By David Brough
MUNICH, Germany – German jewellery exports have surged in value terms since the lockdowns, and the war in Ukraine has led some consumers to invest in high jewellery rather than leave money eroding in the bank, senior industry executives told a news conference at the start of the INHORGENTA MUNICH trade fair.
Jewellery exports from Germany jumped 23 percent year-on-year to around 3 billion euros in 2022, as consumers bet on purchases of high-quality fine jewellery, in part due to uncertainties over the war in Ukraine, and rising living costs, said Guido Grohmann, Managing Director of BV Schmuck + Uhren – the German Association of Jewellery, Watches, Clocks & Supplying Industry.
Stephan Lindner, another leading German jewellery executive, said that jewellery and watch sales comfortably exceeded pre-Covid levels, in part due to a catch-up after delivery bottlenecks.
“It is people’s desire to treat themselves again,” Lindner added.
“Money loses its value in the bank. The high end of the luxury jewellery and watches market has grown.”
Lindner said that brick-and-mortar retail stores were flourishing in Germany where consumers enjoyed a luxury and an emotional experience, while online sales were lagging.
“Investing in a personal experience in our shops is important because the customer wants that,” he said.
INHORGENTA MUNICH, a showcase for jewellery, watches, objects and accessories, runs until February 27, 2023.