Lab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
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![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.
![De Beers Group mined 6.4 million carats of diamonds in the second quarter of 2024, down from 7.6 million in the same period last year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) De Beers rough diamond display](https://uploads.nationaljeweler.com/uploads/80cd02b1c8384f4b2efda0bcdf6a75e1.jpg)
The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
![A pair of earrings from Richemont-owned Buccellati’s high jewelry offerings. Richemont’s Q1 sales were down 1 percent as the luxury giant was up against tough comparatives. Buccellati high jewelry earrings](https://uploads.nationaljeweler.com/uploads/73ec56c83f0393534e2a84976be94784.jpg)
In contrast, the luxury giant’s watch sales fell 14 percent.
![Rough diamonds from De Beers’ Gahcho Kue diamond mine in Canada. The company’s most recent round of rough diamond sales brought in $315 million, down by double-digits both year-over-year and cycle-to-cycle. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Stock image of rough diamonds from De Beers Gahcho Kue diamond mine](https://uploads.nationaljeweler.com/uploads/e323e78dbd5f06073d9f83e4ad1a03d8.jpg)
The company sold $315 million in rough in the fifth sales cycle of the year, down from $456 million in the same period last year.
![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/b19b470b396ee18fc0ff5a20628224fb.jpg)
The company is expecting to see a 5 to 10 percent increase in engagements this year.
![Model Georgia May Jagger, daughter of model Jerry Hall and Rolling Stones frontman Mick Jagger, stars in a campaign for Tommy Hilfiger, a licensed brand in Movado’s portfolio. Movado’s first-quarter sales were down 6 percent. Georgia May Jagger Movado campaign](https://uploads.nationaljeweler.com/uploads/6c1490afbe8460e672ae1c219ae5d9da.jpg)
The company attributed the decline to a “challenging” retail environment.
![De Beers Group’s latest round of rough diamond sales totaled $380 million, down 21 percent year-over-year. The company expects natural diamond sales to remain challenging in the near future but anticipates an uptick in engagements in the coming years. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Stock image of a diamond engagement ring](https://uploads.nationaljeweler.com/uploads/8095725f21e3c25f478154b7f55085d8.jpg)
The company sold $380 million in rough diamonds, compared with $479 million in the same period last year.
![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.
![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.
![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.
![De Beers Group mined 6.9 million carats of diamond in the first quarter, down from 8.9 million in the same period last year. The company expects its annual output to be 3 million carats lower than originally forecast. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Stock image of rough diamonds mined by De Beers](https://uploads.nationaljeweler.com/uploads/88fa0294dd796d49e669dd399890bc3b.jpg)
The announcement came as the company reported a 23 percent drop in production in Q1.
![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.
![Production fell 22 percent year-over-year to 740,000 carats in the first quarter at Rio Tinto’s Diavik Diamond Mine in Canada’s Northwest Territories. Aerial shot of the Diavik Diamond Mine in Canada’s Northwest Territories](https://uploads.nationaljeweler.com/uploads/8310f3d202a2d8a7341b06b4fa06354c.jpg)
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
![De Beers Group’s CEO said Tuesday that diamond businesses are taking a “cautious” approach to purchasing amid economic uncertainty. The company’s most recent round of rough diamond sales totaled $445 million, down 18 percent when compared with the same period last year. Stock image of a polished diamond in tweezers](https://uploads.nationaljeweler.com/uploads/0cdd14f0e5fe5021fd9bba268fc8aae2.jpg)
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
![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.
![Rough diamond sales totaled $430 million in De Beers Group’s second cycle of sales for 2024, compared with $497 million in the same time period last year. (©De Beers Group/Photo credit: Ben Perry, Armoury Films) Stock image of rough diamonds mined by De Beers](https://uploads.nationaljeweler.com/uploads/1eba686411480330e07844bd221d9502.jpg)
The company’s rough sales improved for the third sales cycle in a row.
![A yellow gold lab-grown diamond pendant from Lightbox, the De Beers-owned brand. Lightbox tested lower prices in the all-important fourth quarter, marking down its standard range of lab-grown diamonds by 25 percent and its “Finest” range by 33 percent. Lightbox lab grown diamond pendant in yellow gold](https://uploads.nationaljeweler.com/uploads/d6d999a3ebac6ac0ce3d041453b8a2c7.jpg)
The De Beers-owned lab-grown diamond company dropped the price on its standard offerings from $800/carat to $600/carat.
![Rough diamonds from De Beers Group’s Gahcho Kue mine in Canada. The company’s rough diamond sales totaled $370 million in the first sales cycle of 2024. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) Rough diamonds from Gahcho Kue diamond mine](https://uploads.nationaljeweler.com/uploads/0a51cb571f7cd6b80d9d8de182e6cc5d.jpg)
The diamond miner and marketer said “solid” holiday sales in the U.S. helped stabilize the industry.
![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.