“Remarkable.” “Excellent.” “Outstanding.”
Executives at the three major luxury conglomerates can barely find enough positive adjectives to describe their jewelry sales—especially when the rest of the luxury business is in the middle of a prolonged slump.
Sales at LVMH’s watch and jewelry brands rose 11% during its second quarter, making it the conglomerate’s best-performing category. That number is especially notable since chief financial officer Cécile Cabanis told analysts that LVMH’s watch results were “a bit negative” during the quarter.
The company singled out its two biggest jewelry brands: Tiffany & Co., which “achieved an excellent performance,” and Bulgari, which enjoyed “strong growth.”
There was similar excitement about jewelry at Kering, which said its jewelry division (consisting of Boucheron, Pomellato, DoDo, and Qeelin) had “outstanding” results in the first half of the year, with sales up 15% on a reported basis over last year and 18% on a comp basis.
Chief financial officer Armelle Poulou told analysts that jewelry sales also are doing well at Kering’s fashion brands, noting that Gucci just added jewelry to its Times Square flagship.
And finally, Richemont called sales at its four jewelry brands—Buccellati, Cartier, Van Cleef & Arpels, and Vhernier—”remarkable” after they increased 24% during its largest quarter. That’s the seventh consecutive quarter of double-digit growth.
And the party doesn’t look like it will end anytime soon. Studies by Bain and McKinsey predict that jewelry will continue to be one of the fastest-growing segments of the luxury sector, second only to travel and experiences.
So the question is: Why jewelry, and why now?
“Hard jewelry has become such an important market and area of growth because it feels like it’s worth it,” journalist Lauren Sherman of Puck told Marc Bridge on his podcast, The Materialist. “It doesn’t feel stupid to spend money on a diamond necklace. It feels stupid sometimes to spend money on a bag or a pair of shoes that are going to get beaten up and you only wear for a couple of years anyway.”
In addition, analysts note that jewelry tends to have more emotional resonance than, say, a handbag, which makes it perfect for these fraught times.
“Consumers…are stepping forward into a new relationship with [luxury]—one defined by meaning, not just by product,” said Claudia D’Arpizio, Bain & Co. senior partner and global leader of the firm’s fashion and luxury practice.
Added the McKinsey report: “In a market where customers are more selective, desire increasingly depends on whether a brand feels personally meaningful, reflecting a client’s taste, values, aspirations, or identity. This is lifting categories like jewelry that are associated with identity, emotion, and self-expression.”
Said independent jeweler Jessica McCormack in the same report: “While it’s okay that I get the same sneakers as everybody else, or the same bag—in fact, I’m trying to get the same bag, because it’s value-signaling—it’s not okay that I have the same engagement ring as everybody else. You want something more personal. Independent jewelers can offer that.”
All this said, consumers’ newfound embrace of jewelry isn’t affecting all segments of the market, as the people at Pandora can attest. The charm brand’s U.S. comps were flat in the second quarter, and revenue rose 4%—a big decrease from the double-digit comps it had seen over the past few years.
On Pandora’s analyst call, CEO Berta de Pablos-Barbier blamed the brand’s lackluster sales in the United States on “low” consumer sentiment, which has taken its toll on the “affordable luxury” segment.
“We see jewelry increasing,” she said. “But when you double-click on that, it’s actually [among] high-income [spenders]. The accessible jewelry market is still declining.”
Top: Tiffany & Co. Paradise Bird brooch with fire opal, from its 2026 Blue Book, “Hidden Garden” (photo courtesy of Tiffany & Co.)
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