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Luxury retailer Watches of Switzerland has seen annual profits jump 76% and forecast further strong sales over the year ahead as it moves further into jewellery amid the boom in demand for lab-grown diamonds.

The group, which sells high-end Rolex and Omega watches, reported pre-tax profits of £133 million for the year to May 3, up from £76 million the previous year.

It said annual sales surged by 13% to £1.83 billion, with growth of 24% in the US helping offset tougher trading in the UK and Europe, where revenues lifted 5%.

Chief executive Brian Duffy said its UK home market is “showing encouraging signs of improvement”.

Watches of Switzerland (WoS) is expanding into luxury jewellery, with its first jewellery showroom opening recently with the Mappin & Webb boutique in Manchester.

“This marks an important step in the development of our jewellery strategy and reflects our confidence in the long‑term opportunity in this category,” according to the group.

It has also launched a lab-grown diamond offering in the UK through its Goldsmiths brand to tap into the boom in demand for the gems, which the firm said was “resonating with consumers”.

It saw luxury jewellery sales race 17% higher in 2025-26 after notching up growth of 12% in the UK and 26% in the US.

As well as Roberto Coin, the group has house jewellery brands of Goldsmiths, Mappin & Webb, Mayors and Betteridge.

WoS is forecasting further group-wide sales growth over the new financial year, with revenues expected to rise by 5% to 10%.

Trading in the first 10 weeks of the financial year has been “encouraging”, it added.

“Whilst we remain mindful of the geopolitical environment, we have carried good US momentum into the new year and see encouraging signs the UK market is improving,” the group said.