Carat^Capital
The Six Desks
D—01Diamondsthe stone that runs on trust D—02Gold & Metalsthe metal beneath every margin D—03Colored Gemstonessupply lines drawn in emerald, ruby and sapphire D—04Watcheshaute horlogerie, priced by the second D—05Auctions & Estateswhere the trade marks itself to market D—06Retail & Technologythe counter, rebuilt for the next generation
The Paper
Front Page The Field Guide — Learn the Trade The Record — Eight Weeks of the Trade The Almanac — The Quarter in Numbers The Natural Diamond Price List — Every Shape, Every Weight The Lab-Grown Diamond Price List — What a Made Diamond Costs The Carat Indices — The Trade, Marked to Market The Folio — The Week, Bound The Price Tape About the Paper Editorial Standards Write to the Desk
Carat Capital · The trade paper of the jewelry world · Est. MMXXVI · Free to read
The Index Desk · computed 2026-09-01 · base 2026-01-02

The Carat IndicesThe listed jewelry world, marked to market. Computed by this desk, quoted from no one.

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.

The state of the trade — 2026-09-01
131.1CC20 · the Jewelry Twenty
-28.6 ptsThe metal gap · gold +2.5% YTD vs CC20 +31.1%
55%Breadth · CC20 names above their 50-day mean
+0.1663-day correlation · CC20 daily moves vs gold

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 28.6 points. The divergence is not the houses; it is the watchmakers, and the table below names them.

Five lines, one trade

Every index rebased to 100 at 2026-01-02. Gold, dashed, on the same footing — gold, COMEX front month.

75100125150175FEBMARAPRMAYJUNJULAUGSEPCC-W 180.7CC-P 134.2CC20 131.1CC-C 109.3GOLD 102.5CC-M 89.2
CC20 The Jewelry Twenty
131.10
1D ▼ -0.67%1W ▲ +1.45% 1M ▲ +5.22%YTD ▲ +31.10%
100110120130FEBMARAPRMAYJUNJULAUGSEPCC20 131.1
20 names · twenty listed names, the whole trade in one line
best Seiko Group +217.3% · worst LVMH -29.9% · range 98.6–132.3 · max drawdown -14.4%
CC-M The Maisons
89.19
1D ▼ -2.00%1W ▼ -1.09% 1M ▼ -5.64%YTD ▼ -10.81%
80859095100105FEBMARAPRMAYJUNJULAUGSEPCC-M 89.2
5 names · the luxury houses
best Richemont +10.4% · worst LVMH -29.9% · range 80.5–103.7 · max drawdown -22.4%
CC-C The Counter
109.32
1D ▼ -1.09%1W ▼ -2.68% 1M ▼ -1.37%YTD ▲ +9.32%
9095100105110115FEBMARAPRMAYJUNJULAUGSEPCC-C 109.3
8 names · jewelry retail, five markets
best Watches of Switzerland +45.0% · worst Brilliant Earth -21.2% · range 89.4–114.0 · max drawdown -17.9%
CC-P The Pit
134.16
1D ▲ +0.24%1W ▲ +11.85% 1M ▲ +18.40%YTD ▲ +34.16%
100110120130FEBMARAPRMAYJUNJULAUGSEPCC-P 134.2
3 names · the miners left standing, and De Beers' parent
best Gem Diamonds +85.3% · worst Lucara Diamond -19.1% · range 96.8–134.2 · max drawdown -26.0%
CC-W The Movement
180.66
1D ▼ -1.06%1W ▲ +1.01% 1M ▲ +7.09%YTD ▲ +80.66%
100120140160180FEBMARAPRMAYJUNJULAUGSEPCC-W 180.7
7 names · the watchmakers, Swiss and Japanese
best Seiko Group +217.3% · worst Swatch Group +10.1% · range 100.0–183.9 · max drawdown -13.7%

The spreads

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.

The chain spread · Counter − Pit

Above zero, the shops are beating the mines for the year; below it, the rough end of the chain is winning.

-28-1-24.8 pts
The maison premium · Maisons − Counter

What the market pays for a house over a counter. Negative all year: luxury's crown has slipped to the trade.

-18-1-20.1 pts

The twenty

Sorted by the year. Prices in each stock's home currency; the dot is its own 50-day mean, held or lost.

CompanyMarket BookLast close 1MYTD 50D
Seiko Group 8050.T Tokyo Movement 11,550.0 JPY ▲ +25.95% ▲ +217.31% ●
Citizen Watch 7762.T Tokyo Movement 2,843.0 JPY ▲ +18.80% ▲ +122.81% ●
Casio 6952.T Tokyo Movement 2,520.0 JPY ▲ +14.47% ▲ +98.43% ●
Gem Diamonds GEMD.L London Pit 5.69 GBp ▲ +40.97% ▲ +85.28% ●
Movado Group MOV New York Movement 33.73 USD ▼ -10.86% ▲ +60.54% ○
Watches of Switzerland WOSG.L London Counter 673.5 GBp ▼ -10.50% ▲ +45.03% ○
Anglo American AAL.L London Pit 4,142.0 GBp ▲ +2.98% ▲ +36.25% ●
Titan Company TITAN.NS Mumbai Counter 5,028.0 INR ▲ +1.76% ▲ +24.10% ●
Pandora PNDORA.CO Copenhagen Counter 854.4 DKK ▲ +7.23% ▲ +22.83% ●
Chow Sang Sang 0116.HK Hong Kong Counter 14.1 HKD ▲ +16.43% ▲ +15.95% ●
Richemont CFR.SW Zurich Maison 189.95 CHF ▼ -2.81% ▲ +10.40% ○
Swatch Group UHR.SW Zurich Maison 185.2 CHF ▼ -2.04% ▲ +10.07% ○
Chow Tai Fook 1929.HK Hong Kong Counter 12.77 HKD ▲ +4.50% ▲ +2.41% ●
Signet Jewelers SIG New York Counter 82.28 USD ▼ -15.10% ▼ -4.45% ○
Luk Fook 0590.HK Hong Kong Counter 21.38 HKD ▼ -15.56% ▼ -10.09% ○
Kering KER.PA Paris Maison 248.3 EUR ▼ -13.38% ▼ -18.48% ○
Lucara Diamond LUC.TO Toronto Pit 0.17 CAD ▲ +6.25% ▼ -19.05% ●
Brilliant Earth BRLT New York Counter 1.41 USD ▲ +10.16% ▼ -21.23% ●
Hermès RMS.PA Paris Maison 1,555.0 EUR ▼ -4.92% ▼ -26.09% ○
LVMH MC.PA Paris Maison 449.6 EUR ▼ -6.33% ▼ -29.95% ○
Methodology — read before quoting

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, 2026-09-01.”

100 = first trading day of 2026 (2026-01-02) · computed 2026-09-01 05:05 · CC20 twenty names · Maisons five · Counter eight · Pit three · Movement seven

The stones themselves are priced too — every shape, every weight.

Open the price lists →