Sentiment was cautious at Munich show INHORGENTA
(Feb 20-23) against a backdrop of soaring and volatile precious metals prices and geopolitical uncertainties.
The event, one of Europe’s leading trade shows, took place as the US Supreme Court invalidated many of President Donald Trump’s tariffs and as he responded by imposing across-the-board 10% then 15% tariffs.
By the fourth day of INHORGENTA, set in the Messe München show grounds, gold prices had surged to three-week highs above $5,160 per ounce, due to “safe haven” investor buying, creating further challenges for jewellers, who have now got into the habit of regularly re-pricing goods due to volatile precious metals prices.
The key theme of the 2026 edition of INHORGENTA, well attended from the start, was Craftsmanship, with large, dedicated areas showcasing craftspeople from various countries at work at the bench.
A special exhibition, called Atelier, presented a variety of crafts techniques, such as enamelling, new alloys, lacquer and inlay.
As INHORGENTA got under way, Exhibition Director Stefanie Maendlein spoke of expectations for steady year-on-year visitor numbers of around 25,000, including a larger overseas contingent at this edition, with exhibitor numbers led by suppliers and brands from Germany, Italy, India and China.
Trade association leader Guido Grohmann, said skyrocketing precious metals prices since 2022, and geopolitical uncertainties, had squeezed the middle segment of Germany’s domestic jewellery market.
However, he added that the top end of the German jewellery market was resilient due to the attractiveness of gold as a store of value.
The lower end of the market was stable, although it had felt the impact of the increase in silver prices, he said.
INHORGENTA featured an extensive variety of panel discussions, including one on February 21, about the impact of precious metals price volatility on jewellery manufacturing.
The panel, moderated by Jewellery Outlook Editor David Brough, included Sandro Erl, CEO of German jewellery manufacturer Niessing, Jayant Raniga, CEO of British-Asian retailer and manufacturer PureJewels, and Çağdaş Kucukemiroglu , Consultant, Metals Focus.
Jayant Raniga said that in volatile markets, the instinct was often to chase price points.
He added that this can lead to:
- Making jewellery progressively lighter to meet psychological thresholds
- Engineering visual scale with minimal metal
- Relying heavily on high-energy, high-consumption processes
- Accepting higher technical complexity and potential wastage.
“For us, that is not a sustainable long-term response,” Jayant Raniga said. “At PureJewels, we believe accessibility should come through thoughtful collection families, meaningful symbolism, and intelligent design architecture and not through dilution of structural product integrity,” he added.
The Indian pavilion, backed by the Gem & Jewellery Export Promotion Council (GJEPC), was presented in more than one location at the show. In Hall B2, Sanjay Garg presented the new Hekkad high jewellery collection by S. Vinodkumar, including a pair of natural diamond and unheated ruby earrings, and a coral-set bracelet.
Awards
A highlight of INHORGENTA was the show’s Awards evening on February 21.
The winners of the INHORGENTA AWARD 2026 were honoured at the Bavaria Film Studios in front of more than 500 guests from industry, retail and media.
The evening was hosted by TV presenter Nazan Eckes and accompanied by singer LOI.
“The INHORGENTA AWARD demonstrates year after year the level of innovation and craftsmanship that define the jewellery, watch and gemstone industry. This year’s winners are designers and companies who combine material expertise, technical precision and creative vision at the highest level,” said Stefan Rummel, CEO of Messe München.
The awards were presented in a total of 10 categories. Nine prizes were determined by the internationally composed expert jury; in one additional category, the public decided following a pre-selection by a renowned watch jury.
Gemstone Design of the Year:
Arnoldi International
Fine Jewelry of the Year:
Capolavoro
High Jewelry of the Year:
Krisonia Alta Gioielleria
Designer of the Year:
Johannes Hundt
Design Newcomer of the Year:
Georg Schiller
Mechanical Watch of the Year:
Tutima Glashütte
Watch Design of the Year:
Accutron by Bulova
Luxury Watch of the Year | Public Choice:
Glashütte Original
Goldsmith Studio of the Year:
Ruth Sellack
Jeweller of the Year:
Juwelier Müller