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Discover how Watches of Switzerland is sparkling brighter than ever, riding the lab-grown diamond wave to a dazzling 76% profit surge! Luxury meets innovation as ethical gems redefine the future of high-end jewellery.
Watches of Switzerland, a prominent luxury retailer renowned for its high-end Rolex and Omega watches, has reported a striking 76% increase in pre-tax profits, reaching £33 million for the year ending May 3. This impressive growth accompanies the company’s strategic expansion into luxury jewellery, fueled by a surging demand for lab-grown diamonds, a trend reshaping the jewellery market globally12.
The group’s annual sales climbed 13% to £1.83 billion, with a robust 24% growth in the US market offsetting more modest gains of 5% across the UK and Europe. Chief Executive Brian Duffy expressed optimism about the UK market, noting encouraging signs of recovery despite broader economic uncertainties3.
Central to Watches of Switzerland’s jewellery push is the launch of a dedicated showroom within the historic Mappin & Webb boutique in Manchester, signaling confidence in the long-term potential of this category. The company has also introduced a lab-grown diamond collection through its Goldsmiths brand, tapping into evolving consumer preferences for sustainable and innovative luxury products that blend ethical sourcing with cutting-edge technology4.
Luxury jewellery sales surged 17% in the 2025-26 financial year, with the UK market expanding by 12% and the US by an impressive 26%. Watches of Switzerland’s diverse portfolio, which includes established names like Roberto Coin alongside house brands such as Goldsmiths, Mappin & Webb, Mayors, and Betteridge, broadens its appeal across various luxury segments5.
Looking ahead, the group forecasts revenue growth between 5% and 10% for the upcoming financial year, with early trading described as encouraging despite geopolitical challenges. This optimistic outlook underscores the transformative impact of lab-grown diamonds, which marry scientific innovation with sustainability, resonating strongly with modern consumers.
For laboratory professionals and scientists, this surge highlights the growing significance of lab-grown diamonds, reflecting a shift in luxury goods towards ethical and technologically advanced materials. The jewellery sector’s embrace of these gems exemplifies how scientific advancements in materials and manufacturing can unlock new market opportunities and redefine quality standards.
Ultimately, Watches of Switzerland’s success story illustrates the dynamic intersection of science, sustainability, and luxury. The lab-grown diamond boom is more than a fleeting trend; it represents a fundamental shift in how luxury is conceived and delivered, offering exciting avenues for innovation and growth in the years to come.
