Pandora reported third-quarter results on November 4 that were solid at the top line and weaker underneath. Organic growth came in at 6%, made up of 4% like-for-like growth and 2% from network expansion, according to the company's investor relations release. The concern was further down the income statement: Pandora lowered its 2026 margin guidance from at least 24% to around 23%, which Morningstar attributed to material and currency headwinds.

The regional split

The regional detail was more encouraging than the margin revision. North America like-for-like growth accelerated to 3%, and EMEA improved to 1%. Asia-Pacific posted 20% like-for-like growth, and Latin America 6%. The company's framing of the North American and European figures as an acceleration and an improvement indicates both regions had been running slower earlier in the year.

The Asia-Pacific figure stands out, and it fits with other data from the region this week. Bloomberg and Business of Fashion reported that Hong Kong jewelry and watch sales rose 22% year-on-year to HK$45.8 billion ($5.8 billion) in the first nine months of 2026, the highest level since 2019. Pandora's Asia-Pacific number does not break out Hong Kong, but the direction is the same.

The 2% contribution from network expansion is worth noting separately. Like-for-like growth of 4% is the cleaner measure of demand, since it strips out new stores. A business adding doors while like-for-like growth runs in the low single digits is investing ahead of demand, and the margin revision means that investment now carries more cost pressure than the original guidance assumed.

Why the margin moved

Pandora's margin revision is a materials story. The company buys precious metal, and spot gold was trading at $4,049.69 an ounce on November 6, per USAGOLD. Higher metal costs flow into cost of goods sold with a lag, and a jeweler at Pandora's price points has limited room to pass them on without hurting volume. The move from at least 24% to around 23% is the result.

The consumer side of the same pressure showed up in JCK's November 5 report that gold jewelry consumption fell 17% year over year in the third quarter, the weakest third quarter in the data series. Kamran covers the bullion side, including 321 tonnes of central bank buying in the quarter, in his gold report.

Richemont reports November 13

The next major read on the luxury jewelry segment comes from Richemont, which is scheduled to release results on November 13. Its jewelry maisons will be measured against two conflicting data points from this week: the Hong Kong rebound and the third-quarter gold jewelry slump. Analysts will look for whether high-end jewelry, where metal is a smaller share of the retail price, is insulated in a way that Pandora's margin is not.

Audemars Piguet takes a floor in Central

Audemars Piguet plans to open one of its largest Asian flagship stores at New World Tower in Central, Hong Kong, according to Bloomberg and Swissinfo reports dated October 20 and 21. The store will run to 13,000 square feet at a monthly rent of more than HK$2 million and will replace Emperor Watch & Jewellery at the site in February 2027.

The lease is a retail-structure story as much as a Hong Kong story. A brand taking over a space from a multi-brand retailer reflects a continuing shift toward directly operated stores among the largest Swiss houses. For independent and multi-brand retailers, the question is not whether the brands will keep opening their own doors but how many prime addresses they will take. The auction side of the watch trade is covered in our Geneva auction preview.

Geneva auction calendar

The Geneva watch auction season occupies the weekend. Sotheby's Important Watches preview runs November 5 to 7 at the Mandarin Oriental, with the sale itself on November 8 and 9. Phillips Geneva Watch Auction: XXIV takes place November 7 and 8 at Hotel President. Results from both will feed into secondary-market pricing reported in the weeks that follow.

De Beers: still unresolved

Anglo American's sale of its 85% stake in De Beers remained unresolved as of November 2, according to Rapaport, with the Global Diamond Consortium negotiating purchase terms. The ownership question hangs over every sight. De Beers held prices stable at its October sight, which ran October 26 to 30, on low volumes ahead of Diwali. The pricing detail is in our October diamond index report. Sight 10 is scheduled for November 30 to December 4.

Open questions

Whether the Global Diamond Consortium closes on the 85% stake before Sight 10 opens on November 30 is the open question for the diamond side of the trade. For the jewelry side, it is whether Richemont's November 13 numbers look more like Pandora's 20% Asia-Pacific gain or JCK's 17% consumption decline.