International News
Robust Jewelry Sales Propel Richemont’s Full-Year Revenue
Iconic collections and strong global demand lift jewelry sales by 8%, offsetting a 13% drop in watch revenue.
Richemont reported a 4% rise in group sales to EUR 21.4 billion ($23.89 billion) for the fiscal year ended March 31, driven largely by strong performance in its jewelry segment. Jewelry sales grew 8% year over year, reaching EUR 15.33 billion ($17.11 billion), fueled by double-digit gains across all regions except Asia Pacific. Direct-to-client channels accounted for 84% of sales, and all major brands — Cartier, Van Cleef & Arpels, and Buccellati — posted strong results, particularly from their iconic collections. The acquisition of high-jewelry brand Vhernier also contributed positively.
Operating profit from the jewelry segment increased 4% to EUR 4.9 billion ($5.47 billion), reflecting continued investment in high-profile collections and global events.
Conversely, Richemont’s watch division faced significant challenges, with sales dropping 13% to EUR 3.28 billion ($3.66 billion). A steep 27% sales decline in Asia Pacific — which had been the segment’s largest market — was attributed to weak demand in China, Hong Kong, and Macau. This downturn overshadowed stronger performances in the Americas and Japan and flat results in Europe and the Middle East. Operating profit for the watch segment plummeted 69% to EUR 175 million ($195.4 million).
Overall, Richemont’s annual profit rose 17% to EUR 2.75 billion ($3.07 billion), up from EUR 2.36 billion ($2.63 billion) the previous year.
International News
Dubai Records Highest-Ever Diamond Trade In 2025
Natural Diamonds Continued To Dominate The Market, Contributing US$39.9 billion, Or 96% Of Dubai’s Total Diamond Trade Value In 2025.
Dubai achieved a record performance in its diamond trade in 2025, reaching its highest-ever levels in both value and volume, according to the Dubai Multi Commodities Centre (DMCC).
The total value of diamond imports and exports increased 16% year-on-year to US$41.7 billion, up from US$35.8 billion in 2024. Trade volume also surged 43% to 359.5 million carats, marking the first time Dubai has recorded all-time highs in both value and physical volume.
DMCC CEO Ahmed Bin Sulayem said the strong performance reflects Dubai’s long-term strategy of building a transparent, connected, and efficient global hub for the diamond trade. Since 2020, diamond trade through Dubai has doubled in volume and grown nearly 140% in value.
Natural diamonds continued to dominate the market, contributing US$39.9 billion, or 96% of Dubai’s total diamond trade value in 2025.
Trade in rough diamonds reached 205.2 million carats, the second-highest volume on record and around 34% higher than in 2024. The value of natural polished diamond trade rose nearly 25% to US$18.7 billion. Since 2020, the value of natural polished diamond trade through Dubai has increased by 246%.
Over the past decade, Dubai’s overall diamond trade has grown 63% in value and 44% in volume, reinforcing its position as one of the world’s leading diamond trading centres.
The emirate also recorded strong growth in other precious stones. Coloured gemstone trade climbed 48% to a record US$1.1 billion, supported by a 69% increase in imports and a 34% rise in exports. Meanwhile, synthetic and industrial diamonds accounted for around 39% of the total diamond trade volume in 2025.
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