TheChek News Flow

The group said it wants operations to be as "efficient and productive" as possible, and will grow the showroom estate "organically and by acquisition."

LONDON — Watches of Switzerland, the publicly listed watch and jewelry retail group, plans to shut 16 showrooms in the U.K. and eliminate 40 roles as part of a plan to streamline the business.

“We continually assess our operations to remain as efficient and productive as possible,” the company said in a statement to WWD. “While we intend to continue growing our showroom estate organically and by acquisition, following a recent review we have regrettably made the difficult decision” to shut the showrooms.

Watches of Switzerland added that, following a review of its support service, it has also decided to eliminate certain roles. The company said it would support all affected colleagues “and offer redeployment opportunities where possible.”

The job cuts are equivalent to around 6 percent of staff, and are understood to be back office service roles and not shop floor staff.

Watches of Switzerland Group is the U.K.’s largest luxury watch retailer and owns the retail brands Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors, Betteridge, Analog:Shift and Hodinkee.

The group also owns the exclusive distribution rights for Roberto Coin in the U.S., Canada, Central America and the Caribbean.

The company has around 217 showrooms across the U.K., the U.S. and Europe including 95 dedicated monobrand boutiques in partnership with Rolex, Omega, Tag Heuer, Breitling, Tudor, Audemars Piguet, Longines, Grand Seiko, Roberto Coin, Bulgari and Fope.

In the last reported financial year Watches opened 22 showrooms, refurbished 15 and acquired 15 through Ernest Jones.

Despite the slowdown in luxury demand and high-end watches in particular, Watches of Switzerland said in February that business over the holiday period in both the U.K. and U.S. was “good” and in line with expectations.

The company said that demand for its key luxury brands remains strong, outstripping supply in both the U.K. and U.S. markets.

“We continue to be encouraged by the performance of our pre-owned businesses and the strong performance of the Roberto Coin brand in North America. Over the period, we have seen further stabilization of the U.K. market in both luxury watches and jewelry, while the U.S. market has seen continued momentum.”

The company said its differentiated business model, alongside the continued investment in its showroom portfolio, had driven market share gains in both the U.K. and U.S.

The company said the balance sheet is strong and it remains confident in delivering its fiscal 2025 guidance. It remains unclear what impact U.S. President Donald Trump’s proposed 31 percent tariffs on Swiss imports will have on the business going forward.

With the US and China facing off in a tariff war, the time has come for the UK to pivot

President Trump’s reckless actions have scrambled British foreign policy. Although they present some tactical opportunities, these mask a serious strategic dilemma. 

The opportunities lie in using Britain’s detachment from the EU to seek preferential treatment in regulation and trade. The dilemma lies in the need to decide where the UK’s enduring economic and security interests lie. While the immediate goal is to limit the damage, retain leverage where possible and buy time (and the government is doing a good job of this), the longer-term challenge cannot be ducked.   

Voices arguing that America is the UK’s first ally have hitherto been right and economic ties remain crucial. But within three months the US has unilaterally reversed policy on Ukraine, made overtures to Putin, sandbagged the multilateral rules of trade and halved UK predicted economic growth. Things may get better but it would be rash to think that “normal” service will resume. Changed circumstances require a reaction. 

The strategic pillars of Labour’s foreign policy, close relations with Washington and better ties to the EU, now look contradictory. Keir Starmer is right in arguing that Britain does not have to make a binary choice, but he will have to make many individual ones — on tech regulation, trade preferences, digital tax, defence procurement, Ukraine and China policy. Each will carry consequences. 

Debate about Britain’s relationship with fellow Europeans since Brexit has too often been seen through contentious secondary issues like fishing quotas, the rights of touring artists and movement of young people. It is time to reframe the agenda around more existential matters. Europe is Britain’s geographical home. America does not share its proximity to Russia, wider neighbourhood, or immigration challenges. Nor, increasingly, does it share British social attitudes or views on international co-operation. Troubled as they may be, most European democracies still do.  

