International News
Richemont’s Jewellery Sales Strengthen in H1 FY26 as China Shows Recovery
Resilient Demand Reinforces Richemont’s Prestige Position in Global Luxury
Richemont reported a strong performance in the first half of its fiscal year, driven by improving demand for luxury jewellery and a recovery in China. The Swiss luxury group — owner of Cartier, Van Cleef & Arpels, Buccellati, and Vhernier — saw sales momentum accelerate across key global markets.
Revenue from its four jewellery maisons rose 9% year-on-year to EUR 7.75 billion (USD 9 billion) for the six-month period ending September 30. Operating profit for the segment also increased 9% to EUR 2.54 billion (USD 2.95 billion).
The growth was supported by strong demand across regions for both jewellery and watch collections. Richemont also implemented selective price increases to offset rising metal costs, currency fluctuations, and the initial effects of US import tariffs.
- Regional Performance
- United States: Revenue jumped 15%, expanding the US share of total sales to 23%.
- Europe: Sales increased 12%.
- Middle East & Africa: Up 18%, reflecting strong luxury spending.
- Asia Pacific: Growth of 6%, driven partly by improving consumer sentiment in China.
- Japan: Sales declined 3%, with part of demand shifting to Hong Kong.
Richemont CEO Nicolas Bos highlighted stabilizing market conditions in China, with improved domestic spending and a notable return of Chinese luxury shoppers overseas. The company also observed a shift of sales from Japan back to Hong Kong during the second fiscal quarter.
Total Richemont group sales for the period increased 5% year-on-year to EUR 10.62 billion (USD 12.34 billion). Net profit surged nearly fourfold to EUR 1.81 billion (USD 2.11 billion), compared with EUR 457 million a year earlier — largely driven by the robust performance of its jewellery portfolio.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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