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
Platinum Jewellery Gains Share Amid Record Gold Prices, PGI Reports Q4 2025 Market Shifts
Momentum key Regions In The Q4 Validates Platinum’s Growing Relevance In Today’s Jewellery Market.
The Platinum Guild International (PGI) today released its Q4 2025 Platinum Jewellery Business Review (PJBR), highlighting varying regional performance trends, with platinum’s value proposition remaining supportive in key markets against a backdrop of record-high gold prices and evolving trade dynamics.
Tim Schlick, CEO of Platinum Guild International, Said:
“The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market. With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike. Looking ahead, PGI remains committed to partnering with the trade to capitalise on this favourable price dynamic—driving innovation, supporting strategic marketing initiatives, and reinforcing platinum’s enduring value in bridal, fashion, and other key segments.”
Regional Market Highlights
China
China’s platinum fabrication softened further in Q4 after a strong first half, but still recorded a 56% annual increase for 2025. The slowdown was driven by a combination of slower inventory turnover and elevated metal prices, which diverted retailer capital towards gold and dampened restocking sentiment. Wholesalers liquidated generic stock to realise capital gains, while retailers prioritised operational resilience. Despite significant challenges, PGI’s retail partners outperformed the broader market, achieving a 7% year-over-year increase in platinum jewellery sales volume during the last quarter of 2025.
India and the Middle East
In India, platinum jewellery continued to outperform the broader market, with strategic partners’ retail sales growing 10% year-over-year. Overall jewellery demand saw a marginal uptick, supported by the festive season and a shift toward lightweight purchases, though volume growth was constrained by a high comparison base and sharp gold price increases. Promotional efforts for brands such as Men of Platinum reinforced platinum’s value amidst price volatility.
PGI continued expanding its UAE presence by onboarding new retailers, bringing the total to 174 stores at the end of 2025.
Japan
Japan’s jewellery market saw value recover in Q4 due to sustained price increases, while platinum jewellery unit sales recorded a notable 1.5% year-on-year recovery. This upturn was partly supported by substitution away from gold amid extreme price volatility. For the full year, platinum’s share of unit sales rose, whilst white gold’s share declined.
United States
In the U.S., platinum jewellery sales reflected a clear divergence between declining unit volumes and strong value growth, with dollar sales significantly outpacing volumes. Record-high gold prices cooled volume demand across the broader industry, but platinum’s price—remaining less than half that of gold—bolstered its appeal. Despite tariff-related headwinds, the shift from white gold to platinum accelerated, with strategic partners reporting double-digit revenue growth.
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