Jewelry & Goldsmith Switzerland: 4–6.5× EBITDA, 2,132 Firms (2026)

1.0Market Snapshot

2,132: Jewellery makers and jewellery and watch retailers in 2024 (BFS STATENT): 1,064 gem cutters, goldsmiths and jewellery makers (NOGA 32.12) and 1,068 watch and jewellery shops (NOGA 47.77).
10,811: Employees in jewellery making (3,701) and watch and jewellery retail (7,110) in 2024 (BFS STATENT). Jewellery workshops average 3.5 employees, shops 6.7.
+8.5%: Change in employees from 2020 (9,965) to 2024 (10,811), BFS STATENT, after the pandemic dip; employment was 10,608 in 2011.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 2,132 jewelry & goldsmith companies — Jewellery makers and jewellery and watch retailers in 2024 (BFS STATENT): 1,064 gem cutters, goldsmiths and jewellery makers (NOGA 32.12) and 1,068 watch and jewellery shops (NOGA 47.77)..

2.0Industry Overview

Market Scope

Switzerland's jewellery trade runs from one-person goldsmith workshops to global luxury houses. In 2024 BFS counted 1,064 gem cutters, goldsmiths and jewellery makers with 3,701 employees and 1,068 watch and jewellery shops with 7,110 employees (STATENT); together, 2,132 firms with 10,811 employees, 8.5% more than in 2020. Most workshops are tiny, averaging 3.5 employees. The official hallmarking figures show a softer domestic trade: the Federal Office for Customs and Border Security hallmarked 2.41 million jewellery and watch items in 2025, down from 2.68 million in 2024 and 3.02 million in 2023, and objected to the quality of precious-metal goods in 894 cases.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Strong luxury brands and Swiss craftsmanship

Weaknesses4

Fewer items hallmarked (2.41 million in 2025, −10%)

External factors

Opportunities4

Tourist demand from the US and Asia

Threats4

High gold prices raise costs and prices→ §5.0

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Fewer pieces hallmarked

The customs office hallmarked 2.41 million jewellery and watch items in 2025, down from 2.68 million in 2024 and 3.02 million in 2023 (BAZG).

Record tourism

2.6%

Swiss hotels recorded 43.9 million overnight stays in 2025 (+2.6%), with foreign guests at an all-time high and US guests up 5.4% (BFS, February 2026).

Jewellery outearns watches

30.5%

Richemont's Jewellery Maisons earned a 30.5% operating margin in the year to March 2026, its watchmakers 3.4%.

Brands buy retail

Rolex bought Bucherer and its more than 100 stores in 2023 because the family had no direct descendants (Fortune).

Family houses endure

Gübelin (Lucerne, 1854) remains family-owned and Beyer (Zurich, 1760) is run by the eighth generation.

5.0Cost Structure Benchmark

45%

25%

10%

12%

Gold, stones and goods for resale45%
Personnel25%
Rent and shop costs10%
Overheads and other8%
EBITDA margin12%

Indicative split for a Swiss jeweller or goldsmith, not a measured figure. Measured reference: Richemont's Jewellery Maisons earned a 30.5% operating margin in the year to March 2026.

