Richemont Confirms Jewelry as Luxury’s Ultimate Safe Haven

Richemont’s latest results reinforce one of the most important realities in today’s luxury landscape: high jewelry remains one of the industry’s most resilient and profitable categories.

For the fiscal year ending March 31, 2026, Richemont reported sales of approximately €22.4 billion, with its jewelry maisons generating more than €16.5 billion in revenue. Brands such as Cartier, Van Cleef & Arpels, Buccellati, and Vhernier continue to outperform many other luxury segments.

These results are particularly noteworthy because the broader luxury market is experiencing a period of greater selectivity. Fashion, leather goods, and even parts of the watch industry face headwinds stemming from slower consumer spending, China’s evolving market dynamics, and increasing price sensitivity among aspirational buyers.

Jewelry, however, continues to attract spending from high-net-worth individuals, ultra-high-net-worth families, international collectors, and consumers seeking both emotional and financial value.

Cartier and Van Cleef & Arpels exemplify two of the strongest business models in luxury. Cartier combines iconic design, global recognition, jewelry, watchmaking, and timeless appeal. Van Cleef & Arpels has cultivated a uniquely poetic identity built on craftsmanship, storytelling, femininity, and artistic excellence.

Perhaps the most revealing aspect of Richemont’s performance is not revenue growth itself, but the growing importance of jewelry within the group’s overall business model. Jewelry enjoys structural advantages that few luxury categories can match:

• Lower exposure to discounting.
• Strong emotional attachment.
• Multi-generational transferability.
• Exceptional craftsmanship.
• High perceived investment value.
• Long product life cycles.

A high jewelry creation is fundamentally different from a seasonal fashion item. It often carries personal, family, and symbolic meaning that extends far beyond consumption.

Richemont’s jewelry maisons generated operating profits exceeding €5 billion, achieving operating margins above 30%. These levels of profitability explain why virtually every major luxury group is strengthening its jewelry strategy.

LVMH, Chanel, Hermès, and Kering have all increased investments in jewelry and high-value accessories, recognizing the category’s ability to combine scarcity, heritage, craftsmanship, and enduring desirability.

The broader implication is clear: consumers are increasingly gravitating toward luxury products that offer permanence rather than novelty.

In an era marked by geopolitical uncertainty, market volatility, and shifting consumer priorities, jewelry represents a form of luxury that feels timeless, personal, and enduring.

For the luxury industry, Richemont’s performance confirms that jewelry is not merely a successful category—it is becoming one of the most powerful pillars supporting the future of global luxury.