A special end-of-year feature! Masamasa Hirota, editor-in-chief of the watch magazine Chronos Japan and webChronos, will take a look at the top 10 news stories in the watch industry as he sums up 2025. What happened in the watch industry this past year, and what scenarios can be expected for the future? Join Hirota as he reflects on the year that has passed and the year to come.
Text by Masayuki Hirota(Chronos-Japan)
[Article published on January 31, 2025]
1. Rising gold prices
Overshadowed by the soaring Swiss franc and Trump tariffs, the soaring price of gold has been overshadowed by the recent surge in gold prices. In 2015, the price of gold rose from $1159.94 per troy ounce to $2386.20 in 2024, then soared to $2709.69 in January 2025, and $4082.95 in November (all figures are annual or monthly averages). While there are several reasons for this surge, it is said to be due to excess liquidity and increased gold purchases by emerging countries and central banks. In fact, central bank purchases of gold in 2024 exceeded 1000 tons for the third consecutive year, accounting for roughly 30% of annual gold production. The European Central Bank noted that "gold has regained its position as the second-largest reserve asset after the U.S. dollar."
The luxury industry has been hit hardest by the watch industry. With the price of gold increasing 1.7 times in a year, manufacturers have responded by reducing production of gold watches or raising prices. Going forward, companies will likely not only continue to make gold watches smaller, but will also move toward using gold alloys with higher alloy content or gold plating. So, will small, solid gold dress watches be the focus of attention in 2026?
2. Trump Tariffs
A major topic of discussion throughout the second half of the year was the tariff policy of US President Donald Trump, known as the "Trump Tariffs." The US decision to impose a 39% tax on watches imported from Switzerland cast a large shadow over Swiss watchmakers, who still rely heavily on the American market. Some manufacturers responded by accelerating exports to the US and by increasing product supplies to countries seeing an increase in tourists from the US. Although import tariffs were recently lowered to 15%, a Swiss source said, "The Trump administration's intentions are still unclear." With the economic slowdown and the rising Swiss franc, manufacturers are likely to continue reducing production.
3. 2025 is the anniversary year
The watch industry celebrates anniversaries every year, but 2025 was an exceptional year. Vacheron Constantin celebrated its 270th anniversary, Audemars Piguet its 150th, and Breguet its 250th. Additionally, Japan's Orient celebrated its 75th anniversary. Each company released a unique masterpiece. Watch enthusiasts were captivated by the release of Vacheron Constantin's Les Cabinotiers Solaria Ultra Grand Complication -La Première-, Audemars Piguet's Royal Oak "Jumbo" Extra-Thin Flying Tourbillon Chronograph (RD#5) "150th Anniversary," and Breguet's "Classique Subscription 2025." Breguet, in particular, offered an outstanding collection in both quality and quantity, even winning the Golden Hand Award at the Geneva Grand Prix de la Watchmaking (GPHG). There were a few individual models to choose from, but the one that really caught my eye was the Hublot Big Bang 20th Anniversary. It looks the same as the model from 20 years ago. However, the exterior has been improved, making it a completely different watch.
4. The rise of Louis Vuitton
Louis Vuitton was the focus of attention at the 2025 GPHG. Since the new Tambour in 2022, the brand has rapidly released new products. At the same time, Daniel Roth and Gérald Genta, which were revived under the brand, have also added ambitious models. While the brand had long promoted itself as an établisseur, it has transformed its subsidiary, La Fabrique du Temps Louis Vuitton, into a major manufacture. In addition to producing complicated watches and dials, the brand is now capable of handling various métiers d'art in-house. While the brand also submitted new products to the GPHG, only Daniel Roth and Gérald Genta received awards. According to the editor-in-chief of a foreign media outlet, "The watch industry probably doesn't want Louis Vuitton to win too much." While this may be a cynical view, Louis Vuitton's influence is truly immense. My personal favorites from the brand are the Tambour and the Tambour Convergence, which was added this year.