6.0Top Jewelry & Goldsmith Companies in Switzerland

Name	Location	Key Facts
Bucherer (Rolex)CHE-109.612.210	Luzern LU	Bucherer AG: watch and jewellery retailer registered in Lucerne, with more than 100 stores; bought by Rolex in 2023 because the family had no direct descendants. It has absorbed Carl F. Bucherer and other group companies.
GübelinCHE-106.084.591	Luzern LU	Gübelin AG: jewellery and gemstone house registered in Lucerne, founded in 1854 and family-owned; its Gübelin Gem Lab operates as an independent entity within the group.
ChopardCHE-101.762.030	Meyrin GE	Le petit-fils de L.U. Chopard & Cie SA: watch and jewellery maker registered in Meyrin.
Compagnie Financière RichemontCHE-106.325.524	Bellevue GE	Compagnie Financière Richemont SA: luxury group registered in Bellevue; its Jewellery Maisons, led by Cartier and Van Cleef & Arpels, earned a 30.5% operating margin in the year to March 2026.
Les AmbassadeursCHE-106.030.402	Rapperswil-Jona SG	Les Ambassadeurs AG: luxury watch and jewellery retailer registered in Rapperswil-Jona.
Beyer ChronometrieCHE-105.952.701	Zürich ZH	Beyer Chronometrie AG: watch and jewellery shop on Zurich's Bahnhofstrasse, founded in 1760 and run by the eighth generation of the family.
Türler Schmuck und UhrenCHE-111.782.896	Zürich ZH	Türler Schmuck und Uhren AG: jeweller registered in Zurich, formerly A. Türler Uhren und Juwelen Zürich AG.

Bucherer (Rolex)

CHE-109.612.210

Luzern LU

Bucherer AG: watch and jewellery retailer registered in Lucerne, with more than 100 stores; bought by Rolex in 2023 because the family had no direct descendants. It has absorbed Carl F. Bucherer and other group companies.

Gübelin

CHE-106.084.591

Luzern LU

Gübelin AG: jewellery and gemstone house registered in Lucerne, founded in 1854 and family-owned; its Gübelin Gem Lab operates as an independent entity within the group.

Chopard

CHE-101.762.030

Meyrin GE

Le petit-fils de L.U. Chopard & Cie SA: watch and jewellery maker registered in Meyrin.

Compagnie Financière Richemont

CHE-106.325.524

Bellevue GE

Compagnie Financière Richemont SA: luxury group registered in Bellevue; its Jewellery Maisons, led by Cartier and Van Cleef & Arpels, earned a 30.5% operating margin in the year to March 2026.

Les Ambassadeurs

CHE-106.030.402

Rapperswil-Jona SG

Les Ambassadeurs AG: luxury watch and jewellery retailer registered in Rapperswil-Jona.

Beyer Chronometrie

CHE-105.952.701

Zürich ZH

Beyer Chronometrie AG: watch and jewellery shop on Zurich's Bahnhofstrasse, founded in 1760 and run by the eighth generation of the family.

Türler Schmuck und Uhren

CHE-111.782.896

Zürich ZH

Türler Schmuck und Uhren AG: jeweller registered in Zurich, formerly A. Türler Uhren und Juwelen Zürich AG.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Heirless houses sell, small workshops close

2,132: jewellery makers and watch and jewellery shops in 2024 (BFS STATENT)
2.41m: jewellery and watch items hallmarked in 2025, −10% (BAZG)
43.9m: hotel overnight stays in 2025, a record (BFS)
4.0–6.5×: EBITDA deal multiples (ValIndex multiples table)

Jewellery is a family trade, and succession shapes the market at every size. At the top, Rolex bought Bucherer in 2023 because the family had no direct descendants, while Gübelin and Beyer show how long family ownership can last. Most of the 1,064 jewellery makers are tiny workshops with 3.5 employees on average, and for them a sale to a goldsmith employee or a regional jeweller is more common than to a group. Buyers pay for location, brand agencies, clients and stock, and discount for dependence on the owner's craft and on tourist flows. ValIndex's multiples table puts the sector at 4.0–6.5× EBITDA in transactions and 3.0–5.0× on statutory valuations.

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Valuation Snapshot

Jewelry & Goldsmith business valuation in Switzerland

Statutory Multiple (EBITDA): 3.0 - 5.0×
Deal Multiple (EBITDA): 4.0 - 6.5×
Market Trend: Stable

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

679 jewellery makers and shops with 3,847 employees in 2024 (BFS STATENT, NOGA 32.12 and 47.77), the most of any region; Chopard (Meyrin) and Richemont (Bellevue) are registered here.

