Cartier May Raise Prices 3-5%, CEO Says

MajorsApr 21, 2022

Cartier May Raise Prices 3-5%, CEO Says

Cyrille Vigneron told Bloomberg the brand is considering a price hike in part to cover the higher costs of diamonds, platinum, and gold.

During an interview with Bloomberg, Cartier CEO Cyrille Vigneron said customers could see a “mild” price increase in the near future.
New York—Fine jewelry shoppers could soon pay more for their Cartier baubles.

In a recent interview with Bloomberg, Cartier CEO Cyrille Vigneron said the brand might be raising its prices, possibly between 3 and 5 percent, in the coming weeks.

Cartier is considering the “mild” price increase to offset currency fluctuations and cover the higher costs of materials, like diamonds, platinum and gold, he said.

Cartier is under the umbrella of luxury titan Richemont, alongside Van Cleef & Arpels and Buccellati as well as a stable of watch brands including Baume & Mercier, IWC, and Jaeger-LeCoultre.

The brand is a top performer for Richemont, with its “Panthère de Cartier” designs remaining consistently popular with its clientele.

Rising prices have not yet deterred luxury shoppers, with LVMH, Watches of Switzerland, and Brilliant Earth reporting double-digit revenue growth in their most recent results.

“The overall growth of world wealth and the overall distribution is coming in favor of global luxury,” he said.

A possible increase in diamond prices could also factor into pricing decisions, said Vigernon.

Diamond miner Alrosa, the world’s largest diamond producer by volume, has been sanctioned by the United States and other nations following Russia’s invasion of Ukraine.

Last year was a banner year for diamond jewelry sales, and that momentum has continued into this year, so a shortage of supply caused in part by the restrictions placed on Alrosa coupled with strong demand could spell higher diamond prices.

But as Alrosa steps back, other miners could step in, said Vigneron, meaning any potential price increase would be short-lived.

 Related stories will be right here … 

Another top jewelry executive, Signet Jewelers CEO Virginia Drosos, addressed the topic of price increases during an earnings call last month.

Vacations and jewelry often battle it out for consumers’ discretionary dollars, she noted, but since consumers have been willing to spend money on flights priced significantly higher than pre-pandemic rates, the same could be true for jewelry.

Drosos noted that double-digit increases on travel costs would be bigger than any price increases Signet customers might see as a result of the U.S. ban on Russian diamonds.

As for Cartier’s operations in Russia, Vigneron told Bloomberg it has continued to pay its 250 employees in Russia.

Parent company Richemont joined Pandora and other companies in leaving the Responsible Jewellery Council last month, citing the group’s lack of action on Alrosa.

Alrosa later suspended its membership.

“We’re not trying to make a statement per se; we’re trying to uphold the very high standards we’ve been shaping over [the] last 15 years. If RJC cannot uphold [the] highest of standards, then we cannot be part of that. That’s why we stepped down,” Richemont Chief Financial Officer Burkhart Grund said last month.

Richemont is scheduled to announce its quarterly results on May 20.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Recorded WebinarsMay 27, 2022
Watch: The 5 Things I Always Take to a Trade Show

Editor-in-Chief Michelle Graff is joined by three industry veterans to talk about the items they never leave behind and why.

CollectionsMay 27, 2022
92Y Has Selected its 2022 Artist in Residence

German jewelry artist Alexander Blank is the fourth designer to receive the honor.

CollectionsMay 27, 2022
Piece of the Week: Which Movie Inspired This Chopard Masterpiece?

The answer is “Hair,” and the necklace is from Chopard’s 2022 Red Carpet Collection, rolled out at the Cannes Film Festival.

Brought to you by
3 Reasons to Offer Estate Buying at Your Store

Provide your customers with a seamless selling solution by partnering with Windsor Jewelers, Inc.

Supplier BulletinMay 26, 2022
Extraordinary Italian Jewelry at JCK and COUTURE

Sponsored by Italian Trade Agency

Weekly QuizMay 26, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
SourcingMay 26, 2022
Q&A: Deciphering De Beers’ Blockchain Platform

David Prager virtually sat down with Editor-in-Chief Michelle Graff to answer questions about the rollout of Tracr at scale.

