Editor’s Note
This article explores the investment potential of rare jewellery, arguing that for discerning buyers, it can rival traditional assets. It outlines a resilient and diversified global market, driven by rising demand, particularly in Asia.
For those who can tolerate its illiquidity and have an eye for quality, rare accessories can match or even beat blue-chip stocks over the long term. Global jewellery has grown into a resilient, broadly diversified market spanning branded maisons, independent ateliers and a deep secondary market at auction houses. Studies have pointed in the same direction — jewellery demand is rising, thanks to increasing wealth in Asia.
After the pandemic rebound, momentum cooled in 2023 to 2024, alongside a softer luxury cycle and weaker demand for discretionary watches and diamonds. Yet, the top end of jewellery, which includes signed pieces from leading houses and rare coloured gemstones with robust lab reports, continues to attract competition at auctions, underpinned by scarcity and global bidder participation.
That bifurcation matters for investors. Beyond being a wearable accessory, high-quality jewellery has become a credible store of value. It does not pay a dividend and it is illiquid outside of prime auction seasons, but selected pieces have compounded in value across multiple cycles, offering low correlation to equities and a hedge against currency or policy risk.
The industry today is navigating two cross-currents. First, prices for commercial-grade diamonds have been pressured by lab-grown supply reaching scale, reshaping consumer expectations on size and sparkle at given budgets.
Second, demand has pivoted to natural rarity — coloured stones with verified origin and no treatment, especially Burmese rubies, Kashmir and Burmese sapphires, Colombian emeralds and neon Paraíba tourmalines — and to iconic designs by luxury jewellery brands, such as Cartier, Van Cleef & Arpels, Bvlgari, Tiffany & Co and Harry Winston.
According to a report by Bain & Co titled “Luxury in Transition: Securing Future Growth” published in January 2025, jewellery was the most resilient core luxury category in 2024, growing by 0% to 2% at current exchange rates to reach €31 billion in sales. This performance was driven by consistent high-low brand strategies and enhanced customer-centric approaches.
High jewellery significantly outperformed less elevated parts of the market. Competition intensified, with luxury fashion houses expanding their presence in the segment and rising local giants seeking to grow beyond their domestic markets.
A combination of market data and auction results through 2023 and 2024 show a similar trend of a widening gap between the best goods and the rest. Natural fancy-coloured diamonds remain trophy assets, but the broad diamond market softened as lab-grown stones proliferated at lower prices per carat. Retail buyers seeking carat weight shifted to man-made stones, depressing prices for mid-tier natural diamonds. By contrast, fine coloured gemstones with strong origin reports kept setting benchmarks.
Unheated Burmese rubies in the five- to 10-carat range, with SSEF or Gübelin reports, command high five- to seven-figure prices, depending on colour and clarity, and the top “pigeon’s blood” stones trade at a significant premium.
Meanwhile, Kashmir sapphires above five carats with velvety saturation and unheated status remain extremely scarce and have seen consistent price strength per carat, while Burmese sapphires in a hue of royal blue also draw spirited bidding. Similar enthusiasm is seen in other gems such as emeralds and tourmalines.
These dynamics are amplified by brand. Signed Art Deco Cartier bracelets with calibré-cut rubies and sapphires, Panthère brooches with onyx and diamonds, Van Cleef & Arpels Mystery Set rubies, Bvlgari Serpenti bracelets and Monete coin jewels, and Tiffany & Co Schlumberger designs attract premium multiples versus unsigned peers. Original boxes, invoices and workshop numbers meaningfully improve outcomes, a point that matters for investors underwriting future resale. Condition and originality matter. Over-polished surfaces, replaced stones or altered mounts reduce value and narrow the buyer pool.
While gems take the headlines, the kicker is gold. The metal’s price pushed into record territory recently as central banks continued net purchases, inflation proved sticky and geopolitical risk stayed elevated.
High-carat gold content supports intrinsic value for many vintage and Italian 1960s to 1970s pieces, cushioning downside even when fashion cycles cool.
Jewellery’s branded core sits within two European groups. Richemont owns Cartier and Van Cleef & Arpels; and LVMH houses Bvlgari and Tiffany & Co. In the recent full-year financial results, jewellery outperformed watches within both groups, though growth moderated from the post-pandemic surge.