5. The Apple Watch turns 10
In fact, 2025 marks the 10th anniversary of the release of the Apple Watch. Smartwatches have become commonplace, but it's safe to say that the Apple Watch, released on April 9, 2015, truly ushered in a new era. However, this wasn't just a "computer on your wrist." It was a completely new watch, born from the expertise of various stakeholders, including Dominique Frechon of the FHH (Fondation de la Haute Horlogerie). It's no surprise that this watch possessed exceptional perfection from the start. What's noteworthy about the Apple Watch's 10th anniversary is the titanium case used in the Apple Watch Series 11 and other models. Amazingly, this case isn't machined from titanium, but instead molded in one piece using a 3D printer. Leading the way in the watch industry, and producing such a large number of cases with a 3D printer, the Apple Watch is also the most advanced in terms of hardware. However, as the number of users with presbyopia increases, all smartwatches, including the Apple Watch, will likely have to rethink their product lineup.
6. Japanese watchmaking is gaining more presence
Since the mid-2010s, Japanese watchmaking has been gaining global attention. The unique character not found in Europe, relatively attractive prices, and fascinating stories certainly captured the attention of watch enthusiasts. In 2024, Phillips, in collaboration with Bacs & Russo, held a special themed auction in Hong Kong called "TOKI - Time," focusing on Japanese watches. Otsuka Low-tec's special model, the "No. 6 Shinonome "SHINONOME," sold for an astounding HK$533,400. Following that, in 2025, a group of French Japanese watch enthusiasts held an event called "WADOKEI," focusing exclusively on Japanese manufacturers, and "Tokyo Watch Week," bringing together various Japanese watchmakers, was held in Japan. Incidentally, 2026 is sure to see the emergence of more interesting Japanese watchmakers. Stay tuned.
7. Micro Maison watches have become commonplace
MB&F's head of watchmaking, Maximilian Büsser, has said, "Without the internet, small manufacturers would never have achieved this level of success." The internet, which allows direct contact between makers and buyers, was a boon for small manufacturers lacking sales channels or advertising methods. This trend took hold during the COVID-19 pandemic and is becoming even more widespread now that the watch boom has subsided and the market is heading toward maturity. Otsuka Low-Tech is a prime example. Despite only selling directly to Japan, it won the Challenge Award at the 2024 Grand Prix of Luxury Watchmaking (GPHG). This would have been unthinkable in the past, but the spread of the internet has made it possible. We're sure to see many exciting micro-maisons next year and beyond.
8. The return of real watch fairs
The argument that offline trade fairs are unnecessary, which was voiced during the COVID-19 pandemic, has completely faded away in recent years. It's difficult to sell products like watches without the ability to see and touch them in person. Perhaps convinced of this, companies are rapidly returning to physical trade fairs. One such venue is Dubai Watch Week, held annually in November. This year, the event, held immediately after the GPHG, showcased award-winning works. Additionally, renowned manufacturers from around the world have decided to participate. Watches & Wonders in Geneva, Switzerland, also expanded its general attendance quota for 2025. 23,000 tickets for the general public were sold out, bringing the total number of attendees to an astounding 55,000. Therefore, physical watch trade fairs are likely to continue expanding next year and beyond.
9. Swatch Group drops out of the Swiss Leaders Index (SLI) on the SIX Swiss Exchange
This is unexpected, yet extremely significant, news for the watch industry. In November 2025, the SIX Swiss Exchange announced that watchmaker Swatch Group would be removed from its benchmark stock index, the Swiss Leader Index (SLI). According to Reuters, the reason for this is "a decline in the company's market capitalization and trading volume." In its place will be Helvetia Baloise Holding, the second-largest insurance group in Switzerland, formed through the merger of Helvetia and Baloise. The watch industry is one of Switzerland's core industries. It's a shame to see one of the country's leading groups being removed from the list. Here's hoping for a revival.
10. 20th anniversary of the launch of "Chronos Japan"!
I apologize for ending with an inside joke. Chronos Japan, a watch magazine first published in 2005, celebrated its 20th anniversary this year. Thanks to your continued reading and viewing, we've been able to continue with webChronos and webChronosTV. Thank you again. Incidentally, in November 2025, our publisher, Simsam Media, will join the LinkTides Holdings Co., Ltd. group. We plan to continue enjoying the world of watches even more next year and beyond, so we hope you will continue to support us.
