Sales Snapshot

Total revenue climbed 3% year-over-year, lagging prior double-digit gains, as consumers splurged on higher-end pieces rather than volume. Finished jewellery led with nearly 5% revenue growth, fueled by rising gold prices and buyer willingness to pay up. Unit sales dipped 10% overall, signaling a quality-over-quantity mindset.

Diamond jewellery saw slight revenue dips but 13% higher spend per item on pricier natural stones; loose diamonds weakened, especially low-end. Gold, silver, and platinum demand shares held steady, rejecting alternatives amid gold’s rally.

Lab-grown diamonds (LGD) lagged, with revenue down despite modest unit upticks—stuck at ~$500 average, failing to attract investment buyers favoring naturals.

Edahn Golan of Tenoris highlights sustained premiumization, where shoppers chase value through upscale selections. This bodes well for high-end suppliers but pressures volume-driven segments like LGD entry-level goods.