The first-quarter sales of jewelry from a few of the world’s leading luxury brands topped $1 billion, according to a report by the consultancy firm I Love Jewelry.
The report also said that the number of jewelry sales rose 10.4% in the year-ago quarter, which is up from a 0.7% increase in the previous year.
I Love Jewelries reported the results on Wednesday, after analysts at brokerage firm William Blair predicted that 2017 would be the year of the first quarter for the luxury market.
I Love noted that the second quarter of 2018 would see a “significant increase” in sales.
The growth is not unexpected as the jewelry business is booming.
In the second half of last year, jewelry sales grew by 18.6% to $2.1 billion.
In 2017, the number was up by 10.2%.
The sales are the largest for the quarter and the biggest for a quarter in three years.
In 2017, jewelry revenues accounted for $1.7 billion of the total, according I Love.
This year, they rose to $1,988 million.
The company noted that in 2018, jewelry companies saw a significant increase in spending on their brands, with a 7.5% increase on the year compared to 2017.
That included a $1 million spending spree by a leading brand, H&M.
That increase accounted for more than half of the overall increase in revenue.
The biggest sales came from the $100 million “Beauty of Fashion” collection, which featured high-end jewelry and accessories.
The company said that by the end of the quarter, it had sold more than 4,000 pieces of the collection.
The I Love report noted that fashion and beauty were the top three areas for sales growth in 2018.
I love noted that luxury brands also increased their spending on the fashion business.
In 2016, it reported that the luxury fashion market generated $1 trillion in revenue and that in 2019, that number will grow to $6.3 trillion.
The 2017 report by I Love did not say whether it predicted that the 2018 quarter would be a better quarter than 2017.
But, I Love said that its analysis of “the second half” of 2018 shows that “there is more to come.”
The firm predicted that sales of luxury jewelry in 2018 would grow by 11.5%.
That is more than double the growth in 2017.