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 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,