International News
Richemont Outperforms Forecasts as Jewellery Division Drives Growth
Strong demand for Cartier and Van Cleef & Arpels boosts Richemont’s quarterly sales, offsetting weakness in watch segment.
Richemont, the Swiss luxury group behind Cartier and Van Cleef & Arpels, exceeded market expectations with a 7% rise in quarterly sales, driven by continued strength in its jewellery division. As global demand for high-end fashion softens, affluent consumers are still investing in fine jewellery—helping Richemont outperform many of its luxury peers.
For the fourth quarter ending in March, jewellery sales surged 11% year-on-year, more than compensating for an 11% decline in the group’s watch division, which has been affected by reduced luxury spending in China amid ongoing economic uncertainty and a slowing property market.
Overall, Richemont reported sales of €5.17 billion ($5.80 billion) for the quarter, a 7% increase in constant currency terms, surpassing the 6% rise forecast in a Visible Alpha consensus cited by HSBC.
According to JPMorgan analysts, Richemont’s strong jewellery performance highlights a strategic shift toward “the higher quality, more profitable and less cyclical part of the business.” This repositioning has helped the company remain resilient during a broader luxury sector slowdown.
Shares of Richemont rose 5% in early trading on Friday in response to the results.
Jewellery now represents the lion’s share of Richemont’s business, accounting for 54% of total sales—up from 36% in 2019—signaling the group’s successful pivot toward this high-margin category. “Richemont continued to gain significant market share in jewellery,” noted Jean-Philippe Bertschy, analyst at Vontobel, who praised the division’s “spectacular growth and profitability,” particularly when compared with luxury rival LVMH, owner of Bulgari and Tiffany & Co.
Still, analysts caution that Richemont is not immune to the global volatility affecting luxury demand, though its core clientele and focus on fine jewellery position it more defensively than brands reliant on fashion sales.
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Safe-Haven Dynamics – Gold and Silver prices are consolidating as investors assess the possibility of U.S.-Iran diplomatic talks and the uncertain future of the current ceasefire. Both nations are scheduled for peace negotiations in Islamabad this week. However, the ceasefire came under threat on Monday following the seizure of a cargo vessel, raising doubts about whether talks will proceed as planned.
- Geopolitical Developments– The ongoing Middle East conflict has caused a significant disruption to energy supplies, pushing inflation risks higher and increasing the probability of central bank interest rate hikes — both of which create headwinds for gold prices. Adding to the uncertainty, President Donald Trump indicated he will not extend the truce if no agreement is reached before its deadline, and has stated that the Strait of Hormuz will stay closed until a deal is finalized.
- Macro-economic Signals – Markets are closely watching for clarity on whether the Islamabad talks will proceed, and if so, whether they result in a ceasefire extension or a broader peace agreement. Gold’s price direction will continue to be driven by Middle East outcomes and their downstream effects on energy costs and inflation expectations.
Technical Triggers
- Gold is trading in the range of $4750 (~ Rs 152,500) and $4850 (~Rs 155,000) from past few days. Either side breakout or breakdown will give 3-4% directional move.
- Silver is trading in the range of $78 (~ Rs 248,000) and $81 (~Rs 257,000) from past few days. Either side breakout or breakdown from this band will give 3-4% price swing.
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $4600/oz : $5000/oz : Rs 153,000/10 gm : Rs 160,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $75/oz : $82/oz : Rs 235,000/kg : Rs 260,000/kg |
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