Jewellery Outshines Fashion at LVMH as Tiffany and Bulgari Keep Growing
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On October 12, LVMH, the world's largest luxury group and the owner of Tiffany & Co., Bulgari and Chaumet, reported its sales for July to September. The headline was modest: group revenue of €18.5 billion, with organic growth of just 1%. But look one line deeper and a clear pattern appears. While handbags and fashion slowed, jewellery kept shining.
Jewellery outpaced fashion
LVMH's Watches & Jewelry division brought in €2.5 billion in the third quarter (about $2.78 billion, according to National Jeweler), up 8% from €2.32 billion a year earlier. Stripping out currency moves and acquisitions, the "organic" growth was 6%. Over the first nine months of 2026, the division grew 8% organically, which LVMH said was "driven by the very good performance in jewelry."
Compare that with Fashion & Leather Goods, home of Louis Vuitton and Dior and the group's biggest business. Its organic sales fell 5% in the quarter, after rising 1% in the second quarter. National Jeweler noted that Watches & Jewelry was LVMH's strongest business group on a reported basis, both for the quarter and for the year to date.
Where the growth came from
LVMH said sales grew in the United States, Europe and Japan, while "a less buoyant environment in China" weighed on results. In other words, North American and European shoppers are still buying fine jewellery, even as some other luxury categories cool.
The brand news says a lot about what people want right now. Bulgari's new Eclettica collection of high jewellery and watches "generated record-breaking revenue," according to LVMH. Tiffany kept leaning on its signature lines, HardWear, Knot and Sixteen Stone, and is renovating its stores worldwide. Chaumet continued to grow its Bee de Chaumet collection. The common thread: recognisable designs and pieces with a clear identity, rather than passing trends.
Why jewellery holds up
There are a few reasons jewellery tends to be more resilient than fashion. A ring, a pendant or a pair of earrings is often tied to a moment: an engagement, an anniversary, a birth, a milestone. Those moments don't get cancelled when the economy feels uncertain. Jewellery is also worn for decades, so many buyers see it as a considered purchase rather than an impulse one. And with gold prices high this year, the precious metal in a well-made piece carries real, lasting material value.
It's worth keeping perspective: these are results from one large group, and the luxury market as a whole remains uneven. LVMH itself described the backdrop as "an uncertain geopolitical and economic environment." Still, the message from some of the world's biggest jewellery houses is clear: even when shoppers pull back elsewhere, meaningful pieces keep their appeal.
When the biggest names in luxury say jewellery is their bright spot, it's a reminder that a piece with a story outlasts a passing trend. If you're thinking about a ring or pendant that's truly yours, focus on design, quality of craftsmanship and how you'll wear it every day, not on the logo. We'd love to sketch something with you, start your custom design here.
Sources: LVMH, Oct. 12, 2026 · National Jeweler, Oct. 14, 2026 · Rapaport, Oct. 13, 2026 · Alliance News, Oct. 12, 2026. Figures in euros; U.S. dollar conversion as reported by National Jeweler.
