Sub-500 Mechanical Watches and Bimetal Cases Recast the 2026 Export Mix
The first-half 2026 Swiss watch export file split in two directions. According to the Federation of the Swiss Watch Industry FH, more than 7 million watches left the country, 2.3% more than a year earlier, while wristwatch export value slipped 0.6% to 12.2 billion francs. The volume gain was concentrated at the bottom of the mechanical range. The value drag sat in the middle price band and in cases that use a lot of gold.
Price bands: volume at the floor, pressure in the middle
Mechanical watches with an export price below 500 francs rose 23.8% in volume. That single band supplied most of the extra 162,000 pieces shipped in the half-year. The 500–3,000 franc segment, by contrast, fell 5.7% in value and was the main weight on the overall result.
The pattern is consistent with a market that still absorbs entry mechanical watches while retailers delay replenishment of mid-priced steel sports and dress pieces. Certification language on those steel sports models often tracks COSC, MET or Geneva Seal programmes rather than a generic “chronometer” label; the split is summarised in how Geneva Seal, COSC and MET still divide the 2016–2026 certification map.
| Slice | H1 2026 change | Role in the total |
|---|---|---|
| All wristwatches, value | −0.6% to CHF 12.2 bn | Bulk of the 12.8 bn export total |
| All wristwatches, units | +2.3% (7m+ pieces) | +162,000 watches versus H1 2025 |
| Mechanical, export price < CHF 500 | +23.8% (volume) | Main volume driver |
| CHF 500–3,000 band | −5.7% (value) | Main value drag |
| Precious-metal cases | −6.5% (value) | Gold price effect |
| Bimetallic cases | +20.0% | Substitution away from full gold |
| Other metals | +14.4% | Second substitution channel |
| Steel cases | −6.5% | Fell with the mid-price band |
Gold, steel and the shift into two-tone
The FH said record gold prices in the first half of 2026 affected both selling prices and production costs. Watches in precious metal declined 6.5% in value. Bimetallic models rose 20.0%. The federation attributed the transfer mainly to material prices. The “other metals” category, which includes titanium and similar alternatives, grew 14.4%. Steel watches fell 6.5%.
That mix change is a cost story as much as a design story. Two-tone and alternative-metal cases let brands keep a precious-metal appearance without a full-gold bill of materials. Recycled and responsible-metal programmes sit in the same cost-and-sourcing discussion; background is in recycled steel, responsible gold and bioceramic meeting repairable mechanical watches.
Currency and inventory around the mix
According to the FH, a still-strong Swiss franc raised foreign-currency prices and compressed exporter margins. The U.S. dollar’s depreciation since early 2025 added pressure in the largest market. Retailers kept restocking orders cautious. Some suppliers were nearing the end of short-time working options; others had already cut headcount. Employment in the sector continued a moderate decline.
- Volume growth was not evenly spread; it was led by mechanical pieces under CHF 500.
- The 500–3,000 franc band absorbed the largest value decline.
- Gold prices pulled demand from full precious-metal cases into bimetal and other metals.
- Steel, the traditional volume metal at mid-price, also lost 6.5% in value.
FAQ
If unit exports rose, why did value fall? According to the FH, extra volume came from mechanical watches below 500 francs, while the 500–3,000 franc band lost 5.7% in value.
Why did bimetal grow so fast? The federation tied the 20.0% rise in bimetallic models to material prices, as full precious-metal watches declined 6.5% amid record gold.
Did steel watches gain from the gold shock? No. Steel cases also fell 6.5% in value in the first half of 2026.