Keysfin: The watches and jewellery market reached a record level of RON 3 billion

The turnover of companies in the watches and jewellery market in Romania increased by 18% compared to 2021 and was 210% higher than in 2013, reaching the record level of lei 2.6 billion in 2022, according to data from at the Ministry of Finance.

“Despite the tempering growth, we estimate the continuation of the trend and thus, reaching a new historical maximum in 2023, of almost lei 3 billion. In the medium term we expect an increase in demand for quality, valuable products, pieces that are both sustainable investments and expressions of personal style. Transparency in supply chains and sustainability are also becoming increasingly important. In addition, in the age of digitalization, online sales of jewellery and watches are growing, and brands are investing in personalized shopping experiences and augmented reality technologies to attract and retain their clients,” said Diana Florescu, KeysFin economic analyst, the largest provider of business information solutions with 100% local capital in Romania.

In 2022, over 1.6 thousand companies were active in the watches and jewellery market in Romania, 1% more than in 2021 and 35% above the 2013 level. By sub-segments, 30% of these declared as their main scope of activity jewellery manufacturing but generated only 10% of the market’s turnover in 2022.

THE LARGEST WATCHES AND JEWELLRY RETAILERS IN ROMANIA

B & B COLLECTION SRL (company with 100% local capital that manages, in addition to its own brand, Splend’or, Kultho, Be in time) remains the market leader after the largest annual nominal advance of lei 88 million and the largest annual percentage increase of the top 5, of 20%, to lei 523 million in 2022. TEILOR SRL (a company that is also indirectly owned via Teilor Holding SA by Romanian shareholders) remains in second place, with a turnover of almost lei 275 million in 2022, being followed by CHRONOLINK SRL (company that owns the Cellini brand), PANDORA JEWELRY ROMANIA SRL and IRINIK SRL (owner of Sabrini working points/stores) with lei 77.5 million, lei 76.2 million and lei 75.1 million respectively in 2022.

The 5 largest companies in the market accumulated business of approximately one billion lei, representing 39% of the total.

RECORD NET RESULT, 30 TIMES HIGHER THAN IN 2013

The net result recorded by companies in the local watches and jewellery market increased to lei 249 million in 2022, 20% more than in 2021 and more than 30 times higher compared to 2013.

Note: The KeysFin analysis is based on the annual, non-adjusted, aggregated financial data reported by companies to the Ministry of Finance (at the end of the period) whose main scope of activity is one of the following CAEN codes: 3212 (Manufacture of jewellery and similar articles), 4648 (Wholesale of watches and jewellery) or 4777 (Retail sales of watches and jewellery, in specialized stores).