The UK should work with comparable European countries, notably France and Germany but also Italy, Poland and others, to protect our common security. This should pave the way for a more constructive discussion on both sides of how the UK can better engage with the EU on vital shared priorities: growth, capital market development, competitiveness, productivity and investment.

The UK should also look wider. Beyond the egregious humiliation of Canada, a striking feature of Trump’s tariffs has been the targeting of Asia-Pacific countries that President Biden did much to cultivate — Japan, Korea, Australia, New Zealand and Asean members. 

When America behaved as a reliable ally, I was sceptical that British foreign policy should pivot towards the so-called middle powers. But it is an idea whose time has come. With the US and China locked in a structural power battle, Britain should seek to preserve the systems in which middle-sized, open democracies who believe in the rule of law and rules-based markets can exercise influence and continue to offer a persuasive model. 

This need not mean building new institutions. It will often be more efficient to hold on to and adapt parts of existing international apparatus. Coalitions of the willing, based around shared interests on a single issue, will be a powerful instrument of the new diplomacy. 

Working with fellow Europeans and other middle power democracies is both a strategic opportunity and a route away from over-dependence on America. The UK is well equipped to play a leading part in such a foreign policy evolution, as it is already demonstrating in Ukraine. But it will require imagination, resources and political courage.

The diamond, which is rooted in Indian royalty, weighs 23.24 carats.

The Golconda Blue pear-shaped diamond will be auctioned at Christie's on May 14.

Christie’s is getting ready to present The Golconda Blue, the largest Fancy Vivid Blue Diamond ever to be offered at auction. Weighing 23.24 carats, this gemstone will headline Christie’s Magnificent Jewels sale, which takes place live on May 14 at the Four Seasons Hotel des Bergues in Geneva. The diamond has an estimate of $35 million to $50 million.

It is mounted in a ring by JAR, and ranks among the rarest and most important diamonds ever discovered.

The diamond’s history traces back to Yeshwant Rao Holkar, the Maharaja of Indore — a cosmopolitan figure of the 1920s and ’30s who was known for his refined taste in art and jewels. In 1923, he commissioned Chaumet to set the 23-carat pear-shaped Golconda blue diamond into a bracelet. A decade later, Mauboussin reimagined it as part of a necklace worn by the Maharani, immortalized in a portrait by Bernard Boutet de Monvel.

In 1947, the diamond was acquired by Harry Winston, who later sold it as a brooch to the Maharaja of Baroda. Reacquired and resold, the stone now returns to the market for the first time.

“Exceptional noble gems of this caliber come to market once in a lifetime,” said Rahul Kadakia, Christie’s international head of jewelry. “Over the course of its 259-year history, Christie’s has had the honor of offering some of the world’s most important Golconda diamonds, including the Archduke Joseph, the Princie and the Wittelsbach. With its Royal heritage, extraordinary color and exceptional size, The Golconda Blue is truly one of the rarest blue diamonds in the world.”

“Golconda” is a name that is used in the jewelry world to denote the world’s finest diamonds and gems that possess luminousness, transparency and an innate purity. It also signifies that the gem was mined in the ancient diamond fields of Eastern India. Some of the most famous Golconda stones include the Agra Diamond, the Hope Diamond at the Smithsonian, the Koh-i-Noor which forms part of the British Crown Jewels, the Darya-i-Nur in Iran and The Princie Diamond.

Despite looming tariffs and continuing macroeconomic challenges, retailers were impressed by innovative designs, immersive experiences — and the industry’s resilience.

GENEVA — Although the watchmaking industry remains shaken and stirred by the whirlwind of U.S. President Donald Trump’s new tariffs policies, resilience and cautious optimism prevailed among retailers at the 2025 edition of Watches and Wonders.

“I think [that] due to the economic and political turmoil, it’s going to choppy but overall good,” said Jonathan Zadok, partner at Zadok Jewelers.

