While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
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![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.
![Adamas One Corp. is at risk of being delisted from the Nasdaq after failing to file its Form 10-K in a timely manner. The company grows diamond using the CVD process. Stock image of diamonds](https://uploads.nationaljeweler.com/uploads/6f345c9402cbc68c6886d89f97b1f6c8.jpg)
The company did not file its annual 10-K Form, the form that gives a comprehensive summary of financial performance over the past year.
![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.
![De Beers Group sold $130 million worth of rough diamonds in its 10th and final sales cycle of the year (Nov. 9-Dec. 19). It finished the year with a rough diamond sales total of $3.63 billion, compared with $5.80 billion in 2022. Rough diamond from De Beers Gahcho Kue mine in Canada](https://uploads.nationaljeweler.com/uploads/de942bc3033864cf95e2999f1bc0ae02.jpg)
The company was up against tough comps and had to curtail sales as diamond demand waned.
![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.
![Rough diamonds from De Beers Group’s Gahcho Kué mine in Canada. In its next-to-last sales cycle of 2023, the company’s rough diamond sales dropped to $80 million, a record low since the company began reporting sight results in 2016. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Rough diamonds from De Beers Gahcho Kue mine](https://uploads.nationaljeweler.com/uploads/5ea98d0fd6cd4b7f624712ffd8740d6f.jpg)
India’s voluntary moratorium on rough diamond imports coupled with a stunted recovery in China continue to impact the miner.
![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.
![De Beers Group’s production dropped off more than 20 percent in the third quarter, including a 21 percent decline in output at the Orapa (pictured ) and Letlhakane mines. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Stock image of trucks at De Beers’ Orapa diamond mine in Botswana.](https://uploads.nationaljeweler.com/uploads/45fa85f68ac7e8ebf9e5bc06fffd8eb1.jpg)
The company attributed the drop to the ongoing transition at Venetia and planned maintenance at its diamond mines in Botswana.
![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.
![De Beers Group’s rough diamond sales declined for the fifth straight month in September. Sales to sightholders and auction customers totaled $200 million, its lowest since the middle of 2020 when COVID hampered markets worldwide. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Stock image of rough diamonds from De Beers](https://uploads.nationaljeweler.com/uploads/b69b2f25e1302d8cd57b76c03a872035.jpg)
The company is pulling back on sales amid oversupply in the midstream and slumping diamond jewelry demand.
![A pear-shaped diamond bypass ring in 14-karat white gold from Signet Jewelers banner Zales. Signet Jewelers reported its second-quarter results Thursday morning, recording a decline in sales brought on in part by the fact that fewer consumers are getting engaged. Zales diamond bypass ring](https://uploads.nationaljeweler.com/uploads/22ec9c4ef55306231f0c6d66beb7d2f0.jpg)
Macroeconomic pressures like inflation and a decline in the number of people popping the question took a toll on the jeweler.
![Decreased demand for diamond jewelry is impacting De Beers’ rough diamond sales, which fell again in the month of August. Polished diamond in tweezers](https://uploads.nationaljeweler.com/uploads/405533340a1af77e4daa5699ac6e539e.jpg)
They were down 42 percent year-over-year and 10 percent month-over-month in August.
![These 36 mm square-dial watches are part of a Movado capsule collection in collaboration with the late artist Carmen Herrera. The company reported declining sales in its recent second quarter results. Movado Carmen Herrera watches](https://uploads.nationaljeweler.com/uploads/352f4696db99765b42646b65eda1ca0f.jpg)
The company noted a “challenging environment for consumer discretionary products.”
![A 14-karat gold-plated shell charm from Pandora’s “The Little Mermaid” collection, released earlier this year in conjunction with the live-action remake of the 1989 animated classic. Pandora said the collection positively affected U.S. sales performance in Q2. Pandora Little Mermaid shell charm](https://uploads.nationaljeweler.com/uploads/86065ea1a07a470b5a1aad1683e1dd56.jpg)
Mother’s Day and “The Little Mermaid” helped make a difference, though the company’s U.S. sales are still lagging behind last year.
![Watches of Switzerland started rolling out the Rolex Certified Pre-Owned program at its U.S. stores in the middle of July and will take it to the U.K. this fall. Pictured is the retailer’s new store in the American Dream mall in New Jersey and the adjacent Rolex boutique. Watches of Switzerland American Dream mall](https://uploads.nationaljeweler.com/uploads/6de3503093fb6e11630d23cd32a930e1.jpg)
The retailer described early results as “encouraging” and said it will introduce the program in the U.K. in September.
![A pair of earrings from Brilliant Earth’s new collaboration with Logan Hollowell Fine Jewelry. Brilliant Earth posted muted sales growth in Q2, but reported a record number of orders for the quarter. Brilliant Earth Bloom drop earring](https://uploads.nationaljeweler.com/uploads/a98d9874524f92f2e3331fac7accbfbf.jpg)
The retailer reported a record-breaking number of orders for the quarter amid strong Mother’s Day sales but average order value declined.
![De Beers’ rough diamond sales totaled $410 million last month, down from $638 million in July 2022 and $456 million the previous month. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Rough diamonds in hand De Beers](https://uploads.nationaljeweler.com/uploads/b5c2c8e0963046655b2fe9ac468a4678.jpg)
CEO Al Cook attributed the decline to a combination of seasonal slowdown and manufacturers’ wariness about the remainder of 2023.