When I started building Blacksmith watches some three years ago, an NH35 cost around 30 euros. Today the same movement lands closer to 70 euros, and on a bad week the only stock available sits at 90.
That’s the main reason a small price adjustment on the Blacksmith range is likely coming in the near future. Wanted to explain why before it happens, rather than after.
What’s happened to NH movement prices
The NH35, NH36 and NH38 are Seiko Instruments (SII/TMI) movements made in Japan and Malaysia. They’ve been the default heart of microbrand watches for over a decade because they’re robust, easy to service, and were genuinely cheap. The “cheap” part is no longer true.
A few facts from across the supply chain:
- In 2021, Caliber Corner noted the NH35 had jumped from a long-standing $30–50 range to $60–80, citing supply, demand and “the current world situation.”
- Prices eased back somewhat in 2022–2023, with eBay listings settling around $40–60.
- By 2025, most reputable suppliers were quoting $60–90 for genuine units, with wholesale figures running $75–115 from authorised distributors.
- In April 2025, Caliber Corner posted a fresh update: prices climbing again, this time driven by tariffs.
- One major US movement supplier currently states outright that “NH movement prices have been steadily increasing throughout 2025–2026, and supply has been decreasing.”
Why
A few things stacked up at once:
- Microbrand boom. Hundreds of small brands all sourcing the same movements.
- The Seiko mod scene picked the NH35/36 as its default and never let go.
- Seiko prioritises its own watches (Seiko 5, Presage) for the movements it makes.
- Labour, materials and JPY exchange rates have all moved in the wrong direction for buyers.
- Tariffs on the latest round of imports.
Lately, Chinese-made NH-style movements have started appearing as a cheaper alternative. I haven’t tested any of them yet. Every Blacksmith built so far has used genuine Japanese or Malaysian SII/TMI movements, and that’s what I’ll keep using until I’ve put the alternatives through proper bench time. Cheaper parts don’t help anyone if they don’t hold up.
What this means for Blacksmith
The movement is one of the biggest single costs in a Blacksmith build. A 40 euro increase per unit on that line item can’t be absorbed forever without quietly cutting corners somewhere else, which isn’t how I want to run this.
So the plan is a modest adjustment, kept as small as the numbers allow. Current orders are unaffected. If you’ve been thinking about a specific model, now is a reasonable time.
Cheers,
Jussi