That said, “no one likes uncertainty. A big question is how quickly the tariff situation can get worked out,” he continued. “Hopefully it won’t take long.”

But even with their possible impact, Roberto Chiappelloni, owner of U.S.-based Manfredi Jewels, felt confident that interest in fine timepieces would remain strong in the American market – and the rest of the world. “We placed orders as business as usual,” he told WWD.

“This year was expected to be a quiet one,” said Carla Chalouhi, president and chief executive officer of Paris-based multibrand retailer Arije. “Instead, we were pleasantly surprised by some exquisite pieces that truly stood out from the crowd and broke new ground.”

The kaleidoscopic offering of timepieces left the impression of “a return to core values: tradition and material excellence, balanced with the steady march of innovation,” said David Hurley, deputy CEO of Watches of Switzerland.

“While the global landscape remains challenging, the watch industry is showing resilience with strong releases and a renewed sense of optimism,” said Harrods’ buying director of fine jewelry and watches Beth Hannaway. “With a mix of technical breakthroughs and thoughtful design evolution, the high-end watch industry feels well-positioned for a dynamic and successful year ahead.”

Here, retailers’ views on the latest edition of Watches and Wonders.

Carla Chalouhi, president and CEO, Arije

Overall impression: This year was expected to be a quiet one. Instead, we were pleasantly surprised by some exquisite pieces that truly stood out from the crowd and broke new ground.

Best booth: Tudor, with its immersive Formula 1 experience and nostalgic touch through its vintage arcade setup. The interactive, game-inspired concept was a hit — we all played along.

Best moment: Bumping into Roger Federer at the same time as crossing paths with Rolex’s top management.

Top watches: Rolex’s Land-Dweller, inspired by the legendary Oysterquartz model; Cartier’s Tank à Guichets, a bold new interpretation of the iconic Tank; Bulgari’s Octo Finissimo Tourbillon, mastering the art of ultra-thin movements; Vacheron Constantin’s Traditonnelle Calendrier Complet Openface, a new showcase of the brand’s art of watchmaking, and Jaeger-LeCoultre’s vintage rose gold Reverso, exuding a timeless appeal that captivates connoisseurs of vintage treasures. And we cannot not mention Tudor’s Black Bay 58 with its new all-burgundy look — a bold statement that proclaims, “après la vie en rose, la vie en rouge.”

What resonates best with your customers? Our customers seek to be informed, guided and cared for. They are drawn to the richness of a multibrand universe, where diverse offerings meet curated excellence. Ultimately, they are in search of “the” piece that feels uniquely theirs. Because in the end, it is all about finding “the right piece for the right wrist.”

Your outlook for 2025: To keep moving forward, on and on, no matter what.

Beth Hannaway, buying director, fine jewelry and watches, Harrods

Overall impression: 2025’s Watches and Wonders exudes a renewed celebratory spirit for fine watchmaking, marking a stark contrast to last year’s more subdued atmosphere. Anniversaries abounded across the fair, adding a sense of heritage and continuity, while an overarching feeling of optimism and excitement signals a strong resurgence for the industry, despite the global outlook.

Best booth: Bulgari’s booth stole the show, making a bold statement on their first appearance at the fair. Their booth was a stunning celebration of Italian spirit, exuding elegance, creativity and a deep connection to the brand’s Roman heritage. The space showcased an extensive collection of high jewelry watches, demonstrating Bulgari’s mastery in blending horology with haute jewelry. At the heart of the display was their latest groundbreaking achievement — the brand’s 10th world record-breaking watch — cementing Bulgari’s status as a true innovator in ultra-thin watchmaking and technical excellence.

Best moment: Being back in Geneva again, discovering all the latest watch novelties — you can’t beat the buzz of the first day.

Top watches: Vacheron Constantin QP Retrograde Date Openface; IWC Schaffhausen – Black Ceramic Ingénieur; Cartier Tank à Guichets and Rolex Land-Dweller.

