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.

Richemont, the owner of Cartier jewellery, on Thursday fuelled hopes of a revival for the beaten down luxury goods industry, with end-of-year sales that exceeded expectations, sending shares higher across the sector.