Jewellery/Watches/Clocks/Gold/Silver Store Industry in Drammen: A Comprehensive Overview

Drammen has a well-established neutral business system within jewellery/watches/clocks/gold/silver store, with 30 companies registered in the municipality. In 2025, the industry reported a sales increase of 13% compared to 2024, indicating a certain level of stabilization after a decline in 2024. Employee numbers have been more variable, decreasing from 110 in 2016 to 87 in 2026. The most prominent companies are Gullsmed Olaf E Olsen As and Gulskogen Ur Og Smykker As, which have higher sales and profit margins than the average. However, there are also several companies with zero sales and operating results, which may indicate closures or recent establishment. Drammen is an important core area for the industry, with 10 companies and 71 employees, while Krokstadelva has 2 companies and 14 employees. The industry shows both opportunities and challenges for new players, with a mix of stable businesses and companies in crisis.

Sales and employee development (2016–2026):

Key figures:

• Average sales per employee: NOK 1,0M (2025)
• Average EBITDA margin: 5 % (2025)
• Average operating result per employee: NOK 55,9K (2025)

Conclusion: Sales have been more stable in recent years, with a significant increase in 2025. Employee numbers have been more volatile, with a decline of 10,2 % from 2023 to 2024. This may indicate that some companies have reduced staff or closed down.

Registered companies in Drammen (2025):

1. Gullsmed Olaf E Olsen As (Guldlisten 35, Drammen)

• Organisational form: AS
• Employees: 11
• Sales: NOK 13,1M
• Operating result: NOK 763,8K
• EBITDA: NOK 763,8K

1. Gulskogen Ur Og Smykker As (Guldlisten 35, Drammen)

• Organisational form: AS
• Employees: 9
• Sales: NOK 9,7M
• Operating result: NOK 945,0K
• EBITDA: NOK 1,0M

• Organisational form: AS
• Employees: 8
• Sales: NOK 7,8M
• Operating result: NOK 520,0K
• EBITDA: NOK 565,0K

1. Glitter Gulskogen (Guldlisten 35, Drammen)

• Organisational form: AS
• Employees: 8
• Sales: NOK 3,7M
• Operating result: NOK 164,9K
• EBITDA: NOK 196,9K

Notes:

• Gullfunn Gulskogen and Gullfunn Buskerud Storsenter have zero sales and operating results, which may indicate closure or recent establishment.
• Gullsmed Horgen As and Gullfunn Cc Drammen also have zero sales, which may be a challenge for new players in the industry.
• Most companies are organised as AS, with 12 companies and 85 employees in total.

Business activity distributed across locations in Drammen (2025):

1. Drammen (10 companies, 71 employees):

• Sales: NOK 51,4M
• Operating result: NOK 2,6M
• EBITDA: NOK 2,8M
• Average sales per employee: NOK 1,0M
• Average EBITDA margin: 5 %

1. Krokstadelva (2 companies, 14 employees):

• Sales: NOK 7,8M
• Operating result: NOK 520,0K
• EBITDA: NOK 565,0K
• Average sales per employee: NOK 1,2M
• Average EBITDA margin: 7 %

Conclusion: Drammen is the most important core area for the industry, with more companies and higher sales than Krokstadelva. Krokstadelva, however, has a higher EBITDA margin, which may indicate more efficient operations in the companies operating there.

Bankruptcies and companies in crisis (2025):

• No companies are registered as bankrupt in the industry in Drammen.
• Several companies have zero sales and operating results, including:
• Gullfunn Gulskogen (Professor Smiths Alle 58, Drammen)
• Gullfunn Buskerud Storsenter (Sandsgata 20, Krokstadelva)
• Gullsmed Horgen As (Bragernes torg 4, Drammen)
• Gullfunn Cc Drammen (Tomtegata 36, Drammen)

Conclusion: The industry shows a certain degree of stability, with no bankruptcies. However, there are several companies that are not operating, which may indicate closures or recent establishment. This may be a challenge for new players wishing to establish themselves in the industry.

Outlook for Founders

Opportunities and challenges for new players in Drammen (2025):

• Stable market: The industry has shown a certain degree of stabilization after a decline in 2024, with a 13 % increase in sales in 2025.
• Competitive companies: There are several companies with high sales and profit margins, which may be a challenge for new players.
• Stable areas: Drammen is the most important core area for the industry, with more companies and higher sales than Krokstadelva.
• New opportunities: There are opportunities to establish oneself in areas with lower competitiveness, such as Krokstadelva, where some companies have higher EBITDA margins.

Recommendation: Founders should consider establishing themselves in Drammen, where there are more companies and higher sales. It may also be possible to establish oneself in Krokstadelva, where some companies have higher EBITDA margins. However, it is important to be aware of the companies that are not operating and to assess whether it is possible to take over their place in the market.

Contrast between ideal organisations and jewellery/watches/clocks/gold/silver stores in Drammen (2025):

• Ideal organisations (parent category):
• Number of companies: 33
• Sales: NOK 66,5M
• Employees: 107
• Year-over-year sales change: +13,0% (2025)
• Year-over-year employee change: +16,3% (2025)

• Jewellery/watches/clocks/gold/silver stores (leaf industry):
• Number of companies: 30
• Sales: NOK 66,5M
• Employees: 87
• Year-over-year sales change: +13,0% (2025)
• Year-over-year employee change: +6,1% (2025)

Conclusion: Ideal organisations have higher growth in both sales and employees compared to jewellery/watches/clocks/gold/silver stores. This may indicate that ideal organisations have more stable growth in Drammen. However, jewellery/watches/clocks/gold/silver stores have higher sales per employee and higher EBITDA margins, which may indicate more efficient operations in this industry.

The jewellery/watches/clocks/gold/silver store industry in Drammen shows both opportunities and challenges for new players. There is stable growth in sales in 2025, with a 13 % increase compared to 2024. Employee numbers have been more variable, with a decline of 10,2 % from 2023 to 2024. Drammen is the most important core area for the industry, with more companies and higher sales than Krokstadelva. However, there are several companies with zero sales and operating results, which may be a challenge for new players. There are opportunities to establish oneself in Drammen, where there are more companies and higher sales. It may also be possible to establish oneself in Krokstadelva, where some companies have higher EBITDA margins. However, it is important to be aware of the companies that are not operating and to assess whether it is possible to take over their place in the market.