Twenty listed companies across nine exchanges — the maisons, the jewelers' counters, the diamond pits and the watchmakers — folded into five equal-weight indices and rebased to 100 at the first trading day of the year. Every close is an exchange print. Nothing here is estimated, and nothing is anyone else's number.
Gold is having a historic year and the old rule says jewelry equities should suffer for it — the metal is their input cost. The tape says otherwise: the makers lead the metal by 33.3 points. The divergence is not the houses; it is the watchmakers, and the table below names them.
Every index rebased to 100 at 2026-01-02. Gold, dashed, on the same footing — gold, COMEX front month.
Two numbers this desk watches that nobody else prints: who in the chain is capturing the year, and what the market pays for a name over a counter.
Above zero, the shops are beating the mines for the year; below it, the rough end of the chain is winning.
What the market pays for a house over a counter. Negative all year: luxury's crown has slipped to the trade.
Sorted by the year. Prices in each stock's home currency; the dot is its own 50-day mean, held or lost.
| Company | Market | Book | Last close | 1M | YTD | 50D |
|---|---|---|---|---|---|---|
| Gem Diamonds GEMD.L | London | Pit | 11.25 GBp | ▲ +100.89% | ▲ +266.45% | ● |
| Seiko Group 8050.T | Tokyo | Movement | 10,410.0 JPY | ▼ -2.53% | ▲ +185.99% | ● |
| Citizen Watch 7762.T | Tokyo | Movement | 2,429.0 JPY | ▼ -10.96% | ▲ +90.36% | ○ |
| Casio 6952.T | Tokyo | Movement | 2,201.5 JPY | ▼ -9.52% | ▲ +73.35% | ○ |
| Movado Group MOV | New York | Movement | 34.12 USD | ▲ +0.47% | ▲ +62.40% | ○ |
| Watches of Switzerland WOSG.L | London | Counter | 672.5 GBp | ▼ -2.61% | ▲ +44.81% | ○ |
| Anglo American AAL.L | London | Pit | 4,042.0 GBp | ▼ -1.73% | ▲ +32.96% | ● |
| Titan Company TITAN.NS | Mumbai | Counter | 4,884.0 INR | ▼ -3.74% | ▲ +20.54% | ○ |
| Pandora PNDORA.CO | Copenhagen | Counter | 836.2 DKK | ▼ -3.89% | ▲ +20.21% | ● |
| Signet Jewelers SIG | New York | Counter | 102.26 USD | ▲ +25.84% | ▲ +18.76% | ● |
| Swatch Group UHR.SW | Zurich | Maison | 183.25 CHF | ▼ -1.48% | ▲ +8.92% | ○ |
| Chow Sang Sang 0116.HK | Hong Kong | Counter | 12.73 HKD | ▼ -8.81% | ▲ +4.69% | ○ |
| Richemont CFR.SW | Zurich | Maison | 171.4 CHF | ▼ -9.19% | ▼ -0.38% | ○ |
| Luk Fook 0590.HK | Hong Kong | Counter | 21.08 HKD | ▼ -2.23% | ▼ -11.35% | ○ |
| Chow Tai Fook 1929.HK | Hong Kong | Counter | 10.97 HKD | ▼ -12.73% | ▼ -12.03% | ○ |
| Lucara Diamond LUC.TO | Toronto | Pit | 0.17 CAD | — +0.00% | ▼ -19.05% | ● |
| Brilliant Earth BRLT | New York | Counter | 1.37 USD | ▲ +2.24% | ▼ -23.46% | ● |
| Kering KER.PA | Paris | Maison | 223.35 EUR | ▼ -9.65% | ▼ -26.67% | ○ |
| Hermès RMS.PA | Paris | Maison | 1,347.5 EUR | ▼ -12.64% | ▼ -35.96% | ○ |
| LVMH MC.PA | Paris | Maison | 396.85 EUR | ▼ -10.82% | ▼ -38.17% | ○ |
Each constituent is measured in its home currency and rebased to 100 at its last close on or before 2026-01-02; an index is the equal-weight mean of those relatives, so no exchange rate and no giant market cap can speak for the group. Constituents were chosen for listed, liquid exposure to jewelry, diamonds or watches; conglomerates carry their whole business (Anglo American is in for De Beers, and carries the rest of Anglo with it). The Pit holds only three names because that is how many investable diamond miners remain — that fact is itself a finding of this desk. Closes are exchange prints retrieved from Yahoo Finance's public chart interface at computation time and spot-checked against independent sources; gold is gold, COMEX front month. Exchanges close at different hours, so the latest session differs by market; each series carries its own last print. The indices are computed with each edition, not live. They are editorial instruments of Carat Capital, not investment advice and not a tradeable benchmark — quote them with attribution: “Carat Capital indices, 2026-09-25.”
100 = first trading day of 2026 (2026-01-02) · computed 2026-09-26 05:06 · CC20 twenty names · Maisons five · Counter eight · Pit three · Movement seven
