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Industry revenue of »retail sale of watches and jewellery« in Estonia 2011-2023

Although revenues of the watch and jewellery industry are declining in many European nations including Finland and Italy, owing to the increasing penetration of smart phones that have replaced the basic functionality of watches and the high manufacturing costs involved in making jewellery, the market in Estonia is going strong. Revenues are projected to rise from 37 million U.S. dollars in 2016 to over 47 million U.S. dollars by 2023. Key factors include a rise in the number of enterprises manufacturing jewellery, bijouterie and related articles, growing annual wages, an increasing demand for fashion jewellery and a growth in the number of authorized dealer chains for international watches such as Omega, Tag Heuer and Seiko. Interestingly, imitation jewellery is also quite popular in the country, and the market is expected to grow over 22-fold between 2011-2023.

With respect to luxury watches, Rolex is the most popular brand, with a 23 percent market share in 2019. The Swatch group with brands such as Omega and Swatch follows next in line, with a share of over 20 percent.

Industry revenue of »retail sale of watches and jewellery« in Estonia from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Estonia. The industry “retail sale of watches and jewellery in specialised stores“ has the code “G4777“.

Details on the methodology can be found here.

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