AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
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
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
Weekly QuizJun 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
MajorsJun 17, 2026
James Avery to Revamp In-Store Retail ExperienceThe Texas-based jeweler is gradually rolling out a new experience-forward layout in its stores.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJun 17, 2026
Seahawks’ Super Bowl Ring Blends Meaningful Design, Technical CraftsmanshipThe Super Bowl LX champions were honored with diamond and blue sapphire rings by Jason of Beverly Hills.
Policies & IssuesJun 17, 2026
Community for Ethical Jewelry Names New Executive DirectorMarianna Smirnova previously spent a decade working with the Responsible Minerals Initiative, in addition to other relevant roles.
MajorsJun 16, 2026
5 Things to Know About the 2026 NBA Championship TrophyThe New York Knicks took home the Larry O'Brien Trophy crafted by Tiffany & Co.
TrendsJun 16, 2026
Post-Vegas Jewelry Trend Report: Big Beads, Western Flair, White MetalsAssociate Editor Natalie Francisco lists the trends she spotted during Jewelry Market Week that will dominate the second half of 2026.
SourcingJun 16, 2026
GemGuide Updates Ruby PricesIts app now reflects increased prices for Mozambique ruby, as well as changes to its Burma ruby charts.
MajorsJun 16, 2026
Sasha Primak Hires New Design DirectorThe manufacturer has tapped Alicia Arnold, the former director of custom design at Tiny Jewel Box.
IndependentsJun 15, 2026
DeBoulle Diamond & Jewelry to Renovate Dallas FlagshipThe revamped, elevated space will feature a two-story Patek Philippe atelier and a rooftop patio for parties.
WatchesJun 15, 2026
G-Shock, Coca-Cola Partner on Bottle-Inspired WatchThe special-edition piece marks the 140th anniversary of the iconic beverage brand.
TrendsJun 15, 2026
Amanda’s Style File: Tiny Charms Are TrendingHere are 13 small charms to inspire your layered looks this summer.
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
