Luxury groups are turning to jewellery as a stabilizing force in an uneven market. Exposed handbag demand, geopolitical uncertainty, and the uneven recovery of Chinese consumption have pushed conglomerates to lean more heavily on their jewellery divisions, which are demonstrating a resilience that leather goods can no longer guarantee.
The numbers tell a clear story. Richemont’s jewellery sales jumped 20 percent in its most recent quarter, driven by Cartier and Van Cleef & Arpels, while LVMH’s watch and jewellery division has outperformed its fashion and leather goods arm for several consecutive quarters. Kering, which acquired a controlling stake in high-jewellery house Vhernier in 2025, is restructuring its portfolio around the category.
Jewellery’s structural advantages are becoming more apparent in the current climate. The category’s lower exposure to seasonal fashion risk, its gift-giving purchase cycle, and its position as a store of value in uncertain economic times make it a natural hedge against the volatility of the ready-to-wear and handbag segments.
The implications for the luxury landscape are significant. A market in which jewellery holds disproportionate weight within luxury portfolios will favor conglomerates with deep jewellery assets and challenge those whose strength is concentrated in leather goods and ready-to-wear. The winners of the next luxury cycle may be determined not by handbag design but by gemstone sourcing.
The jewellery opportunity is not uniform across the price spectrum. High jewellery and accessible fine jewellery are outperforming, while the mid-market faces pressure from both directions. Brands with authentic jewellery heritage — Cartier, Bulgari, Van Cleef — are pulling away from fashion houses trying to build jewellery credibility from scratch.
