Watches of Switzerland’s Jewelry Sales Sink in Q2
Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.

CEO Brian Duffy pointed to a “difficult consumer environment” as the company released its second-quarter results Tuesday, while adding that several of the company’s Mappin & Webb showrooms in the United Kingdom have been closed for upgrades though they are set to reopen before the holiday season.
Pre-owned watch sales, however, were a bright spot on Watches of Switzerland’s balance sheet, up 80 percent year-over-year in the second quarter.
Duffy noted a positive response to the company’s rollout of the Rolex Certified Pre-Owned program, launched in the United States in July and in the U.K. in September.
For the second quarter ending Oct. 29, the company posted £379 million ($466 million) in total revenue, up 1 percent year-over-year at actual rates, though up 5 percent at constant currency rates.
In the U.S., Watches of Switzerland’s revenue grew 4 percent (11 percent at constant currency rates) in Q2, totaling £165 million ($203 million).
For the first half of the year, Watches of Switzerland’s total revenue was £761 million ($936 million), flat year-over-year (up 2 percent at constant currency rates).
E-commerce sales slipped 4 percent, which the company attributed to tough comps and the overall drop in jewelry sales.
In the U.S., first-half revenue totaled £328 million ($403 million), up 5 percent year-over-year (up 11 percent at constant currency rates).
“We sustained strong momentum in the U.S,” Duffy said.
The luxury jewelry category struggled with revenue down 18 percent in the quarter (down 16 percent at constant currency rates) and down 17 percent in the first half of the year (down 15 percent at constant currency rates).
“This reflects market trends impacted by overall consumer sentiment and by a repositioning to full-price sales in the U.S.,” said the company.
Looking at watches, quarterly sales in the luxury watches category rose 3 percent year-over-year (up 6 percent at constant currency rates) while first-half sales in the category were flat (up 3 percent at constant currency rates).
“Demand for luxury watches remains robust and continues to exceed supply, with consistent additions to and conversions of the client ‘Registration of Interest’ lists, and average selling prices continuing to increase,” said Duffy.
Watches of Switzerland’s “services/other” segment saw solid growth, up 8 percent in the quarter (up 9 percent at constant currency rates) and up 6 percent in the first half (up 7 percent at constant currency rates).
Looking to the year ahead, the company plans to continue expanding and revamping its store network.
It announced Tuesday that it has acquired 19 luxury watch showrooms from Ernest Jones, a Signet Jewelers-owned, U.K.-based brand—14 multi-brand showrooms and five mono-brand boutiques.
Ernest Jones operates about 180 locations, as per Signet Jeweler’s website.
The price of the acquisition, expected to be finalized this month, was not disclosed.
As of Oct. 29, Watches of Switzerland had 211 showrooms across the U.S., U.K., and Europe.
The company maintained its fiscal-year sales and profit guidance, anticipating sales of £1.65 billion to £1.7 billion ($2.03 billion to $2.09 billion), meaning growth of 8 to 11 percent at constant currency rates.
The Latest

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.


Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Move over neck mess, the ear story is the way to make a layering statement today.

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

The “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.