HS Code:
The category 'Having no jewels or only one jewel in the movement' (HS Code: 9101.29.10) pertains to wristwatches, pocket-watches, and other watches, including stop-watches, with case of precious metal or of metal clad with precious metal, that are not electrically operated and have movements with no jewels or only one jewel. These products are typically considered niche luxury or collectible items due to their craftsmanship and materials. Global trade in this category is relatively small compared to mass-produced watches but holds significant value due to the high cost per unit.
Total Trade Volume
USD 45.6 million
Data from 2022
Source
United Nations Comtrade Database
USD 28.3 million
62.1% of total trade of total trade
Increasing
USD 6.2 million
13.6% of total trade of total trade
Stable
USD 4.1 million
9.0% of total trade of total trade
Increasing
USD 3.5 million
7.7% of total trade of total trade
Decreasing
USD 1.9 million
4.2% of total trade of total trade
Stable
Average Rate
6.5%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Switzerland)
Growing demand for vintage and artisanal watches
Increased trade volume in niche markets, especially among collectors and luxury buyers
2021-2022
Shift towards sustainable and ethical sourcing of precious metals
Higher production costs but improved market perception and demand in eco-conscious regions like the EU
2020-2022
Decline in demand for non-smart luxury watches
Slight reduction in market share as smartwatches gain popularity, though high-end collectors remain a stable customer base
2019-2022
The EU and Switzerland renewed their bilateral trade agreement, maintaining zero tariffs on luxury watches, including those under HS Code 9101.29.10.
March 2023
Continued dominance of Swiss exports in the EU market, potentially increasing trade volume by 5-10% in 2023.
The United States Trade Representative announced a review of tariffs on luxury goods, including watches with precious metal cases, due to trade tensions with the EU.
June 2023
Possible increase in tariffs could reduce US imports from Europe, affecting market dynamics for this category.
Online platforms for luxury watch auctions have seen a surge in transactions for vintage watches with no or one jewel movements, driven by collector interest.
January 2023
Increased visibility and sales channels for exporters, particularly benefiting smaller manufacturers and retailers.