Are Women Still Buying Fine Jewellery?

Short answer: Oh, yes

One of the first things I remember panic-Googling at the start of the pandemic (during that is-this-really-happening stage of hoarding canned beans) was whether hand sanitizer could damage my rings. I hardly own any truly fancy jewellery—most of my collection is a sentimental mix of flea market finds and trinkets from travels—but one prized piece is a gold band topped with a baroque pearl from New-York-based, Canadian designer Wing Yau. I had nightmarish visions of the small, perfectly imperfect pearl fizzing away under a glob of Purell, melting like the Wicked Witch of the West. So I stopped wearing it, along with all my other jewellery.

It was so easy to dismiss fashion during those dark, hard months of the pandemic’s rise. “Sweatpants forever!” many declared, either joyfully or with resignation. We have become so much more cautious—with the way we move through the world, but also in the ways we present ourselves. And so it would be tempting to assume that demand for fine jewellery—diamonds, precious stones, heavy coatings of 18-karat-gold—would have fallen off a cliff. The reality? Sales of fine jewellery are on the up. Way up.

“The interest in fine jewellery and engagement rings has definitely not died down,” says Katie Reusch, the marketing director at Canadian jeweller Birks. With jewellery stores closed, Reusch says that purchasing has solidly shifted to the web. “The average order value on our e-commerce has increased significantly. We’re in triple-digit growth,”she says.

Customers rapidly adjusted to doing their four- and five-figure jewellery spending online, with helpful hand-holding from brands like Birks in the form of virtual consultations. “We started selling diamond engagement rings online, which in the past was never something that we that we were thinking of, because we saw such an interest,” says Reusch, adding that shoppers were making the purchase during the pandemic, or just doing research for a post-pandemic proposal.

Jewellery, long referred to as an “investment,” seems like a nice, sparkly landing place for one’s intact disposable income

The unwavering growth of fine jewellery over the past year can be read as yet another symbol of the pandemic’s economic imbalance. The women who are buying these things are the ones who can still afford to do so. Those who haven’t been financially squeezed and kept their jobs, or even saved money by not commuting or dining out, have been able to redirect their spending. Jewellery, long referred to as an “investment,” seems like a nice, sparkly landing place for one’s intact disposable income.

Simply put, some of us are buying jewellery because there’s not much else going on right now. “When we think of pre-pandemic luxury, the trend was all about experiential, like travel and dining out,” muses Reusch. “Creating those memories did shift to fine jewellery.” Maybe you had a milestone birthday in the middle of lockdown. Instead of going on a cruise or throwing a huge party, why not buy a fine watch or a diamond tennis bracelet? “I think people still wanted to be able to have something that could carry that kind of that kind of emotion,” says Reusch.

For Italian jewellery designer Bea Bongiasca, 2020 started with a lot of uncertainty and stress. “In Italy, we went into lockdown in March and everything was closed until May. Jewellery is obviously not an essential business,” says Bongiasca, who had to halt production and close her atelier.

Against all odds, Bongiasca says that the past year has been very busy. Her line mixes colourful, twisted enamel “vines” with gemstones to create playful, standout rings that loop around the finger in irregular ways. Bongiasca reasons that jewellery can be more personal than fashion, but it can also give you more bang for your buck. “You can wear the same ring every day, but not the same dress!”

“Life doesn’t stop; anniversaries, birthdays and other joyful celebratory moments will still happen”

Designer Ashley Zhang was also pleasantly surprised at the demand over the past year. “In March I was completely terrified,” says the New-York-based Zhang, whose jewellers wanted to keep working and took as many tools home with them as they could. “But I’m very happy and lucky to say that my brand has been thriving,” says Zhang, adding that once she communicated realistic expectations to her customers and figured out a way to work with her jewellers at a distance, orders went up. “Life doesn’t stop; anniversaries, birthdays and other joyful celebratory moments will still happen,” says Zhang, adding that her engagement ring business grew as couples forced to scale down their celebrations decided to put the focus (and funds) on the ring.

