International News
Solid growth in Richemont’s jewellery sales
Richemont’s distribution channels, retail sales rose 6% CCY (3% reported) to €3.734 billion, online retail matched that pace at €323 million, and wholesale and royalty income grew 6% CCY (2% reported) to €1.355 billion.
Richemont reported a 6% year-on-year sales increase at constant currency (CCY) to €5.4 billion for Q1 ending June 30, 2025.At actual exchange rates, growth stood at 3%, with currency headwinds weighing on results. Despite a challenging global backdrop, the performance signals a steady recovery from last year’s luxury market slump.
Jewellery remained the standout segment, with the company’s four Maisons — Cartier, Van Cleef & Arpels, Buccellati, and Vhernier — posting strong 11% growth to €3.914 billion. This marks the third straight quarter of double-digit growth, supported by both jewellery and watches, and driven by all regions except Japan.
However, the Specialist Watchmakers division struggled, with sales falling 7% to €824 million due to weaker performance in China, Hong Kong, Macau, and Japan. Double-digit growth in the Americas provided partial relief.
Richemont’s ‘Other’ division — which includes fashion and accessories brands — saw a 1% drop at CCY and 4% decline on a reported basis, totaling €674 million. While Peter Millar, Alaïa, Chloé, and Watchfinder showed strength, no update was given on Dunhill, Delvaux, Montblanc, or other labels.
Regionally, Europe (+11% to €1.295 billion), the Americas (+10% reported, +17% CCY to €1.335 billion), and the Middle East & Africa (+11% reported, +17% CCY to €524 million) all performed well. Asia Pacific was flat at CCY but down 4% reported (€1.731 billion), while Japan declined sharply (-15% CCY, -13% reported) to €527 million due to tough comparatives and reduced tourist spending.
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.
-
National News4 days agoIIBS-11: Navigating the ‘New Gold Rush’ in a fragmenting global economy
-
International News4 days agoOroarezzo 2026, with Italian Exhibition Group, Manufacturing Explores New Markets
-
ShowBuzz1 hour agoIndia International Bullion Summit 2026
-
GlamBuzz7 hours ago#ViRosh Ki Shaadi: Rashmika Mandanna & Vijay Deverakonda Celebrate Love with Temple Gold & Timeless Tradition
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.