Jewelry sales at Richemont rose 8% for the full fiscal year, thanks to solid demand across key markets, which helped counter a decline in the company’s watches division.

Revenue from the segment increased to EUR 16.54 billion ($19.2 billion) for the 12 months that ended March 31, Richemont said last week. The jewelry maisons recorded double-digit growth throughout all regions and distribution channels. The division received a boost from the expansion of its Buccellati flagship boutique in Hong Kong, the renovation of its Cartier boutique in the Miami Design District, and the opening of Van Cleef & Arpels boutiques in Italy and Germany.

Despite higher costs throughout the year, mainly due to rising gold prices and adverse currency movements, the jewelry maisons implemented selective price increases. At the same time, they maintained tight control over operating expenses, while continuing to enhance brand desirability and strategically expand their retail network, the company added.

“Both jewelry and watches posted sustained growth, fueled by iconic product lines,” Richemont stated. “Building on each maison’s singular brand equity, novelties for the year included several creative line extensions and new collections.”

Sales in the watch division slid 4% to EUR 3.14 billion ($3.65 billion), with robust growth in the Americas offsetting the decline in Asia and Japan. Despite a mixed performance throughout the year,  A. Lange & Söhne, Jaeger-LeCoultre and Vacheron Constantin saw a significant improvement in the second half. Operating profit for the category plunged 39% to EUR 107 million ($124.2 million).

Group sales for the full year rose 5% to EUR 22.42 billion ($26.03 billion). Profit for the period came to EUR 3.48 billion ($4.04 billion), up 27% from 2.75 billion ($3.19 billion) the previous year.