Richemont's jewelry sales surge 11%, outpacing other luxury sectors, despite a 13% drop in watch sales.

Despite economic challenges, Richemont, a Swiss luxury group owning top brands like Cartier and Van Cleef & Arpels, saw its jewelry sales soar by 11% in the latest quarter, outperforming other luxury sectors. This growth, driven by the ultra-wealthy's preference for premium jewelry, positions Richemont well despite headwinds like currency fluctuations and rising material costs. However, the company's watch sales dropped by 13%.