Metals — the half at a glance
USD/oz · H1 2026
| Measure | Print | Context |
|---|
| Gold — Jan 29 peak | 5,405 | all-time high |
| Gold — Jun 25 trough | 4,001.80 | H1 low; level held |
| Gold — H2 base case | ≈4,100 ±5% | WGC mid-year outlook |
| Platinum — Jan record | 2,923.70 | all-time high |
| Platinum — early summer | ≈1,900 | +62% YoY |
| Silver — June | ≈72 | +102% YoY |
Source — World Gold Council · Trading Economics
Swiss watch exports — May 2026
CHF 2.11B total · +0.4% YoY · YTD −3.1%
| Market | May value | YoY |
|---|
| United States | $375.7M | +12% |
| France | $237.6M | +57% |
| United Kingdom | $203.0M | +25% |
| Hong Kong | $201.9M | +3.4% |
| Japan | $190.9M | −3.5% |
| China | $162.1M | −21% |
Source — Federation of the Swiss Watch Industry
Lab-grown wholesale — Q2 2026
year-on-year price change by size
| Category | YoY | Note |
|---|
| 1ct rounds | +1% | first rise in years |
| 1.50–1.99ct | −11% | still falling |
| 2ct and above | −20% | steepest declines |
| All categories avg | −13% | deceleration continues |
| Cumulative since 2018 | −96% | the long collapse |
| Rough (recent) | +25–30% | producers push back |
Source — Edahn Golan Diamond Research
The saleroom — May–June league table
headline results
| Sale | Total | Sold |
|---|
| Phillips spring season (watches) | $235M+ | 99.8% |
| Phillips Geneva XXIII (May) | $96.3M | record |
| Christie's NY Magnificent Jewels | $49.7M | 100% |
| Sotheby's NY (June) | $43.4M | 98% |
| Christie's Stream Collection | $17.3M | 99% |
Source — WatchPro · The Diamond Press
Retail scorecard — latest reported
most recent fiscal periods
| House | Revenue | Signal |
|---|
| Chow Tai Fook (FY26) | HK$94.4B · +5% | profit +52%, record |
| Luk Fook (FY26) | HK$17.2B · +29% | profit +89% |
| Richemont Jewellery (FY26) | €16.5B · +14% | 30.5% margin |
| Signet (Q1 FY27) | $1.55B · +0.7% | SSS +1.8% |
| US independents (May) | +12% YoY | ticket +22%, units −9% |
| Hong Kong jewelry retail (Apr) | +20% YoY | tourism-led |
Source — company reports via The Diamond Press · Richemont
Tariff arithmetic — US–India deal
US import duty on Indian goods
| Category | Before | After deal |
|---|
| Natural cut & polished diamonds | 25% | 0% |
| Finished jewelry | 31% | 24% |
| Lab-grown diamonds | 25% | 18% |
| US-cast jewelry | duty-free | duty-free |
Source — JCK · National Jeweler
Carat