europe. The largest number of them can be found in France – in the “historic strongholds of Paris and Lyon”, but there are also developments of large sites in Franche-Comté, near Valence. Some are breaking new ground in La Rochelle.

Just in France, there were more than 2,000 industrial jobs in a sector that already employs 14,000 people – in manufacturing alone (excluding sales and other functions). Also, in two recent years, numerous brands have emerged in jewelry and watchmaking.