Luxury group Richemont reported robust jewellery sales in the first quarter of its fiscal year 2024 thanks to a strong rebound in the Asia Pacific region amid slow economic recovery in the Americas.

The group’s high-end jewellers – Buccellati, Cartier and Van Cleef & Arpels – recorded a 19 per cent year-on-year increase in sales to €3.599 billion (around US$4.05 billion) from April to June 2023, with solid jewellery and watch sales.

The jewellery maisons led growth across all business areas, according to Richemont. Group sales encompassing all luxury categories were up 14 per cent year on year, reflecting growth across all channels and regions except the Americas where “sales were broadly flat”, the company noted.

Richemont said the double-digit sales growth was driven by the 32 per cent rebound in Asia Pacific, which offset a muted performance in the Americas. Sales were solid in Asian markets with vigorous growth in Hong Kong and Macau particularly.

“Favourable prior-year period comparatives, as well as the removal of Covid-related restrictions and the reopening of borders in Mainland China, Hong Kong and Macau in January 2023 led to substantial sales increases ranging from double-digit growth in the mainland to triple digits in the latter two locations,” the company stated.