New talent: Czapek stood out among the independents at Watches and Wonders 2025, impressing with its blend of heritage craftsmanship and contemporary style. The standout was the Antarctique Tourbillon in a striking Glacier Blue color, which caught the eye with its cool, refined look. The watch perfectly balances elegance and sportiness, with an open tourbillon adding just the right touch of watchmaking magic.

What resonates best with your customers? Our customers are drawn to pieces that hold lasting value and significance. Future heirlooms, watches with timeless appeal and exceptional craftsmanship, are always in demand. Innovation also plays a key role, whether through groundbreaking materials, movement advancements, or fresh design concepts. Strong additions to their collections, particularly those that complement or elevate what they already own, are a major focus. Limited editions generate excitement, offering exclusivity and a sense of rarity. And, of course, the hottest novelties of the year, whether a bold new design or a reimagined classic, always capture attention.

Your outlook for 2025: Positive overall. While the global landscape remains challenging, the watch industry is showing resilience with strong releases and a renewed sense of optimism. Brands are leaning into innovation, heritage, and exclusivity, creating excitement among collectors and enthusiasts. With a mix of technical breakthroughs and thoughtful design evolution, the high-end watch industry feels well-positioned for a dynamic and successful year ahead.

David Hurley, deputy CEO, Watches of Switzerland

Overall impression: At this year’s Watches and Wonders Geneva we saw a return to core values: tradition and material excellence, balanced with the steady march of innovation. The fair offered no shortage of novelties, but it also reflected elements of popular culture — case in point, the growing love affair between watchmaking and Formula 1.

There was also a return to precious metals — not just as accents, but as statements. Many brands showcased full gold cases and bracelets that exuded confidence and old-world glamour. That felt like a distinct shift from the steel minimalism that has been so dominant in recent years. Platinum, which is really the IYKYK metal, stepped into the spotlight with its unmistakable weight, rarity and a touch of gravitas. This is horology at its most tactile and unapologetically luxurious.

Best booth and moment: If watchmaking is theater, then the booths at Watches and Wonders were the stage sets. Both IWC Schaffhausen and Tag Heuer went sleek and cinematic, leaning into their F1 identities. IWC teased the upcoming Brad Pitt Formula 1 film while Tag incorporated actual race cars and a simulator into its booth experience. The message? Storytelling now extends far beyond the watch — its lifestyle, culture and cinematic experience.

TAG Heuer booth at the Watches & Wonders 2025. Antoine Maraval/Courtesy of Tag Heuer

Top watches: Cartier presented refined evolutions of its Tank and Santos lines, showing how modernity can be a whisper, not a shout. Jaeger-LeCoultre’s Reverso looked incredible in gold with a Milanese strap, as did several of the new complications, while Patek Philippe gave its Calatrava fresh momentum through subtle design evolution. Rolex’s Oyster Perpetual maintained its icon status through restraint and excellence with sublime new dial colors. We were impressed with Parmigiani, which introduced “Cermet,” a proprietary ceramic-titanium hybrid material that blends aerospace tech with haute horlogerie finesse.

New talent: We are big fans of H. Moser, which continued its stone dial experimentation, pushing the conversation around color and design.

Roberto Chiappelloni, owner, Manfredi Jewels

Overall impression: This year’s show was well organized and ran like clockwork. Things are logically laid out, clean and transportation is super-efficient. It is a pleasant experience, although as always our schedules are filled to the brim. As usual, we missed the Swatch Group offerings.

Best booth: Van Cleef & Arpels is the most beautiful while Ulysse Nardin is the most interactive.

Best moment: Seeing the wonderful Michel Parmigiani at his booth.

Top watches: Hermès Arceau Le Temps Voyageur Dual Time Zone; Parmigiani Toric Quantième Perpetual Platinum Morning Blue; the offerings from Vacheron Constantin celebrating their 270th anniversary, and Zenith celebrating their 160th anniversary were impressive — my favorite for Vacheron was the Traditionnelle Complete Calendar Openface and for Zenith the G.F.J. Caliber 135, both limited editions; and the Rolex Land-Dweller.

