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

The jewellery/watches/clocks/gold/silver store industry in Trondheim is a dynamic sector with 44 companies registered, though only 16 are explicitly listed in the data. The industry has shown mixed performance over recent years, with sales peaking at NOK 187.7M in 2023 before declining to NOK 144.0M in 2024. Employee numbers have generally increased since 2021, reaching 173 in 2025. Notably, one company, Timelux As, is listed as bankrupt, highlighting potential risks in the sector. The industry is dominated by AS (limited liability company) structures, with 21 such entities contributing significantly to sales and employment.

Key opportunities include the presence of established players like Gullfunn Trondheim Torg and Heimdal Ur Og Gull As, which report strong EBITDA margins (up to 19%). However, founders should be mindful of the 2024 sales dip and the single bankruptcy case, which may indicate sector-specific challenges.

Sales Development (2016–2025):

• 2016: NOK 125.4M
• 2023: NOK 187.7M (peak)
• 2024: NOK 144.0M (drop of 23.3%)
• 2025: NOK 160.2M (recovery of 11.3%)

Wage Development (2016–2026):

• 2016: 208 employees
• 2021: 119 employees (lowest)
• 2025: 173 employees (highest)
• 2026: 169 employees (slight decline)

The industry experienced strong growth from 2021 to 2023, driven by increased sales and employment. However, the 2024 dip in sales may reflect broader economic or sector-specific challenges. Employee numbers have shown resilience, with a 10.9% increase from 2024 to 2025.

Trondheim hosts 16 explicitly listed jewellery/watches/clocks/gold/silver store companies, with the following key players:

Most companies are structured as AS (21 total), with Gullfunn Trondheim Torg and By Stokkeholm As reporting zero sales, indicating potential operational issues. Only Timelux As is listed as bankrupt, though its data is incomplete.

The industry is concentrated in three areas within Trondheim:

1. Trondheim (city centre):

• 17 companies, 138 employees, NOK 154.4M in sales
• Highest gross margin (428%) and operating margin (7%)
• Includes major players like Gullfunn Trondheim Torg and Heimdal Ur Og Gull As

1. Tiller:

• 2 companies, 22 employees, NOK 15.0M in sales
• Highest EBITDA margin (19%) and operating income per employee (NOK 1.4M)

1. Heimdal:

• 2 companies, 8 employees, NOK 4.7M in sales
• Lower margins (4%) but strong revenue growth (13%)

Trondheim's central area dominates in both scale and profitability, while Tiller shows strong efficiency metrics.

The sector has shown resilience despite one bankruptcy case:

• Timelux As (Udbyes gate 11B) is the only listed bankrupt company, with zero sales and employees. This represents 0.02% of total industry sales and 0% of total employees.
• No other bankruptcies are reported in the data, suggesting overall stability.
• Growth trends from 2021–2023 indicate strong recovery post-pandemic, though the 2024 dip may reflect sector-specific challenges.
• EBITDA margins vary widely (4–19%), with Tiller's companies leading in efficiency.

Outlook for Founders

The jewellery/watches/clocks/gold/silver store industry in Trondheim offers mixed opportunities:

• Positive signals:
• Strong recovery in sales (NOK 160.2M in 2025) and employment (173 employees)
• Established players with high EBITDA margins (up to 19%) in Tiller and Trondheim
• Geographic concentration in Trondheim's central area provides clustering benefits

• Challenges:
• The 2024 sales dip (-23.3%) may indicate market saturation or external pressures
• Single bankruptcy case highlights potential risks in retail sectors
• Competition from larger players with strong financials

Founders should focus on niche markets (e.g., luxury watches) and leverage Trondheim's central location for foot traffic. SmartGrunder can help identify optimal addresses with natural outlooks for new ventures.

The broader ideell organisasjon (non-profit) category in Trondheim has 47 companies compared to the leaf industry's 44, with distinct characteristics:

• Sales comparison:
• Ideell organisasjon: NOK 211.8M (2023) vs. jewellery/watches: NOK 187.7M
• Ideell organisasjon shows higher growth (22.9% in 2025) compared to jewellery/watches' 11.3%

• Peer companies in ideell organisasjon:

While the jewellery sector has higher margins (up to 19%), the ideell organisasjon category shows stronger overall growth and a larger company base.

The jewellery/watches/clocks/gold/silver store industry in Trondheim is a mixed opportunity with strong established players, geographic concentration, and recent recovery trends. While the sector shows resilience with 173 employees in 2025 and a 19% EBITDA margin in Tiller, founders must navigate the 2024 sales dip and single bankruptcy case. The broader ideell organisasjon category offers a contrast with stronger growth but different operational models. SmartGrunder can assist founders in evaluating addresses with natural outlooks for new ventures in this competitive sector.