My friend Susie got engaged in October. The pandemic travel restrictions meant that what was supposed to be a European getaway became a question popped under the starry Ontario skies of Killarney Provincial Park. “I admired the ring while he was still on one knee waiting for an answer. I eventually came to my senses and said ‘Yes,’” she recalls. And when it came to designing the ring in question, the process was done entirely remotely, with CAD renderings and PDFs instead of in-person consultations and complimentary champagne. “The overall process was very stressful, especially not being able to see the ring,” says Susie. In fact, it was while having to get her ring resized at a local jewellery shop that she realized how much she would have preferred a more one-on-one experience. The wedding bands, she says, will be designed in-person.

Beyond engagement rings, which are clearly not going anywhere, Reusch says that we’re going to continue to experience a “shoulders up” moment in jewellery, with the impacts of the Zoom screen having a lasting effect on jewellery trends. “Necklaces and earrings will be a big driver for us,” she says.

Even though the process of getting her diamond ring wasn’t ideal, Susie is in love with the final product. “I eat, sleep and work out with it on,” she says. “It makes me feel dressed up and special.” And that’s the power of these beautiful things: They hold treasured memories. More cynically, they also hold their inherent value better than a pair of Gucci loafers.

And as for that question I posed to Google all the way back in March 2020? Yes, hand sanitizer, especially rubbing alcohol, can permanently take the shine off those cushion-cut karats. So to all the recently engaged: Congratulations—but be careful out there.

Simple engagement rings make a comeback for 2021

‘Understated’, ‘fuss-free’ and ‘elegant’ – that’s some of the words commonly used to describe the simpler engagement ring style that many people desire these days. Because let’s face it, major bling isn’t everyone’s cup of tea – but, does downsizing on the extravagance, mean compromising on the style? The simple answer is no. In fact, there’s something effortless about a minimalist engagement ring that makes it more attractive to the modern bride-to-be. The clean lines and clear-cut stones are simple in design and offer a daintier, yet timeless look and feel. Minimalist designs also withstand the test of time, that’s why they’re the ‘go-to’ option for the modern woman. Couples with minimalist and modern styles often gravitate to the delicate stones and smaller bands because they are simple and classic in style. Rupa Aranya Liechti, owner of Flawless Fine Jewellery – a fine jewellery store based in London’s trendy Hatton Garden, said: “What many people don’t realize is that you can still have something very special and personal with smaller minimalist rings – either by cutting multiple stones into the ring, or adding accent and colored stones – like birthstones, or even personalizing the ring with a meaningful hand engraving.” Celebrity endorsements and the emergence of loud and lavish diamonds has created a misconception that bigger is always better, but that doesn’t always necessarily suit everyone’s personal style or lifestyle. A ‘hands on’ job or lifestyle for example, could mean that a larger ring is not the practical choice for some women. Rupa added that: “Without the stone taking up a sizable proportion of the ring, you’re also able to appreciate the beauty and simplicity of the ring itself.” For 2021, there’s no doubt that the simple engagement ring is back centre stage. Rupa suggests the demand for simpler and refined engagement rings has taken over the desire for engagement rings that boast a significantly larger stone. Whilst this is likely the result of an uncertain 2020 where the pandemic pushed consumers to be more conscious of their budgets and purchasing decisions, there’s no question that minimalist designs can stand the test of time or changing fashion seasons and are therefore, here to stay. Even better news is that the fuss-free design leaves you with a more comfortable budget so you still have cash to spare for that knock-out diamond.

Things to keep in mind while buying fine jewellery

If you are a true jewellery lover, we are sure you have moved towards fine jewellery in the recent years. Fine jewellery is the term used for real jewellery made from precious metals such as gold, silver, or platinum. It is far from cosmetic jewellery and often uses genuine and expensive gemstones such as diamonds, rubies, emerald and so on. We got in touch with some of the jewellery industry biggies of the country and listed down some important points one needs to consider while indulging in fine jewellery.

Make a smart investment Popular jewellery designer, Neety Singh, founder of Neety Singh Jewellery feels one needs to invest in versatile jewellery. “It is always a good idea to invest in a versatile piece that can be reused and worn creatively for different occasions. It keeps one’s experimental side alive and gives one a new look for every occasion without investing in too many pieces at the same time. Polki studs, for example, are synonyms with versatility. They are very obedient and can dress you up or down according to the occasion. If one has a wedding party to attend, one can just dress them up by adding an emerald or ruby jacket to them. Even adding a tear-drop diamond can do the job. Wearing detachable, contrasting jewellery is also a very interesting idea where you can pair blue sapphires with red ruby baubles together for one occasion and wear them separately for another,” says Singh.

