Richemont sales unexpectedly jumped by double digits during the holiday shopping season as consumers splurged on the Swiss luxury group’s Cartier jewelry.

Richemont reported better-than-expected quarterly sales, triggering a rally in luxury stocks, after its core jewelry division bucked a downturn in demand for high-end goods.

Cartier owner Richemont reported record quarterly sales on Thursday, beating expectations as a slump in key market China was offset by robust demand in other regions. The group said sales reached €6.2 billion ($6.3 billion) in the third quarter ending on December 31, a 10% rise from the same period in 2023.