Cartier owner Richemont beats forecasts with $7.24billion sales as luxury demand stays strong from Asia to the Americas, boosting outlook for Africa

The global appetite for luxury jewellery is proving far more resilient than many investors expected.

Richemont, the Swiss luxury group behind Cartier, reported €6.33 billion ($7.24 billion) in sales for the three months ended June, comfortably beating analysts’ expectations as affluent shoppers continued spending on high-end jewellery despite an uncertain global economy.

The company’s quarterly sales rose 20% at constant exchange rates, surpassing the €5.90 billion ($6.75 billion) forecast compiled by Visible Alpha.

The strong performance reinforces the view that the world’s wealthiest consumers remain willing to spend on premium jewellery even as inflation, geopolitical tensions and weaker consumer confidence continue to weigh on discretionary spending in many parts of the global economy.

Richemont owns some of the luxury industry’s most recognisable brands, including Cartier, Van Cleef & Arpels, Buccellati, Vhernier, Piaget and IWC Schaffhausen.