Despite global uncertainty and geopolitical tensions, fueled by elections and wars, the market for high jewellery remains strong, especially in Asia. High jewellery clients are proving to be resilient luxury customers.
Erwan Rambourg, global head of consumer and retail research at HSBC, notes that while the fashion industry faces challenges, high-end jewellery buyers are more resilient than average luxury consumers. He expects growth to pick up in the second half of 2024, despite a slow start to the year.
Recent high jewellery collections have been unveiled in Europe, with plans to showcase them in Asia. Cartier’s Nature Sauvage collection, introduced in Vienna, highlighted the brand’s affinity for animal motifs, the largest number ever in a Cartier high jewellery collection. Outgoing CEO Cyrille Vigneron sees high jewellery as one of the fastest-growing segments.
Vigneron mentions that more fashion brands are entering the high jewellery market, attracting new clients who are younger and increasingly from diverse regions such as Japan, Thailand, and Australia. He notes that men are buying more jewellery for themselves, viewing it as a sign of self-identity.
Customers are also becoming more knowledgeable and discerning. Benjamin Comar, CEO of Piaget, says clients pay close attention to details. Piaget, which celebrated its 150th anniversary with a high jewellery collection in Paris, is part of Richemont, a company that reported a 3% increase in sales to €20.6bn for the year ending March 31, 2024. High jewellery collections significantly contributed to this growth, especially in the Asia-Pacific region.
Bulgari, owned by LVMH, also reported strong sales of its Aeterna high jewellery collection, launched in Rome to mark the brand’s 140th anniversary. CEO Jean-Christophe Babin notes that while clients are more discerning during tough times, demand for high jewellery remains resilient. Bulgari’s average high jewellery ticket price increased over the past year, and the brand saw a rise in the number of $1 million-plus pieces sold.
High-profile launch events have become integral to the high jewellery market. Tiffany & Co.’s Blue Book collection was unveiled in Beverly Hills with a star-studded guest list. Pomellato celebrated its fifth high jewellery collection in Milan with a special gala, while Chaumet hosted its first high jewellery event outside France in Venice.
Fashion houses like Chanel, Dior, Hermès, and Louis Vuitton are emphasizing distinctive design in their high jewellery collections. Chanel’s Sport collection and Gucci’s Labirinti collection showcase unique designs and significant stones. Louis Vuitton’s latest collection features bespoke-cut diamonds shaped like the brand’s monogram flower motif, with a focus on French craftsmanship.
Transformable jewellery, which enhances a piece’s versatility, is another growing trend. This was evident in the collections of Piaget, Chanel, and Boucheron. Sustainability also remains a key focus, with brands like Boucheron incorporating sustainable practices in their presentations.
Caroline Scheufele, Chopard’s co-president, sees a rising demand for transformable jewels among globetrotting clients. She believes these pieces are worn more often, making them a practical choice for frequent travelers.