A Visible Alpha poll of 15 analysts puts sales for the six months ended Sept. 30 at 12.22 billion euros ($13.65 billion). For the fiscal second quarter, analysts forecast 5.895 billion euros, compared with 5.21 billion euros in the same period last year. Net profit is expected to reach 2.26 billion euros, up from 1.81 billion euros.

Richemont shares have gained 8.8% over the past 12 months and 1.9% since the start of the year.

Bernstein analysts say jewelry’s growth and pricing power make it one of luxury’s more attractive categories, and leave Richemont well positioned through Cartier and Van Cleef & Arpels. They said investors continue to underestimate the company’s structural advantages compared with the wider luxury sector.

Bernstein expects Japan to provide a potential lift to jewelry sales. It forecasts a 16.5% increase in organic sales for the division in the fiscal second quarter, citing resilient jewelry demand amid a broader luxury slowdown and a favorable currency effect.

J.P. Morgan analysts describe a polarized luxury market, with stronger prospects for jewelry and high-end ready-to-wear brands serving wealthier customers. They named Richemont, Brunello Cucinelli and Ermenegildo Zegna as beneficiaries, while saying brands focused on bags, apparel and shoes could face greater pressure.