The Cartier owner said weaker consumer spending in China hit sales as a luxury downturn that is hurting most of the players in the industry rumbles on.

Cartier jewellery owner Richemont reported a dip in quarterly sales on Friday, as the luxury goods group largely offset tougher conditions in China with growth elsewhere.

Luxury group’s jewellery brands, its biggest division housing Cartier and Van Cleef & Arpels, show resilience.

Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China.

PARIS (Reuters) -Cartier owner Richemont plans to stick to its cautious approach to raising prices of jewellery despite the soaring price of gold in recent months, and has no plans yet for price increases in the upcoming months,