Luxury Jewelry Outperforms, De Beers Cuts Losses, Gold Demand Slows

July was a busy month for the diamond and jewelry industry from a news perspective, even if trading activity eased, as it typically does during the northern hemisphere summer period. Beneath the seasonal slowdown, however, were several consequential developments, many of them emerging from the earnings season that began in July and continues through August.

See the full July 2026 News Roundup

Looking at the past week, the luxury groups once again stood out, with their jewelry divisions outperforming most other business segments for the quarter ended June 30.

LVMH and Kering followed Richemont's lead, reporting strong growth in their jewelry and watches businesses. Tiffany & Co. had an excellent quarter, while Bulgari also delivered strong growth, according to LVMH. At Kering, Boucheron posted record sales, Pomellato maintained strong momentum, DoDo continued to expand, and Qeelin delivered a solid performance in Asia Pacific.

The results reinforced one of the defining themes of the current market: the growing divide between resilient high-end demand and the softer commercial jewelry segment.

The results also suggest that, despite economic uncertainty and geopolitical tensions, affluent consumers remain willing to spend on brands that have maintained their desirability through heritage, craftsmanship and exclusivity. Luxury jewelry continues to behave differently from the broader jewelry market.

This blog first appeared in the August 3 Pressing Matters Executive Memo. Read the full memo here, Pressing Matters.

Image: Appraiser inspects luxury ring (Canva.com).