AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
FinancialsJul 16, 2020
Richemont’s Jewelry Sales Sink 41% in Q1
The luxury titan posted double-digit declines across all regions, categories and distribution channels as COVID-19 took its toll.
A white gold and diamond tiara from Richemont-owned brand Buccellati’s high jewelry collection. The luxury conglomerate’s jewelry sales showed resilience compared with other categories in Q1 but still sank 41 percent.
Geneva—Richemont’s first-quarter sales fell by nearly half with double-digit declines across all regions, categories, and distribution channels amid the COVID-19 pandemic.
The luxury titan posted a 47 percent drop year-over-year in quarterly sales at actual and constant exchange rates to just under €2 billion ($2.27 billion) compared with €3.74 billion ($4.27 billion) in 2019.
The decline in sales is the result of “unprecedented levels of disruption,” said Richemont, which led to store closures, a halt in tourism and a dip in consumer sentiment.
Richemont’s online distributors and jewelry maisons both fared better than other categories in the first quarter ended June 30.
Sales in Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, were down 41 percent at constant and actual exchange rates, reaching €1.08 billion ($1.24 billion) compared with €1.83 billion ($2.09 billion) a year ago.
The Asia-Pacific region saw a lower rate of decline than other areas, with sales in China up 68 percent over the period, due in part to increased online and in-store spending.
Richemont also credited the increase to the recently opened virtual Cartier flagship store on Tmall Luxury Pavilion, a website operated by Chinese tech giant Alibaba Group.
Milan-based jewelry brand Buccellati recently debuted a new ad campaign paying homage to Italian history, starring aristocrat and journalist Beatrice Borromeo.
Sales in Richemont’s specialist watchmakers division sank 56 percent to €359 million ($409.7 million) compared with €823 million ($939.3 million) in 2019.
The decline was due in part to a “strong reliance” on multi-brand retail partners, limited reach to the Chinese market, and poor online retail penetration, said Richemont.
To help remedy those issues, the division has launched several online initiatives and has participated in the “Watch Show on the Cloud” event to reach the Chinese market.
Breaking it down by region, quarterly sales in the Americas sank 61 percent, attributed to the temporary store and distribution center closures.
Sales in Europe were down 59 percent as a result of public health measures and a drop in local demand, said Richemont. Even as stores gradually reopened, the region lacked its usual international tourism.
Sales in Japan fell 64 percent with most stores closed for the quarter.
In the Middle East and Africa, quarterly sales were down only 38 percent due in part to purchases made in advance of a value-added tax increase in Saudi Arabia.
Asia-Pacific was the “most resilient” region, said Richemont, with sales down 29 percent.
Sales declined across all markets in the
Editors' Picks
Sponsored by
region except China, which posted triple-digit online sales growth and “very strong” domestic in-store sales due in part to the decline in overseas purchases.
Retail sales (sales at Richemont-owned and -operated boutiques) were down 43 percent, though increases were seen in China and South Korea, where restrictions began to ease in May.
Wholesale sales fell 65 percent in the quarter.
Online retail sales were more resilient than other sales channels, said Richemont, declining 22 percent year-over-year, mainly due to the temporary closures of the online distributor’s fulfillment centers.
Online sales, including online distributors, accounted for 25 percent of sales, exceeding wholesale sales and up from 17 percent a year ago.
Richemont did not hold an earnings call or provide financial guidance for the year ahead.
As of June 30, distribution centers and most stores have reopened, with exceptions in the Americas and travel-related retail.
Retail sales (sales at Richemont-owned and -operated boutiques) were down 43 percent, though increases were seen in China and South Korea, where restrictions began to ease in May.
Wholesale sales fell 65 percent in the quarter.
Online retail sales were more resilient than other sales channels, said Richemont, declining 22 percent year-over-year, mainly due to the temporary closures of the online distributor’s fulfillment centers.
Online sales, including online distributors, accounted for 25 percent of sales, exceeding wholesale sales and up from 17 percent a year ago.
Richemont did not hold an earnings call or provide financial guidance for the year ahead.
As of June 30, distribution centers and most stores have reopened, with exceptions in the Americas and travel-related retail.
More on Financials
The Latest
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
SourcingMay 08, 2026
Ronnie VanderLinden Takes Over as WDC President The diamantaire and industry leader succeeds Feriel Zerouki and said he will focus on being a “champion” for natural diamonds.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
