Editor’s Note
This glimpse into the Tournaire jewelry workshop in Montbrison reveals the meticulous craft and specialized tools behind the art of fine jewelry making.
In Montbrison, in the Loire region, the Tournaire house is a veritable hive of activity. At the center of this bright jewelry workshop, two large workbenches overflow with tools, from the jeweler’s saw for cutting metal to the ring mandrel for sizing rings, not to mention the tweezers, those tiny pliers used for precision work. Enough to equip setters, lapidaries, gemologists, or lost-wax casters. With their eyes equipped with magnifying glasses, four company employees are bent over their work.
recalls Mathieu Tournaire, the young president of this jewelry house founded by his father half a century ago.
A bit old-fashioned, this type of workshop? Think again: these independent structures are now coveted by all the major luxury houses, for whom jewelry and high jewelry have become a powerful growth driver. This segment, which generated 4.6 billion euros in revenue worldwide in 2022, an amount already up 31% year-on-year, indeed surpassed the 5 billion euro mark last year.
As is often the case, it is Chinese consumers driving demand: while they accounted for only 1% of jewelry purchases in 1991, thirty years later, they account for nearly 40%. France, which claims 20% of this market, is well positioned to benefit from this enthusiasm, thanks to the globally recognized expertise of its artisans.
To ride this wave, each luxury house has its own strategy. Some acquire an already established brand, as LVMH did with the American Tiffany & Co. in early 2021. Others create their own jewelry lines, like the pioneer Dolce & Gabbana in 2012, or Giorgio Armani and Gucci in 2019. All, however, face the same challenge: a skills shortage, which has been acute for three years.
summarizes Hervé Buffet, general delegate of the Francéclat professional development committee, amused.
To ensure the availability of these precious “production capacities,” the big names in luxury have embarked on a race to acquire these specialized workshops. It was LVMH, as early as the beginning of 2022, that opened hostilities when its brand Christian Dior acquired Oteline in Rillieux-la-Pape (Rhône), as well as Fg Manufacture in Villeurbanne, two subcontractors with over 200 artisans. The following year, Bernard Arnault’s group also acquired the Alsatian company Platinum Invest, which employs nearly 800 artisans, to develop, among other things, Tiffany & Co. creations.
As for Boucheron, the Kering group brand, it set its sights last November on CG Développement, a group of four workshops with about sixty artisans a stone’s throw from the Place Vendôme, its historic headquarters.
details Bernadette Pinet-Cuoq, executive president of the French Union of Jewelry, Goldsmithing, Precious Stones and Pearls (UFBJOP).
It must be said that the French market, which still has about 1,000 companies, with a total of 25,000 employees, remains fragmented.
analyzes Mathieu Tournaire. These acquisitions also allow to add luster to the offering.
confirms the young professional. Acquisition costs are therefore rising, especially in the capital.
indicates Alexandre Benamu, general manager of the Copin house.
Rather than paying top dollar for these independent structures, major brands of course retain the option of placing orders with them. This is how, from Louis Vuitton to Dior, the big groups quickly approached Philippine Pérouse and her partner Arnold Diveu, as soon as they founded their company, Atelier Lutèce, in the 16th arrondissement of Paris in 2017. To the point that this subcontracting now represents 80% of the company’s activity. For the Tournaire house, such collaborations account for 5 to 10% of production, out of a total turnover of around 5 million euros.
indicates Mathieu Tournaire.