AuctionsMay 26, 2022
Bonhams New York Jewels Auction Is a White Glove Sale

Jewelry and objects belonging to Bette Midler, heiress Hélène Irwin Crocker Fagan, and Lady Sylvia Ashley were among the highlights.

Brought to you by
Dive into GIA’s Pearl Expertise

When it comes to knowing the identity and quality of your pearls, count on GIA as your independent pearl experts.

FinancialsMay 26, 2022
Movado Posts Record Q1 Sales Despite ‘Challenging’ US Market

The company opted not to raise its fiscal guidance, citing a slowdown in the U.S. market as a key reason.

TechnologyMay 26, 2022
State of Retail: The Pros and Cons of 4 Jewelry-Selling Platforms

From “old-school” eBay to new kid on the block 1stDibs, we asked jewelers about their experiences selling jewelry in non-traditional places.

Policies & IssuesMay 26, 2022
Barbara Wheat Named Executive Director of Ethical Metalsmiths

She has nearly 30 years’ experience in the gem and jewelry industry and a background in nonprofit management.

EditorsMay 25, 2022
7 Standout Tiaras in Sotheby’s Platinum Jubilee Exhibition

Senior Editor Brecken Branstrator chooses the pieces she’d most want to see in person.

IndependentsMay 25, 2022
The Mexican Shack to Close After 47 Years

Owner Steve Delzio shares his thoughts on retirement after nearly five decades in the jewelry industry.

IndependentsMay 25, 2022
Designer Theo Fennell Has Written a Memoir

“I Fear for This Boy” takes readers through the ups and downs of his business and is available for pre-order now.

IndependentsMay 25, 2022
MVEye, Wedding Report Partner on New Jewelry Research Platform

“Today’s Wedding Jewelry Consumer” shares data about engagement ring market size, lab-grown and natural diamonds, and more.

ColumnistsMay 24, 2022
The PR Adviser: 10 Questions to Contemplate

Columnist Lilian Raji wants to walk you through the customer journey. But first, she’d like you to answer a few questions.

Events & AwardsMay 24, 2022
8 Gold Jewelry Designers Unveil New Platinum Designs

Several Couture brands have partnered with Platinum Guild International ahead of the jewelry trade show.

Lab-GrownMay 24, 2022
Kendra Scott Unveils Lab-Grown Engagement Ring Collection

The jewelry company is moving into bridal just a month after branching out into the watch world.

SourcingMay 24, 2022
State of the Diamond Industry: Where Does Supply Go From Here?

The 2008 economic crisis, COVID-19, and sanctions on Russian goods have set the stage for an interesting decade for natural diamond supply.

Events & AwardsMay 24, 2022
WJA to Host Diversity Keynote at New Las Vegas Breakfast Event

The Generating Community Impact fundraiser on June 11 will feature Karine Bah Tahé of Blue Level Training.

WatchesMay 23, 2022
Steven Kaiser, Watch Industry Veteran and Beloved Mentor, Dies at 68

Kaiser, whose illustrious career spanned decades, died suddenly on Friday.

IndependentsMay 23, 2022
Long’s Jewelers to Open New Location

The family-owned jeweler is relocating its Braintree, Massachusetts, store to a new space.

IndependentsMay 23, 2022
Luxury Goods Veteran Olivier Stip Joins Chicago Jeweler CD Peacock

He will step into the retailer’s newly created role of chief development officer.

GradingMay 23, 2022
Gem-A Launches Digital Entry-Level Gemology Course

GemIntro is meant to give a broad introduction to gems and gemology.

Recorded WebinarsMay 20, 2022
Watch: Responsible Sourcing and the Gold Supply Chain

Three industry experts discuss “recycled” gold vs. mined, their challenges and benefits, and how jewelers can navigate the area.

FinancialsMay 20, 2022
Richemont’s 2022 Jewelry Sales in the Americas Nearly Double

Cartier, Van Cleef & Arpels, and Buccellati put on stellar performances.

AuctionsMay 20, 2022
Piece of the Week: ‘Birds in Flight’ by Oscar Heyman

The New York jeweler made this incredible, colorful Art Deco bracelet featuring tropical birds in 1927.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy