China Overtakes Switzerland, the World's First in the Watch and Jewelery Industry

Switzerland is no longer at the forefront of the global watch and jewelery industry. China now occupies the first place, thanks to the very good sales of ornaments and jewellery. Switzerland, as noted in Deloitte's “Global Powers of Luxury Goods” report. In the past 2021, it had a 27 percent share in the global jewelery and watch industry. In contrast, China's share reached 30 percent.

While Switzerland's share in the sector is mainly due to the watch industry, China owes its position in the sector mostly to ornaments and jewellery. Chinese groups such as Chow Tai Fook, Chow Sang Sang and Chow Tai Seng own brands that stand out in the world market.

The latest research identifying the world's top 100 luxury goods companies is for 2021. According to the previous review in 2019, Switzerland was by far the global leader in the watch and jewelery segment.

There are eight Swiss companies on the list of the world's largest luxury goods. Richemont and Rolex are the Swiss, which are among the top ten largest watch and jewelery companies. In fact, Richemont has the highest turnover in this sector, followed by Chow Tai Fook and Rolex.