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Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024
The company also noted record sales in the United States and a strong performance in its jewelry category.
A pair of earrings set with Swarovski Created Diamonds from the brand’s “Galaxy” collection. Swarovski posted strong sales for 2024.
Männedorf, Switzerland and Wattens, Austria—Swarovski Crystal Business announced its 2024 results via a press release on Thursday, posting strong sales and a return to profitability.
The company reported organic revenue growth of 6 percent year-over-year to €1.9 billion ($2.1 billion) with like-for-like growth of 8 percent, despite a “difficult trading environment.”
Its operating profit was positive for the first time in five years, it said.
For the fourth quarter, ending Dec. 31, the company saw 11 percent organic revenue growth.
Swarovski reported that its jewelry sales were up 9 percent organically, while its Swarovski Created Diamonds sales more than doubled year-over-year.
The company introduced the “Eternity” collection made with its branded lab-grown diamonds globally last year.
It noted growth in all regions, with record sales in the United States and its home market of Austria.
Like-for-like sales were up 10 percent year-over-year in the Americas, up 11 percent in Europe, and up 3 percent in Asia, despite the slowdown in China.
Swarovski said it gained market share in eight out of the top 10 markets.
Its store profitability was up 7 percent year-over-year.
“This strong and consistent results delivery further validates the potency of the ‘LUXignite’ strategy and Swarovski’s ability to execute with excellence,” Swarovski CEO Alexis Nasard said.
“These achievements in a difficult and volatile environment [are] a tribute to the dedication of Swarovski’s employees and partners around the world, and to the support of our board and shareholders.”
The results reaffirm that “LUXignite,” its turnaround plan, is working, said Swarovski, as is its “Pop Luxury” positioning, which aims to complement its heritage with contemporary cultural relevance.
The company recently created a “Swarovski x Ariana Grande” capsule collection alongside the pop star, who is also a brand ambassador and starred in its holiday campaign.
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The company reported organic revenue growth of 6 percent year-over-year to €1.9 billion ($2.1 billion) with like-for-like growth of 8 percent, despite a “difficult trading environment.”
Its operating profit was positive for the first time in five years, it said.
For the fourth quarter, ending Dec. 31, the company saw 11 percent organic revenue growth.
Swarovski reported that its jewelry sales were up 9 percent organically, while its Swarovski Created Diamonds sales more than doubled year-over-year.
The company introduced the “Eternity” collection made with its branded lab-grown diamonds globally last year.
It noted growth in all regions, with record sales in the United States and its home market of Austria.
Like-for-like sales were up 10 percent year-over-year in the Americas, up 11 percent in Europe, and up 3 percent in Asia, despite the slowdown in China.
Swarovski said it gained market share in eight out of the top 10 markets.
Its store profitability was up 7 percent year-over-year.
“This strong and consistent results delivery further validates the potency of the ‘LUXignite’ strategy and Swarovski’s ability to execute with excellence,” Swarovski CEO Alexis Nasard said.
“These achievements in a difficult and volatile environment [are] a tribute to the dedication of Swarovski’s employees and partners around the world, and to the support of our board and shareholders.”
The results reaffirm that “LUXignite,” its turnaround plan, is working, said Swarovski, as is its “Pop Luxury” positioning, which aims to complement its heritage with contemporary cultural relevance.
The company recently created a “Swarovski x Ariana Grande” capsule collection alongside the pop star, who is also a brand ambassador and starred in its holiday campaign.
Swarovski noted a few highlights from 2024, including its presence at the Vienna Opera Ball and the Met Gala in New York where Creative Director Giovanna Engelbert unveiled Swarovski couture pieces.
The company also held its “Masters of Light” exhibition in Milan and Seoul and opened a new flagship store in Milan’s Piazza del Duomo.
Swarovski also signed a new licensing agreement with beauty company Coty to launch a line of fragrances.
While 2024 was a good year for Swarovski, 2025 marks a milestone as it celebrates its 130th anniversary, taking on the motto “130 Years of Joy.”
The milestone presents an opportunity to honor the company’s heritage while continuing to shape its current identity, said the brand.
“In 2025, instability in our operating environment will likely persist, but as we celebrate our 130th anniversary our focus will remain on the disciplined execution of our strategy, with continued focus on superlative creativity, strategic investments, and financial rigor,” said Nasard.
The company said its focus in 2025 will be generating profitable growth and maintaining financial discipline while continuing to elevate the brand and the customer experience.
Swarovski Crystal Business is part of the Swarovski Group, which also contains its sister companies Swarovski Optik and Tyrolit.
The company, which is family-owned, began releasing some financial data in 2023, a move that could indicate Swarovski is ramping up to go public, analyst Paul Zimnisky told JCK online at the time.
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