Zurich

360 firms with 1,318 employees; Beyer and Türler are registered in Zurich.

Bern and Solothurn

BESO

251 firms with 1,212 employees.

Eastern Switzerland

SGTGGRSHARAIGL

237 firms with 1,220 employees; Les Ambassadeurs is registered in Rapperswil-Jona.

Northwestern Switzerland

AGBLBS

236 firms with 536 employees, the smallest on average (2.3 per firm).

Central Switzerland

LUSZZGOWURNW

202 firms with 2,161 employees, the largest on average (10.7 per firm); Bucherer and Gübelin are registered in Lucerne.

Ticino

138 firms with 491 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 32.12.01–02 gems and jewellery; 47.77 retail of watches and jewellery)BAZG — Fakten und Zahlen 2025 (2.6 Edelmetallkontrolle: jewellery and watches hallmarked, 2023–2025)BFS — Hotellerie 2025: dritter Rekord in Folge (25 February 2026)Fortune — Rolex to buy Bucherer in deal resetting luxury watch business (26 August 2023)Richemont — Results for the year ended 31 March 2026 (Jewellery Maisons operating margin 30.5%)Gübelin Gem Lab — The House of Gübelin (founded in Lucerne in 1854; family-owned)Beyer Uhren & Juwelen — About us (founded 1760; eighth generation)Zefix — Swiss Central Business Name Index (seats, former names and takeovers of Bucherer, Gübelin, Chopard, Richemont, Les Ambassadeurs, Beyer and Türler)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is a jewellery shop or goldsmith worth in Switzerland?

ValIndex's multiples table puts Swiss jewellery and goldsmith businesses at 4.0–6.5× EBITDA in transactions and 3.0–5.0× EBITDA on statutory valuations. Jewellers with a prime location, brand agencies and a loyal client base sit at the upper end; owner-run workshops sit lower.

▶What drives the value of a Swiss jeweller?

Buyers price: (1) location and lease; (2) brand agencies and supplier terms; (3) the client base; (4) stock value and quality; (5) goldsmiths and gemmologists on staff; (6) dependence on the owner.

▶How big is the Swiss jewellery sector?

In 2024 BFS counted 1,064 jewellery makers with 3,701 employees and 1,068 watch and jewellery shops with 7,110 employees: 2,132 firms with 10,811 employees in total.

▶Who are the main jewellers in Switzerland?

Bucherer (Lucerne, owned by Rolex), Gübelin (Lucerne), Chopard (Meyrin), Richemont (Bellevue, owner of Cartier and Van Cleef & Arpels), Les Ambassadeurs (Rapperswil-Jona), Beyer and Türler (Zurich).

▶What are the key trends in Swiss jewellery?

Five trends: (1) fewer pieces hallmarked (2.41 million in 2025); (2) record tourism; (3) jewellery far more profitable than watches at the top; (4) brands buying retail, as Rolex did with Bucherer; (5) long-lived family houses.

▶What are the main risks when buying a Swiss jewellery business?

The main risks are: (1) dependence on the owner's craft and relationships; (2) stock valuation and gold-price swings; (3) dependence on tourists; (4) loss of brand agencies; (5) the lease. Due diligence should check stock, agency contracts, lease terms and client concentration.

▶How important are tourists for Swiss jewellers?

Very. Swiss hotels recorded a record 43.9 million overnight stays in 2025, with foreign guests at 22.8 million and US guests up 5.4%. Shops in Zurich, Lucerne, Geneva and the mountain resorts rely on them.

▶Where are Swiss jewellers located?

Using BFS figures for 2024: Western Switzerland has the most firms (679, with 3,847 employees), followed by Zurich (360; 1,318), Bern and Solothurn (251; 1,212), Eastern Switzerland (237; 1,220), Northwestern Switzerland (236; 536), Central Switzerland (202; 2,161) and Ticino (138; 491).

Jewelry & Goldsmith