Portugal, a luxury destination? It depends on who you ask
Manufacturers, retailers, associations and trade fair representatives came together to discuss whether Portugal is (or could become) a luxury destination in goldsmithing and jewellery, how consumers have changed over the past two decades, and what is still missing for “made in Portugal” to become, in fact, a prestige brand.
On 22 July, we held the 3rd JoiaPro Meeting, an initiative that brought together 27 goldsmithing and jewellery professionals for a working lunch dedicated to sharing ideas, experiences and challenges in the sector. Manufacturers and wholesalers, retailers, brands, institutions and related partners gathered at the Solverde Spa & Wellness Center hotel in São Félix da Marinha. The aim was to bring together a number of industry professionals in order to understand the current landscape and dynamics of the sector.
The topics on the table
At a meeting that brought together several generations of the sector, from people with decades in the factory and behind the counter to young professionals who literally grew up inside their parents’ workshops, the conversation covered three areas: Portugal as a luxury destination, the changes in consumption since the turn of the century, and the (still untapped) value of “made in Portugal”. The result was an honest, at times contradictory, portrait of a sector that knows it is technically excellent but still hesitates between pride and excessive modesty.
Portugal, a luxury destination? It depends on who you ask
There is a common starting point: nobody questions the quality of what is produced in Portugal. However, on whether the country is already a “golden destination in luxury”, opinions are clearly divided. On the more optimistic side, some participants stressed that the jewellery and watch market is now the growth engine of luxury in Portugal, with average spending on exclusive-category purchases at around €72,000 and markets such as Brazil and Europe growing by about 30%, alongside a North American market that continues to lead, albeit with a slight slowdown.
On the other side, some were categorical in their disagreement. For one participant, “nobody comes to Portugal to buy Portuguese luxury”; Portugal would be, at most, a destination for a “different living and experience”, but not for luxury, and even less for luxury jewellery. In his view, even the Portuguese, when looking for a prestige piece of jewellery, look first at the (foreign) brand and only then at the piece.
Another participant reinforced this tension in an almost provocative way: major international brands manufacture most of their pieces in Portugal but hide that origin, “and this is cultural: it shames us”. Between these two poles emerged a third reading, perhaps the most widely shared: Portugal now has exceptional conditions (tradition, know-how, rigour, industrial capacity and creativity) to establish itself as a destination of excellence, but there is still a gap between the quality of what is produced and the international recognition of the “Portugal” brand. The challenge, it was summed up, is not so much to compete on the extravagance of classic luxury, but to build a proposition based on authenticity, exclusivity and experience.
Read the full report in JoiaPro 105.
9 de October, 2026
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