The high jewelry market is experiencing continued buoyancy, with analysts attributing its strong performance to increasing desirability and a correlation with financial market performance. HSBC's head of consumer luxury goods research, Anne-Laure Bismuth, noted that jewelry is outperforming the overall luxury sector and is expected to maintain this trend. This resilience is particularly evident in the US, where a "wealth effect" driven by a strong equity market is fueling luxury consumption.
Richemont, a luxury group, reported significant contributions from its jewelry brands, including Buccellati, Cartier, Van Cleef & Arpels, and Vhernier. For the year ended March 31, 2026, these brands contributed combined sales of €16.5 billion, an 8% increase from the previous year. Cartier and Van Cleef & Arpels are highlighted as particularly strong players, anticipated to exceed the average organic sales growth of 4.7% projected for the eight luxury companies covered by HSBC.
High jewelry's perceived higher value, especially compared to fashion items, is also a key factor. While prices for luxury goods have generally increased by over 50% in nominal terms since 2019, jewelry has been more resistant to these fluctuations due to longer product cycles. The intrinsic value of gold and gemstones further positions jewelry as an investment. Nicolas Luchsinger, CEO of Buccellati, pointed out that rising gold prices have made clients realize the investment potential of jewelry, despite increased material costs. Charles Leung, CEO of LVMH-owned Chaumet, echoed this sentiment, emphasizing high jewelry's role as a "safe haven" and a tangible asset in uncertain times, representing future heritage.
The trend of convergence between fine watchmaking and high jewelry is also a significant growth area, aiming to attract younger, style-conscious clients. Brands like Cartier, Vacheron Constantin, Bvlgari, and Chanel are investing in gem-set designs and bangle formats that blur the lines between accessories and assets. This strategic recalibration in a maturing luxury market is exemplified by the success of Cartier's Baignoire watch, which launched on a rigid gold bracelet and quickly sold out, demonstrating its ability to meet multiple contemporary trends including smaller case sizes, precious metals like yellow gold, and sleek bangle designs suitable for layering.