New talent: We were introduced to Lederer this year and were totally in awe of his amazing mechanical wonders.

Budgets: We had a healthy open to buy coming into the show and while all the news of some serious tariffs broke this week, it did not change our comfort or interest in placing orders.

What resonates best with your customers? Having always been supporters of the independents, our collectors are always excited to see what new discoveries we make in Geneva. Of course, we and our clients are always looking forward to what Rolex releases, and that amazing brand certainly did not disappoint.

Your outlook for 2025: While there is a lot of turmoil caused by the tariff possible effects, we feel confident that the interest and love for fine timepieces is strong in the U.S., and from what we have seen at the show, across the rest of the world as well. We placed orders as business as usual.

Kate Oldham, general merchandise manager, beauty and jewelry, Saks Fifth Avenue

Overall impression: There was an abundance of newness and innovation from the brands at this year’s show. Watches and Wonders is evolving each year, and for the first time Bulgari was welcomed to the venue.

Best booth: Hermès had one of the most creative booths at the show. Dedicated to the suspension of time, the booth displayed vignettes portraying urban landscapes, creating a sense of calmness in a dynamic setting. The use of color, innovative designs and merchandise presentation made the booth feel unique and impressive — like nothing we have seen before.

Hermes Booth at Watches and Wonders 2025

The Hermès booth included an installation by French artist Sarah-Anaïs Desbenoit. Team Whaat!/Courtesy of Hermès

Best moment: It’s always exciting to see some of our customers’ favorite brands unveil fresh designs at Watches and Wonders, and this year was no exception. We’re thrilled with the abundance of newness we saw, and it’s safe to say there is a lot for customers to be enthusiastic about, from design to function, in the world of watches and timepieces.

Top watches: Piaget Sixtie watch; Bulgari Serpenti Aeterna watch; Chopard’s collection of 12 L’Heure du Diamant cocktail watches; the 33mm Chanel J12 Bleu with the sapphire indicators, and Hermès Arceau Le Temps Voyageur.

What resonates best with your customers? Our customers are shopping for special edition, unique and one-of-a-kind items. We tend to see them gravitating towards pieces with interesting dials.

Your outlook for 2025: Looking ahead, we are feeling inspired by the newness and creativity we saw this year at Watches and Wonders, including a wide selection of exquisite watches for customers who appreciate beautifully embellished jewel timepieces, as well as those seeking more intricate complications.

Tatiana Birkelund, vice president, general business manager, beauty, jewelry and home, Neiman Marcus

Overall impression: Bustling, high-energy and seamlessly organized, this edition showcased remarkable innovation. Watches and Wonders has masterfully created an immersive marketplace for merchants, press and the public alike.

Best booth: Chopard transported visitors to an old-world estate, anchored by a breathtaking orchid chandelier. This year’s 1965 to 1978 retrospective highlighted the brand’s pioneering spirit in jewelry watch design, while celebrating timeless craftsmanship and innovation. The elegant shapes and gemstone dials remain as relevant today as ever.

Best moment: Chanel’s Bleu timepiece launch made a striking impression with its perfect matte finish. While Chanel’s haute horologe always captivates, this year’s standout pieces were the Lipstick Secret Watch and the enamel “nail polish” five-piece boxed collection. The brand showed the intersection of fashion and watches at its best.

Top watches: Piaget Sixtie collection; Chopard Platinum Alpine Eagle and L’Heure du Diamant collection; Chanel’s Première Galon bangle watch; Hermès Suspended Time collection, and Bulgari Phoenix Gemstone & Paraiba secret watch cuff.

New talent: Neiman Marcus continues to embrace watches as jewelry. From brooches to necklaces to bangles, our client loves timepieces that seamlessly blend function with fashion.

