This was a week where every corner of the trade felt geopolitical pressure. Gold whipsawed between $4,675 and $4,784 per ounce as traders tried to read the Strait of Hormuz situation through President Trump's contradictory messaging. Luxury watches are entering the most important product week of the year. And the Saks Global bankruptcy is quietly redrawing the map of luxury retail distribution. For wholesale jewelers and watch dealers, the message is clear: this is a market for selective buying, tighter inventory control, and better storytelling.

Luxury Watches

Watches and Wonders Geneva 2026 opens April 14 with 66 exhibiting brands — the largest roster in the event's history. Audemars Piguet is attending for the first time since leaving SIHH in 2019, meaning Rolex, Patek Philippe, and AP will present under the same roof simultaneously for the first time ever. Public days run April 18-20.

The secondary market enters April on solid footing. The WatchCharts Overall Market Index stood at $31,870 as of March 31, up 8.2% year over year. Patek Philippe led with a 16.2% annual gain, driven by the Aquanaut and Nautilus. Rolex gained 7.9%, Audemars Piguet 3.4%, and Tudor posted a notable 11.4% increase — the only brand outside the Big Three to deliver double-digit gains.

The primary market had its own momentum heading into April. Swiss watch exports rose 9.2% year over year in February to CHF 2.2 billion, with U.S. demand up 26.8%. Phillips' Geneva Sessions online watch auction in March totaled CHF 4,558,284.

But the Iran conflict is clouding the outlook. WatchPro reported that Swatch, Richemont, and Watches of Switzerland Group shares have all fallen double digits since the war began. Swiss watch exports to GCC states totaled CHF 2.21 billion in 2025 — and that entire regional business is now under geopolitical stress.

Jewelry & Diamonds

Saks Global secured the final $300 million tranche of its $1.75 billion financing package in mid-March, unlocking its five-year restructuring plan. Nearly 600 brands have resumed shipping, with merchandise receipts in early March running roughly 60% higher year over year.

Natural diamonds continue to face a two-speed market. Rapaport reported that round 1-carat D-to-H SI goods fell 24.1% in 2025. Lab-grown diamonds were present in 42% of all diamond jewelry sold and 48% of engagement rings, with average lab-grown 1-carat pricing around $1,000 compared with roughly $4,200 for natural. Anglo American took another $2.3 billion impairment on De Beers.

On the product side, designers are increasingly turning to 10K gold as record prices push fabrication costs higher. GIA named John Cowley as its new CFO effective April 6, and Tracr announced Jillian Wolk as its new CEO starting May 1.

Gold & Bullion

Gold closed Friday at approximately $4,675 per ounce, down from a midweek high near $4,784 after Trump's televised address on Wednesday rattled traders. This comes after March delivered an 11.8% drop — gold's worst monthly fall since 2008 — before rebounding sharply into April.

The broader picture remains bullish. Gold has gained more than $1,500 per ounce year over year. JPMorgan and Goldman Sachs project gold trading between $4,000 and $6,300 through 2026. Iran has selectively reopened the Strait to ships from China, Russia, India, and several other nations, while also floating the idea of formal transit tolls.

Industry News

Tariffs remain one of the biggest operating stories in the trade. Loose natural diamonds, colored gemstones, and pearls from the EU and Switzerland face a 10% tariff. Indian-made jewelry is effectively at 15.5%. India's gem and jewelry exports to the United States fell 45.49% from April 2025 through January 2026.

The global diamond jewelry market is projected to reach $408.2 billion in 2026 and grow to $652.4 billion by 2036 at a 4.8% CAGR. Rob Bates, a 28-year veteran of JCK, launched his own trade publication on Substack called The Jewelry Wire.