The news: Richemont’s jewelry sales growth accelerated in the three months ended September 30, as global demand for Cartier watches and Van Cleef & Arpels necklaces held up despite what the company called “unprecedented headwinds.”

• The company’s jewelry maisons saw sales rise 17% YoY in Q2, up from an 11% increase in the previous quarter.
• Growth was positive across all regions except Japan, with the Americas, Middle East & Africa, and Europe all delivering double-digit increases for the first six months of Richemont’s fiscal year.

The big picture: Jewelry is proving to be one of the most resilient luxury categories, largely due to its durability.

• It goes out of fashion more slowly than most apparel and leather goods, and retains its value better, especially with gold prices soaring.
• Jewelry’s appeal has only been heightened this year by the lack of innovation across the luxury sector. That, coupled with skyrocketing prices, has caused consumers to concentrate their spending on brands and products they consider worth the expense.
• While Gen Zers are cutting back on Chipotle burritos and slashing holiday budgets, they are snapping up Cartier watches—signaling that the cohort remains willing to splurge on durable, status-defining items like jewelry despite financial pressures.

Our take: Jewelry will be the fastest-growing personal luxury category in the US this year, according to our forecast, thanks to its stronger value proposition and the resilience of wealthy shoppers.

But that dynamic could shift in 2026. A crop of new designers at major luxury houses—including Dior, Chanel, and Gucci—could reinvigorate demand for soft luxury products like handbags and apparel, curbing Richemont’s momentum.