In contrast, the luxury giant’s watch sales fell 14 percent.
Financials
![A lab-grown diamond engagement ring by the Vera Wang Love brand at Signet Jewelers-owned banner Zales. Signet posted declining revenue and same-store sales in its first quarter. Vera Wang Love True lab-grown diamond engagement ring](https://uploads.nationaljeweler.com/uploads/ee4c541d03508f5480520ea97e010bae.jpg)
The company is expecting to see a 5 to 10 percent increase in engagements this year.
The company attributed the decline to a “challenging” retail environment.
Latest in Financials
![A malachite and diamond bracelet from Pomellato’s “Pom Pom Dot” collection, launched earlier this year. Pomellato and Boucheron were bright spots for Kering in an otherwise underwhelming first half of the year. Pomellato Malachite Pom Pom Dot bracelet](https://uploads.nationaljeweler.com/uploads/3c237b62e009742fc52487097daf3c5a.jpg)
The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
![A shot from the advertising campaign for LVMH-owned Bulgari’s “Eden the Garden of Wonders” high jewelry collection. LVMH’s jewelry and watch sales slipped in the first half of the fiscal year. Bulgari high jewelry campaign](https://uploads.nationaljeweler.com/uploads/c24eb75ca8cea44d2e9859648f4a98ee.jpg)
Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
![A spring campaign image by Richemont-owned Buccellati. Richemont’s jewelry brands posted strong sales in its recent financial results. Buccellati jewelry](https://uploads.nationaljeweler.com/uploads/af0e4dd47f246ccb42c31b44b54ee4a1.jpg)
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
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![Watches of Switzerland’s full-year revenue was flat, though its U.S. sales were up 6 percent. As of April 28, the retailer had 223 stores across the U.S., U.K., and Europe; pictured here is its store in the Mall of America in Bloomington, Minnesota. Watches of Switzerland Mall of America store](https://uploads.nationaljeweler.com/uploads/013b753d85717544b4e5d1eef29bec9c.jpg)
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
![](https://uploads.nationaljeweler.com/uploads/99a46b30cc354962ac2e29ecd113587a.jpg)
![A campaign image from Brilliant Earth’s partnership with Logan Hollowell Fine Jewelry. Brilliant Earth reported flat net sales growth in the first quarter. Brilliant Earth Logan Hollowell jewelry collection](https://uploads.nationaljeweler.com/uploads/96813bc12d8336b4385e0e32ba700a32.jpg)
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
![Pandora started the year off strong, posting double-digit revenue growth in its first quarter. Pandora jewelry](https://uploads.nationaljeweler.com/uploads/c73e4f56af79a1f20a889d2ccdf57ca8.jpg)
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
![Untitled design.jpg](https://uploads.nationaljeweler.com/uploads/583fbcb2bb839782810080debef35d3c.jpg)
As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
![Necklaces from Kering-owned Pomellato’s new “Pom Pom Dot” collection. Kering posted an 11 percent year-over-year drop in sales in Q1, though Pomellato and Boucheron had a solid quarter. Pomellato Pom Pom Dot necklaces](https://uploads.nationaljeweler.com/uploads/4529c3932dc2612d769ef407f952c4ea.jpg)
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
![A visual from LVMH-owned Tiffany & Co.’s new “With Love, Since 1837” campaign. LVMH posted a 5 percent drop in reported revenue in its watches and jewelry category. Visual from Tiffany & Co.’s With Love Since 1837 campaign](https://uploads.nationaljeweler.com/uploads/79f183c36781a2bb5f5ff3747a19a499.jpg)
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
![Model Georgia May Jagger, daughter of model Jerry Hall and Rolling Stones frontman Mick Jagger, stars in the new campaign for Tommy Hilfiger, a licensed brand in Movado’s portfolio. Movado’s fourth-quarter and full-year sales declined. Georgia May Jagger Tommy Hilfiger ad campaign](https://uploads.nationaljeweler.com/uploads/7a8938e4113806bafbdcb6679e5456cc.jpg)
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
![A 14-karat white gold cushion-cut tanzanite ring ($15,000) from Signet Jewelers-owned banner Jared. Signet struggled in the fourth quarter and the full year as the bridal market continues its recovery. Tanzanite white gold ring Jared](https://uploads.nationaljeweler.com/uploads/601f1b723a47a3c460bfa7628c5fd796.jpg)
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
![A pair of 14-karat yellow gold “Bloom” drop earrings set with lab-grown diamonds, pink sapphires, and emeralds from Brilliant Earth’s collaboration with designer Logan Hollowell ($3,495). Brilliant Earth posted sales growth in the fourth quarter and the full year in its recent results. Brilliant Earth x Logan Hollowell Bloom earrings](https://uploads.nationaljeweler.com/uploads/75d2f4661057ce111ba09c5f88e2efe4.jpg)
CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.
