Richemont's jewelry maisons reported 24% sales growth in Q1 FY2026, marking their seventh consecutive quarter of double-digit expansion and generating €4.732 billion in sales. These maisons include Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
Designer jewelry is significantly outpacing the broader luxury market, which is projected to grow just 2–4% compared to jewelry's 4–6% forecast, making it the strongest-performing personal luxury segment in 2026. LVMH's Watches & Jewelry division generated €5.2 billion in first-half 2026, up 9% organically, with growth accelerating to approximately 11% in Q2. This outperformance reflects both luxury houses' ability to raise prices while maintaining consumer demand and a growing consumer shift toward jewelry as a store of value.
Table of Contents
- Where Is Growth Strongest?
- Why Is Jewelry Outperforming Other Luxury Categories?
- What Role Does Cartier Play?
- What's the Long-Term Market Outlook?
- Frequently Asked Questions
Where Is Growth Strongest?
Regional strength varies significantly across Richemont's jewelry division. Japan led at 36% growth, the Americas at 27%, Asia Pacific at 21%, and Europe at 11% for Q1 FY2026. This distribution shows emerging markets and high-net-worth regions are driving expansion more aggressively than mature European markets.
On the direct-to-consumer side, designer jewelry brands like Pandora, Mejuri, and Brilliant Earth collectively generated $14.7 billion in U.S. revenue in 2026, representing 41% growth since 2022. This growth reflects a shift away from traditional retail toward brands emphasizing customization, transparency, and accessible luxury.
Why Is Jewelry Outperforming Other Luxury Categories?
Jewelry price increases proved more justifiable to consumers than apparel or leather goods increases, enabling jewelry divisions to maintain margins despite rising raw material costs and currency headwinds. Consumers appear willing to accept higher prices for jewelry because it carries tangible material value—gold, diamonds, and precious stones represent inherent worth independent of fashion cycles.
Additionally, Gen Z and Millennials now drive 70% of online luxury jewelry purchases, treating jewelry increasingly as investment and store of meaning rather than status symbol. This demographic shift has reframed jewelry from discretionary luxury to a lasting asset, making it more recession-resistant than trend-driven fashion categories.
What Role Does Cartier Play?
Cartier dominates Richemont's performance and represents the crown jewel of the group's portfolio. Cartier generated approximately €11.2 billion in sales for the year to March 2026, representing roughly half of Richemont's total revenue and 77% of operating profit (~€3.5 billion).
This concentration means a single brand—Cartier—generates nearly as much revenue and profit as all other Richemont luxury divisions combined and is the primary driver of the group's jewelry-led growth. Cartier's success reflects its position as the most recognized luxury jewelry brand globally, its 179-year heritage, and its ability to command premium pricing while expanding distribution and raising prices simultaneously.
What's the Long-Term Market Outlook?
The jewelry market is expanding significantly beyond current performance. The global luxury jewelry market was valued at USD 51.87 billion in 2025 and is projected to grow at an 8.7% compound annual growth rate through 2034, reaching USD 109.9 billion.
This trajectory means the market will nearly double in size over the next decade, providing expansion runway for established houses like Richemont and LVMH alongside emerging direct-to-consumer brands. Jewelry maisons have implemented measured price increases while managing costs efficiently against headwinds including currency movements and elevated raw material expenses, yet still achieved double-digit growth. This balance suggests growth is sustainable—volume and mix are expanding alongside price increases rather than relying solely on price-driven inflation.
Frequently Asked Questions
Is jewelry actually outperforming other luxury goods?
Yes. Jewelry is projected to grow 4–6% compared to 2–4% for the broader personal luxury market, making it the strongest-performing segment according to Bain-Altagamma analysis.
Are luxury houses relying only on price increases to drive growth?
No. While jewelry price increases are more justifiable to consumers than apparel or leather increases, companies are also managing costs and growing volume, indicating broad-based expansion rather than price-driven inflation alone.
Why are younger consumers buying more luxury jewelry?
Gen Z and Millennials treat jewelry increasingly as investment and store of meaning rather than status symbol, shifting the category from discretionary luxury to a lasting asset class.
What will happen to jewelry market size?
The global luxury jewelry market is projected to grow at 8.7% annually through 2034, expanding from USD 51.87 billion in 2025 to USD 109.9 billion, nearly doubling in size.