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.
Jewellery’s investment case strengthens as coloured stones and gold outshine diamonds
Global jewellery has grown into a resilient, broadly diversified market spanning branded maisons, independent ateliers and a deep secondary market at auction houses. To be sure, studies conducted by research firms and private banks 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.
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