Last month, Swatch Group, owner of brands including Omega and Breguet, tempered its enthusiasm for continued growth with a word of caution on currencies and raw material prices "creating new challenges."
Some analysts are beginning to raise flags, too.
"In a slowing environment, we believe the watch segment to be the most at risk in terms of momentum," HSBC luxury analysts Antoine Belge and Erwan Rambourg wrote in a recent report. "We do not expect a collapse in demand, but the slowdown of the category could be more spectacular, coming from a higher level."
For the moment, however, executives said meeting demand remained the biggest concern.
"We can't make enough," said Van Cleef & Arpels' worldwide ceo and president Stanislas de Quercize, who added that booming demand for more extraordinary pieces will push the jewelry house's average price points up by 50 percent this year.