According to the designer, smart and thoughtful investment in gold pieces becomes your companion during uncertain times. “The ongoing pandemic has changed the way people plan, shop and dress for special occasions. Consumers are more conscious of their financial investments and how their actions directly or indirectly affect their future security. I suggest investing in 22-carat gold jewellery, which meets the set purity standards, it is a safe option as it comes with a return value to fall back on during uncertain times,” suggests Singh. The celebrated designer feels it’s very important to double-check the weight of the gold. “It is always a good idea to weigh one’s gold separately from the gemstones before proceeding further with one’s indulgence in jewellery. This ensures and reiterates the quantity of the gold one is investing in and saves one from paying an overcharged price for one’s jewellery,” she adds.

Singh is of the opinion that one should also get acquainted with the making charges while buying jewellery. “It is intrinsic to understand that apart from the cost of the gold that brightens up one’s jewellery, there are making charges involved too. These charges are directly proportional to the finesse and intricacy of the work in the jewellry one is investing in. Be sure about the buy back value of your gold: Gold is widely known to be a metal one falls back on during uncertain times as it comes with a return value. I suggest that one should buy certified jewellery, get it billed as per the set rules and standards and also familiarise oneself with its buyback terms to escape any future confusions. Check for impurities in your gemstones: I always tell my clients to first choose the colour of the gemstone they want. For example in emeralds, one may prefer a light green or a paanidar panna as we call it or a deep green which is the original colour. Once you have chosen the colour, check for impurities in the stone. Impurities are a good sign as it shows that your stone has not been treated,” she further adds.

Six point check 1. Hallmarking – Each jewellery item you purchase must have all the five hallmarks. BIS logo Name/Logo of the hallmarking centre The logo of the manufacturer (for ex: each creation of Jindal Jewellers bears its logo) Purity of the gold Month of hallmarking 2. Certificate of authenticity – Either you go with an old trusted brand of a certain standard that you know will not cheat or they have a team of in-house certified gemologists from the most reputed laboratory in the world- GIA. If not, you should expect to review a copy of its certificate as proof that it has undergone an unbiased, professional examination. 3. Budget – You must always purchase jewellery keeping in mind your budget and choosing a jeweller that provides economies of scale will help you with the best value for your cherished investment. 4. Occasion – Buy jewellery that you will enjoy at most occasions. Whether for larger or smaller gatherings, everyday wear or overseas travel. 5. Investment – According to industry players, diamonds have always signified luxury and offer good returns especially when purchased from a reputed jeweller in the field. Most importantly, they have witnessed a steady price appreciation in the recent years. They must have in-house repair and polishing services available. 6. Services- Do they offer an exchange and buyback policy.

Keen eye on design, need and brand As per Raunak Parekh, Managing Director, Parekh Ornaments, three things that a consumer often misses focussing on are the design intricacies, their need and the brand of the jewellery. He explains the three points well in the following pointers. 1. Design: While purchasing the jewellery, it is important to know about the design and finish of the jewellery. The look and finish of the jewellery become an important aspect here. It is important to know the kind of jewellery you wish to purchase, whether it is online or offline. One should do research on their own and determine the design they are keen on buying. For example, if you wish to buy a diamond, it is important to look for these 4 Cs, cut, carat, clarity and colour. Once you understand each of these 4 factors, it becomes easy to buy jewellery. 2. Understand your jewellery need: This would be the last thing you want to do when you plan to buy the jewellery. We have a variety of options out there and we tend to get confused. As a result, it is important to pay attention to each and every detail like the size, style, colour before we decide to make the purchase. This saves us a lot of time and also reduces impulse buying. 3. Buying from a reputable jewellery brand: In case of no regulation, many individuals set up shop and defraud the customers who come to buy the jewellery. In order to avoid this, it is important to purchase the jewellery from a reputed and well-established store. It becomes essential to do a background check on the brand and read the reviews, recommendations and basic certifications required before you start the purchase. Credibility plays an important role here along with the number of years one has been in the market. The buyer should go through all the testimonials as it gives them a better insight into the brand.