The surge in fine jewelry sales is down to three major factors, as Morgan Stanley Research analysts report. Firstly, female empowerment in the East, namely China, has taken hold and self purchases are climbing. Secondly, branded luxury jewelry driven by 4 massive brands is moving the dial across the globe. And, surprise, surprise, social media is a major driver in the globalization of jewelry with consumers and influencers opting for instantly recognisable and iconic collections.
Sales at Richemont’s jewelry houses, including Cartier and Van Cleef & Arpels, were up 62% in the quarter ending 31 March, 2021. LVMH’s watches and jewelry division (e.g., Bulgari and Tiffany & Co.) sales rose by 35%, while Chanel’s Coco Crush fine jewelry collection experienced double-digit revenue growth in 2020.