IndependentsDec 30, 2024
In Memoriam: Jewelry Industry Leaders and Innovators We Lost in 2024From groundbreaking designers to dedicated retailers, National Jeweler pays tribute to the colleagues we bid farewell to this year.
WatchesOct 27, 2013
Swatch to continue supplying movements until 2019
A Swiss competition body has ruled that Swatch Group must continue supplying third-party watchmakers with at least some finished movements through Dec. 31, 2019.
Bern, Switzerland--A Swiss competition body has ruled that Swatch Group must continue supplying third-party watchmakers with at least some finished movements through Dec. 31, 2019.
Comco, which has been investigating Swatch Group’s request to halt supplies of mechanical watch movements and movement parts since the Swiss watch giant inquired about a possible reduction in June 2011, announced the decision on its website Friday.
According to a translated version of the release, the reduction in supply from Swatch Group’s ETA SA Manufacture Horlogère Suisse (ETA) will take place gradually over the next six years. It will use the average number of movements delivered in the years 2009 to 2011 as the base level for the reductions.
The supply will drop to 75 percent of this level in 2014/2015, 65 percent in 2016/2017 and 55 percent in 2018/2019.
After 2019, Swatch Group will not have to supply any finished movements, “if the market develops as foreseeable today,” a Comco spokesperson confirmed.
Comco ruled that Swatch Group and ETA must treat all of their customers equally and noted that it reserves the right to review Swatch Group/ETA’s obligation deliveries if the market moves in an unexpected way.
Swatch Group said that Friday’s decision was a “positive, albeit tentative step toward finally making it clear to all the brands and groups in the Swiss watch industry that they have to invest in their own mechanical movements and assume the associated industrial risk themselves.”
Jon Cox, an analyst with European brokerage and banking firm Kepler Cheuvreux in Zurich, said it is the smaller watchmakers that will be most impacted by the reduction in movement supplies from Swatch Group. “They lack resources to develop movements in-house and will have to pay more for them on the open market,” he said, noting that this likely will lead to further consolidations among brands.
In July, Comco agreed that Swatch Group could cut the number of finished movements it supplies to other watchmakers from 85 percent to 75 percent of 2010 levels beginning in 2014, but sent the company back to the drawing board to come up with a new plan for reducing deliveries beyond that.
At that time Comco said that Swatch Group is restricted in cutting deliveries of assortment kits, comprised of the parts that power its movements: the hairspring, balance wheel, anchor and anchor wheel. Other watchmakers, Comco said, do not yet
have enough sourcing alternatives for these parts.
In the decision issued Friday, Comco ruled that Swatch Group has to continue providing assortments at 2011 levels, which was a higher level of supply than 2012 and 2013.
In the decision issued Friday, Comco ruled that Swatch Group has to continue providing assortments at 2011 levels, which was a higher level of supply than 2012 and 2013.
More on Watches
The Latest
MajorsDec 30, 2024
Saks Global Finalizes Acquisition of Neiman MarcusThe retailer’s portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks Off 5th.
Events & AwardsDec 30, 2024
Registration Now Open for JIS Spring 2025The jewelry trade show is set for March 9-11 in Miami.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
IndependentsDec 30, 2024
MJSA Elects New Board ChairEdward N. DeCristofaro, who served as MJSA’s board chair from 2012 to 2014, is returning to the role.
Weekly QuizDec 27, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 27, 2024
Buccellati to Expand Workforce by 500 Employees Over Next Three YearsThe Richemont-owned company is investing in its jewelry production and watchmaking workshops.
SourcingDec 27, 2024
IDCA Announces 2025 Board MembersManoj Bhandari, a principal of RMC Gems Inc., is the new president of the Indian Diamond & Colorstone Association.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Events & AwardsDec 27, 2024
18 Designers Graduate from WJA’s Jewelry Loupe ProjectThe designers participated in a six-month business development and mentorship program to develop and launch their jewelry collections.
MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMembers of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
MajorsDec 24, 2024
Boucheron Bets on Las VegasThe brand has opened its second U.S. location in the Fontainebleau resort and casino.
EditorsDec 24, 2024
The Spectrum Jewels I Want to Find Under the Tree Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
SourcingDec 24, 2024
Gemfields to Temporarily Suspend Emerald MiningThe move is one of several cost-cutting measures outlined by the company as it faces a weaker luxury market and other challenges.
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
