Jewellery Becomes the Driving Force of the Global Luxury Industry as Fashion Enters a New Era of Transformation

The global luxury industry continues to demonstrate remarkable resilience, although growth is no longer evenly distributed across all categories. The latest financial results released by the world’s leading luxury companies reveal an increasingly clear trend: jewellery has become the strongest-performing segment within the personal luxury goods market, while fashion and leather goods are experiencing a period of more moderate growth. During the second quarter of 2026, the global luxury market recorded approximately 7% organic growth, driven primarily by robust demand in the United States and South Korea, which partially offset slower momentum in China and the normalization of tourist spending across Europe and Japan.

The clearest example of this evolution is Richemont, owner of some of the world’s most prestigious jewellery maisons, including Cartier, Van Cleef & Arpels, Buccellati and Vhernier. The group reported €6.33 billion in sales during its first fiscal quarter, representing 20% growth at constant exchange rates, significantly exceeding market expectations. Even more striking was the performance of its Jewellery Maisons division, where sales increased by 24%, confirming that affluent consumers continue to allocate a growing share of their spending to high-value jewellery.

This performance reflects a profound shift in how luxury is perceived. In an environment marked by greater economic uncertainty, many high-net-worth consumers increasingly view fine jewellery as a long-term store of value compared with other luxury categories. Beyond its emotional and aesthetic appeal, high jewellery is regarded as a lasting asset that can be passed down through generations and is less vulnerable to changing fashion trends. It is therefore no coincidence that the world’s leading maisons are expanding their high jewellery collections, investing heavily in bespoke services, and hosting exclusive events for their top clients across strategic markets such as the United States, the Middle East and Asia.

Fashion, however, is facing a different reality. After several years of continuous price increases, aspirational consumers have become more cautious, particularly in China, reducing the pace of purchases of handbags and accessories and forcing many brands to rethink their commercial strategies. While the most exclusive maisons continue to deliver strong performances, the wider fashion sector now faces the challenge of justifying increasingly higher price points through innovation, craftsmanship, personalization and exceptional customer experiences. Luxury is no longer competing solely through extraordinary products; it is competing by creating complete ecosystems that integrate hospitality, beauty, technology, artificial intelligence and highly personalized services throughout the customer journey.

Industry analysts agree that this evolution will define the next decade of luxury. Companies capable of combining brand heritage, innovation, sustainability, artisanal excellence and a deep understanding of affluent consumers will be those leading global growth. Jewellery appears to have reached this balance earlier than most other categories, making it today one of the strongest pillars of profitability, resilience and long-term value creation within the global luxury industry.

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