2024 Key Figures Watchmaking – Jewelry
After an exceptional 2023, the French jewelry sector continued its upward trend in 2024.
According to recent data published by Francéclat, French production reached record sales of 6.1 billion euros, marking a 6% increase on the previous year.
This growth was also reflected in employment, with a 1% increase in the workforce, bringing the number of professionals working in jewelry manufacturing in France to almost 15,000.
Expansion Driven by Precious Jewelry
Precious jewelry remains the main driving force behind this dynamic, with sales up 8% to 5.092 billion euros. Gold and silver fared particularly well, with each increasing by 8%. By contrast, the gold-plated jewelry (-18%), stones and pearls (-4%) and costume jewelry (-2%) segments experienced a slight downturn.
An Evolving Industry
French jewelry production is largely dominated by companies with over 20 employees, which account for over 70% of total volume and 57% of the workforce. The craft jewelry segment, which employs nearly 26.5% of the sector’s workforce, remains one of its essential components.
Foreign Trade: A Strategic Pillar
Exports of French jewelry grew strongly in 2024, rising by 4% to 11.1 billion euros. Precious jewelry, which accounts for three-quarters of exports, grew by 8%. The US proved to be a very buoyant market (+20%), while Switzerland remained the leading destination for French jewelry (32% of total exports).
At the same time, imports fell by 4%, further improving the sector’s positive trade balance to almost 2 billion euros.
A Stabilizing French market
In France, the market for precious jewelry and watches grew slightly by 1%, with sales estimated at 5.9 billion euros. This stabilization is mainly due to fluctuations in demand throughout the year. Sales in specialized stores continued to grow at a rate of 2%, in particular with city-center jewelers and major retailers. On the other hand, distance selling recorded a notable decline of 7%, marking a return by consumers to in-store physical purchasing.
Towards a Promising New Year
With production continuing to grow and exports rising sharply, the French jewelry industry is consolidating its leading position on the international scene. The rise of the major luxury houses and the expansion of industrial production are opening up new prospects for the years to come, particularly with the integration of new materials and the development of high-end craftsmanship.
For detailed figures and industry trends, read the full Francéclat report here
Source: UFBJOP
