Group sales rose 20% at constant exchange rates to €6.3 billion for the quarter ended June 30, beating the 11% analysts had forecast. Jewellery led the way, up 24%, driven by the Group’s four jewellery maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier – delivering a seventh consecutive quarter of double-digit growth. Shares hit a record in Zurich, up as much as 7.4%, and the broader luxury sector rallied with it.

The headline is straightforward. The more interesting question is why jewellery continues to behave so differently from the rest of luxury.

The category story: Jewellery is separating from luxury