Richemont jewelry sales rise 14%, Cartier and Van Cleef drive growth

Richemont’s jewelry division kept the group’s growth engine humming, with sales rising 14% to €16.5 billion for the fiscal year ended March 31, while fourth-quarter jewelry sales climbed 16%. Cartier and Van Cleef & Arpels did the heaviest lifting, with Buccellati and Vhernier also contributing as measured price increases, tied partly to higher gold costs, helped support revenue.

The numbers show more than a strong year for hard luxury. Jewellery Maisons delivered a 30.5% operating margin, underscoring the pricing power that remains embedded in branded jewelry at the top end of the market. Richemont said the division’s full-year sales were up 14% at constant exchange rates, a faster pace than the prior fiscal year, when jewelry-maisons sales rose 8%. That acceleration matters because it suggests buyers are still willing to pay up for recognizable maisons, well-made settings and stones with visible brand equity, even as broader luxury spending has been more uneven.

Richemont’s total group sales reached €22.4 billion, up 11% at constant exchange rates and 5% at actual rates. Operating profit came in at €4.492 billion, profit for the year was €3.484 billion, and net cash stood at €8.496 billion. Against that backdrop, jewelry remained the clearest outlier inside the company: specialist watchmakers fell 4% at actual exchange rates over the year, highlighting how much more resilient the jewelry portfolio proved than the watch business.

Geography told a similar story. Richemont said jewelry demand stayed broadly strong across regions and distribution channels, with the Americas posting sustained double-digit performance through the year. The Middle East and Africa also grew over the full year, but softened in the latest quarter as tourist traffic weakened and local demand became more volatile. Even so, jewelry sales growth accelerated in the most recent quarter, despite those regional headwinds and the company’s description of fast-evolving geopolitical and macroeconomic conditions.

For the wider jewelry sector, the message is clear: branded hard luxury is still carrying unusual weight. Cartier and Van Cleef & Arpels remain the reference points for consumers who want craftsmanship, status and a store of value in one object. Buccellati and Vhernier add further evidence that heritage and design language can still command premium pricing. In a year when Richemont’s watchmakers lagged, jewelry did not just outperform; it widened the gap.