Cartier Increases Prices to Cover Higher Diamond Costs

(IDEX Online) - Cartier says it will increase prices to cover the higher costs of diamonds, platinum and gold, and to offset rises in US and Chinese currencies against the euro.

The rises on high-end luxury goods are described as "mild" - between three and five per cent - are not expected to deter wealthy buyers.

Sales for the French luxury conglomerate - part of the Richemont group - have been robust in most parts of the world so far this year except for Asia, with the resurgence of Covid in China.

Cartier CEO Cyrille Vigneron said a potential increase in diamond prices could add to cost pressures.

But in the long term, he told Bloomberg News, the company didn't see many headwinds coming.

"The overall growth of world wealth and the overall distribution is coming in favor of global luxury," he said.