Editor’s Note
This article explores how economic pressures have historically spurred innovation in jewelry design, from the Great Depression to World War II, highlighting a recurring theme of versatility and transformation in luxury goods.
Even in the world of high jewelry, where cost-effectiveness is rarely a consideration, there have been eras where versatility was prized. During the Great Depression of the 1930s, diamond double clips that could be worn in various styles from morning to night and added flair to ordinary outfits were hugely popular. After the outbreak of World War II, transformer jewelry that could convert from a bracelet to a necklace or brooch gained popularity. The more economically challenging the times, the more multi-wear, value-for-money jewelry came to the fore.
During the pandemic’s monotonous and stifling days, several high jewelry houses conceived pieces that could be adapted for various occasions or offer the best ‘dress-up’ effect for the price. Van Cleef & Arpels and Chanel introduced necklaces with detachable elements that transform into brooches or earrings, while Pomellato received acclaim for its rope necklaces, which can be styled as long sautoirs or in a Y-shape using multiple spacers.
The current high jewelry market can almost be called ‘the world of tourmaline,’ with every color and variety of tourmaline establishing itself as a major trend. Upon closer inspection, tourmaline prominently displays the ever-changing colors of nature, reminiscent of sunrises and sunsets, blooming flowers, and the shifting seas of tides. Its etymology, from the Sinhalese word ‘tōramalli’ meaning ‘mixed gemstone,’ hints that this is a gemstone never destined to be boring.
Green tourmaline is often used as an alternative to emerald, while Paraíba, the most expensive among tourmalines, sees its prices soaring daily, fueled by the popularity of neon blue. Indicolite (blue-toned tourmaline), reminiscent of deep sea hues, and lagoon tourmaline, the color of tranquil Maldivian waters, are also frequently spotted. Joining them are rubellite (red-toned tourmaline), which perfectly expresses Pantone’s 2023 Color of the Year, Viva Magenta, and soft pink tourmaline. The ancient Greeks believed tourmaline to be ‘a gemstone that absorbs all the colors of the rainbow,’ and its exquisite colors and emotional richness, which seem divinely crafted, inspire awe with each viewing.
Looking back, imaginative designers across eras have never confined their creativity to conventional materials. Even in today’s reputedly conservative high jewelry realm, one can encounter diverse materials beyond so-called ‘precious gems’ and ‘precious metals.’ This can be seen as an extension of color beyond the spectrum of natural gemstones and a tribute to new materials born from the collaboration between nature and humanity.
Boucheron, which annually pushes the boundaries of creativity in July (its July collections are notably more artistic than those in January), this year featured magnesium, aluminum, titanium, and acetate as primary materials, presenting color combinations and patterns reminiscent of pop art. Pomellato focused on wearability with an ultra-lightweight link necklace featuring moonstones set on a titanium chain, and successfully differentiated its design by inverting the settings of tanzanite and rubellite.
The original vision and technical prowess that challenge atypical materials or settings may perhaps be a brand’s most valuable asset. Furthermore, it represents a swift response to progressive consumers who understand the value of future-oriented luxury and reflects the trend where the boundaries between art and high jewelry are becoming increasingly blurred.
The upward trajectory of Mozambican rubies is strikingly steep. Since a Mozambican ruby set a record price for a colored stone at a Sotheby’s auction in New York last June, movements in the ruby market have been noteworthy. Until now, the high jewelry industry has seen demand concentrated on Burmese rubies, considered the mythical standard. However, acceptance of Mozambican rubies has clearly increased recently.
Today, Burmese rubies are nearly depleted, with extremely limited supply, and most luxury brands have ceased trading them due to ethical concerns. Particularly when compared to unheated Burmese rubies, Mozambican rubies of similar quality are significantly undervalued, leaving ample room for future price appreciation. The jewelry industry expects prices for unheated, high-quality Mozambican rubies to rise by approximately 20-30% following the recent Sotheby’s auction.
Diamonds with colors other than white are called ‘fancy color diamonds,’ typically occurring at a rate of about one in every 10,000 white diamonds. Among the total of 12 colors, yellow accounts for over half of the fancy color diamond market. According to the Fancy Color Diamond Index (FCDI), which tracks and analyzes wholesale prices for pink, blue, and yellow diamonds, the market value of colored diamonds has recently shown an annual increase of 9-12%. Following a nearly 4% increase in 2022 alone, the average price of fancy color diamonds rose by 1.3% across all colors and sizes in Q1 2023. This contrasts with the quarterly trend for white diamonds (-2.8%) and their trend over the past 12 months (-17.6%), confirming that colored diamonds maintain relatively stable demand amidst global economic uncertainty.
In the high jewelry collections released by luxury brands this year, colored diamonds were also interpreted in diverse designs that highlight each brand’s identity. Cartier presented an ondulé ring set with a fancy gray-violet diamond in its ‘Le Voyage Recommencé’ collection, while Chaumet and Chanel featured intense sunshine yellow diamonds, symbolizing recovery, recreation, and resilience, to convey a message of hope.
Recently, three factors have emerged as most critical in the high jewelry industry: responsible sourcing and labor conditions, sustainability, and transparency. Responsible sourcing involves the accurate terminology for gems, disclosure of various treatments, and certification and guarantees. Fortunately, technological advancements are making this easier. Particularly, the MZ generation wants to know not only the geographical origin of a gem but also its entire journey from mine to market. Responsible sourcing is no longer an option but a necessity, and many brands are leading the way in establishing these practices.
Cartier uses only ethically sourced gemstones according to the highest health, safety, environmental, and labor standards, and recently launched the ‘Watch & Jewelry Initiative 2030’ with the Kering Group, focusing on building climate resilience, preserving resources, and fostering inclusivity. Boucheron began collaborating with Sarine Technologies for origin traceability and provenance certification using blockchain technology. It has also ceased purchasing all gems from Myanmar and lapis lazuli from Afghanistan due to ethical issues, as well as diamonds from Russia. Pomellato uses rubies sourced from Greenland, which is free from ethical concerns.