![A pair of tourmaline and tanzanite earrings from “Vertical Landscapes,” a 2023 high jewelry collection from Kering-owned brand Pomellato. The luxury conglomerate said its jewelry brands experienced double-digit sales growth in the fourth quarter. Pomellato high jewelry earrings](https://uploads.nationaljeweler.com/uploads/b3dff8c5adf188cbb9770347478e8431.jpg)
The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
![Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. The company reported declining sales in the third quarter, with holiday sales lower than expected. Watches of Switzerland store in the Mall of America](https://uploads.nationaljeweler.com/uploads/ff2daf050cd04df2dd279d251fa076f8.jpg)
While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
![Pandora reported a strong fourth quarter, bolstered by a new holiday campaign. Pandora charms](https://uploads.nationaljeweler.com/uploads/4e92c58ae4182fc57542e7d469ca23bb.jpg)
From lab-grown diamond sales to its holiday performance, these are the key takeaways from the jeweler’s 2023 performance.
![LVMH-owned Tiffany & Co.’s revamped New York City flagship, known as “The Landmark,” reopened last spring. The luxury titan’s watch and jewelry brands saw sales increase 3 percent at actual exchange rates in 2023. Tiffany flagship The Landmark](https://uploads.nationaljeweler.com/uploads/aa1f2fa0181b99f7d532d5ac8e45f81a.jpg)
Highlights included the opening of Tiffany & Co.’s new flagship and record revenue for TAG Heuer.
![Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. The retailer lowered its full-year guidance following a “volatile” holiday season and a challenging macroeconomic environment. Watches of Switzerland Mall of America store](https://uploads.nationaljeweler.com/uploads/c2a6a50fcf7e2faa6924eb2cf2cf71bc.jpg)
The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
![A selection of high jewelry from Richemont-owned brand Buccellati. Richemont’s strong third-quarter performance was bolstered by jewelry sales. Buccellati high jewelry collection](https://uploads.nationaljeweler.com/uploads/533528296ed09fd3b0b4803db5285525.jpg)
Buccellati, Cartier, and Van Cleef & Arpels propelled the luxury titan to its highest quarterly sales total ever.
![A lab-grown diamond engagement ring from the new “Neil Lane Artistry” collection at Signet Jewelers banner Kay Jewelers. Signet Jewelers reported a 12 percent decline in third-quarter revenue as engagement ring sales remain slow. Neil Lane lab-grown diamond engagement ring](https://uploads.nationaljeweler.com/uploads/34d0955d0b115dc0e3754566580b05b0.jpg)
The retailer is still expecting a strong holiday season with improving demand for natural diamonds.
![Model Lila Moss is the face of the new jewelry and watch campaign from Calvin Klein, a licensed brand under Movado. Movado posted a double-digit sales drop in the third quarter. Lila Moss Calvin Klein campaign](https://uploads.nationaljeweler.com/uploads/c2e5f4b0081046b04c7aa6de1fa6959f.jpg)
The company said it is facing a “challenging retail environment” but is prepared for the holiday season.
![A pair of new “Opera Galileo” pendants by Richemont-owned Buccellati. The company’s jewelry brands saw sales increase double digits in the first half of the fiscal year. Buccellati Opera Galileo pendants](https://uploads.nationaljeweler.com/uploads/3512dfeeffa85baa0d735bb4f9ee0e92.jpg)
Rising jewelry sales and a rebound in the Asia-Pacific region were the main growth drivers for the company as a whole.
![A selection of jewelry from Brilliant Earth’s new “Sol” collection. The company lowered its fiscal outlook in light of industry headwinds, including a slowdown in bridal jewelry sales. Brilliant Earth Sol Collection](https://uploads.nationaljeweler.com/uploads/50c8eb59b3d9d9fca1c6ab3c262fdaee.jpg)
In its recent third-quarter results, CEO Beth Gerstein also shared her holiday prediction for the upcoming season.
![Cat enthusiast and former model and Vogue Creative Director At-Large Grace Coddington is among the faces of Pandora’s “Diamonds for All” campaign, launched earlier this year to promote its new lab-grown diamond jewelry. The jewelry brand said investments in marketing helped propel sales in the third quarter. Grace Coddington in Pandora’s Diamonds for All campaign](https://uploads.nationaljeweler.com/uploads/f9364acddfba350211627bec82378db9.jpg)
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
![Pictured here is Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. Watches of Switzerland CEO Brian Duffy described the consumer environment as “difficult” in the first half of 2023. Watches of Switzerland store in the Mall of America](https://uploads.nationaljeweler.com/uploads/970bbe68cdde80d8ad89c6f517cfd031.jpg)
Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.
![The rose and white gold “Triennale” ring from Pomellato is set with a diamond and a tanzanite. Pomellato is one of the three jewelry brands Kering owns. Pomellato Triennale tanzanite and diamond ring](https://uploads.nationaljeweler.com/uploads/cdc549b8c42c2b38c71025a77ee8c013.jpg)
However, the company’s jewelry brands seemed to hold their own.
![A selection of rings from LVMH-owned Bulgari’s “Wonders the Garden of Eden” high jewelry collection. LVMH had a quieter third quarter due to lower demand for luxury goods. Bulgari high jewelry rings](https://uploads.nationaljeweler.com/uploads/a63262ebed1b01ecf05d1bbb9ceea42a.jpg)
The luxury titan pointed to softening luxury sales, especially in the U.S. and Europe.
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