As we enter 2023, it’s a great time to take a closer look at some of the news that came out in fall of last year that may have gone unnoticed to the watch-loving world, and also at how that news might impact the watch industry. One such event is the purchase by independent, family owned Patek Philippe – a legend in the watch world – of a stake in Swiss jewelry and gem-setting company Salanitro SA.

Founded in 1990 by Pierre Salanitro – who remains the brand’s president and CEO – the company began as a jewelry house and quickly became one of the more important Geneva-based gem-setting houses for haute horology. Salanitro is a master when it comes to gem setting and today employs more than 230 artisans and back up personnel. From creative designs to prototyping, manufacturing of cases and bracelets for the watch world, Salanitro is, first and foremost, an expert in setting diamonds and precious stones.

However, Pierre Salanitro’s three children have said they are not interested in running the family business. This caused a collective watch-industry gasp. Salanitro is known for its innovative settings and its respect for the craft of gem setting and jewelry making. Today, more than 80 prestigious Swiss brands turn to Salanitro for gem setting.

The decision by Patek Philippe to invest in a stake in capital of Salanitro was predominantly about ensuring that the brand, and the clients it services, continues for the long term.

According to Thierry Stern, CEO of Patek Philippe, “We believe that this is a great opportunity to contribute to securing the future as well as the continuity of a Geneva-based family business to which we are close, and with which we share the same values of excellence, independence and family spirit. We are delighted to further strengthen our ties with Pierre Salanitro. His well-run business is ideally positioned to continue to grow and develop its production capacity in the jewelry watch segment, which offers significant potential for development.”

Both Patek Philippe and Salanitro are family owned, and both share similar values when it comes to quality, technological advancements, original craftsmanship and safeguarding the future. Both also strive to reduce their carbon footprints and to offer transparency. In fact, just four years ago in 2019, Salanitro SA was certified by both the Responsible Jewellery Council (RJC) with two international certifications: “Chain of Custody” and “Code of Practice.”

The investment by Patek Philippe into a stake in Salanitro ensures watch brands won’t have to scramble to find alternate companies for their precious high jeweled watches.