What resonates best with your customers? Our Neiman Marcus customer loves a wrist that sparkles, gravitating toward diamond and gemstone bezels, dials and bracelets. They also enjoy color, making the vibrant shades of blue throughout the show a standout. Precious gemstone dials — especially mesmerizing opals and dazzling rainbow high jewelry timepieces — stole the spotlight.

Your outlook for 2025: After exploring the best of Watches and Wonders, our Neiman Marcus team is confident our curation of timepieces will captivate both our discerning fashion clients and dedicated collectors.

Stéphanie Hernandez, buying and marketing director of the watches and jewelry division, Galeries Lafayette

Overall impression: Watches and Wonders is the annual unmissable watches event. This edition reinforces its leading position: This year stands out by its latest novelties, anniversary celebrations, comebacks and technical achievements. In this context of uncertainty, competition intensifies on entry and middle market watches.

Best booth: Panerai booth and its immersive diving experience.

Best moment: The discovery of the new Rolex Land Dweller. This new watch marks a significant milestone for Rolex as it is its first new sportive model since a couple of years — and for the first time a high-frequency caliber.

Top watches: Rolex Land-Dweller, Piaget Sixtie, Cartier Tank à Guichets, Chanel J12 Bleu and Tag Heuer Formula 1 Solargraph.

Budgets: We for sure anticipate our [open to buy] in consequence. Some OTBs are used beforehand, and others during the event.

What resonates best with your customers? Smaller case diameters; some pastel dials; a taste for iconic or archive pieces.

Your outlook for 2025: The market polarization between [entry-level] and high-end exclusive products will continue. We are prudent on market perspectives for 2025 due to the unpredictable context.

Fabrizio Giaccon, sales and marketing director, Rocca

Overall impression: There were lots of good vibes and positive feelings from both brands and clients, with very nice innovative launches.

Best booth: Cartier

Top watches: The Oyster Perpetual Cosmograph Daytona with a light blue dial; the Cartier Tank à Guichets; the Bulgari Octo Finissimo Ultra Tourbillon; the Panerai Luminor Perpetual Calendar, and the Vacheron Constantin Les Cabinotiers Solaria Ultra Grand Complication.

New talent: Interesting pieces at H. Moser & Cie, Laurent Ferrier and Kross Studio.

Budgets: Most of our budget was already allocated per brand, per boutique.

Your outlook for 2025: We are “carefully optimistic,” focusing on key projects and top brands.

Jonathan Zadok, partner, Zadok Jewelers

Overall impression: It was good.

Best booth: I think the coolest booth was Panerai. They had a massive fish tank inside and the ceiling and walls felt like you were in a fish tank.

Best moment: Seeing Rolex come out with the Land Dweller. It isn’t often you get to see a whole new line from Rolex, especially something that is so perfectly designed.

Top watches: Jaeger-LeCoultre Reverso Tribute Géographique, Rolex Daytona with the meteorite dial, Cartier Tank à Guichets, Tudor Black Bay 68, Vacheron Constantin Traditionnelle Open Face Retrograde Perpetual and Ulysse Nardin Diver Air.

New talent: I think Nomos is coming out with some really nice stuff, especially the new world timer.

Budgets: I didn’t expect to see so much good stuff. I was pleasantly surprised that most brands kept their new offerings pretty tight and the majority of them were really salable. We always have a large open to buy because we feel that we aren’t doing our clients a good service if we don’t bring home amazing options for them. That being said, we don’t always use it because there isn’t always so much good stuff.

What resonates best with your customers? I think clients want something where they feel good about what they’re buying. Whether it’s from a company that stands for something, watches that have history or are attached to history somehow. I think they want to feel that there’s passion behind the brand which reflects in their products.

Your outlook for 2025: I think due to the economic and political turmoil, it’s going to be choppy but overall good. No one likes uncertainty. A big question is how quickly the tariff situation can get worked out. Hopefully it won’t take long.

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