Contemporary jewellery can be a good investment

The attraction of contemporary jewellery requires no explanation for those who collect it, whether it comes in the form of earrings, brooches, bracelets or necklaces.

It can be made from precious materials, such as gold or silver, but is often fashioned from far more rudimentary materials, such as aluminium, steel or even cardboard.

Cities with renowned art schools, including Munich and Amsterdam, have pioneered this type of jewellery since the early 1960s.

However, Melbourne is also recognised as an industry leader, largely due to its teaching institutions, such as RMIT and Monash University, which boast world-class gold and silversmithing courses.

Susan Cohn has been an important name in contemporary jewellery since she graduated from RMIT in 1980 and established her own Melbourne business, Workshop 3000, with jeweller Marian Hosking and technician Harry Rowlands.

Her doughnut bracelets – made from aluminium in a number of colours and designs in the early 1980s – were purchased by the National Gallery of Victoria (NGV), as well as museums including the Victoria & Albert in London.

A decade later, Cohn produced clear-plastic versions of the bracelet. Those who had the foresight to snap one up for a relatively modest price would now have to fork out up to $5000 to replace it.

“When I first started making contemporary jewellery, most people referred to me as a designer making jewellery,” Cohn says. “At that time, it really wasn’t understood.”

Other major Cohn pieces include items that looks like they have been crushed under the wheels of a truck. “People would bring in traditional jewellery they no longer wore and it was recycled and compressed into pieces, such as a brooch,” she says.

Cohn also has been instrumental in helping to showcase international contemporary jewellery to Melburnians, with a landmark exhibition, Unexpected Pleasures, staged at the NGV.

Commissioned by the Design Museum in London, it featured 260 pieces, including a crown and a motorbike helmet created for Dutch Princess Maxima by designer and countryman Ted Noten.

Inari Kiuru’s “I remember forest” concrete brooch. Credit:Tom Ross

Melbourne is also recognised for its unique contemporary jewellery galleries, including Funaki, which opened in Crossley Lane about 25 years ago.

The internationally renowned establishment represents some of the finest contemporary jewellers from Australia, New Zealand and Europe.

“The work always starts with ideas rather than from ‘glitz’ or a brand name,” says gallery owner Katie Scott.

To demonstrate, she displays a concrete brooch by Adelaide-based jeweller Inari Kiuru.

The brooch, which sells for $880, is infused with chips of a burnt road sign from Victoria’s King Lake that experienced the 2009 “Black Saturday” disaster.

“The brooch is loaded with history,” says Scott, who sells other pieces for up to $15,000, such as a crown that can also be worn as a necklace by Swiss jeweller David Bielander. Although the pricey item looks like cardboard from a distance, it is actually made from silver and gold.

Bielander’s work will be included in the NGV’s Triennale, which brings together art, design and architecture from more than 80 artists and designers, from December 19 to April 18.

For Scott, contemporary jewellery is neither age or gender specific. “It’s quite an odd term, given it’s been going for decades. The Americans call it art jewellery.”

Scott says it appeals most to “those who know themselves, are confident to express who they are and are unlikely to have a string of pearls in the mix!”

Responsible Sourcing Essential for Ensuring Purity of Gold

India is the second largest consumer of Gold with the demand for yellow metal crossing over 690 tonnes in 2019, according to a recent report by IBEF. Over the years, gold has continued to be the safety net and investment instrument of choice for Indian families. Considering its significance in festivities and auspicious occasions, purity of gold becomes a critical aspect of buying gold.

With a span that thousands of years, the tale of jewellery in India is long and encrusted with fascinating myths, legends, cultural influences and artistic expressions of the time. Be it the beaded necklaces of the Indus Valley civilization or the temple gold of South India, the astrological link of gemstones and destinies or the fame of diamonds mined from Golconda, the history of jewellery in our nation is in many ways the history of the country itself.

Over the years, while jewellery came to signify power and prosperity to the ruling classes, for thousands of commoners, it became an integral part of social and economic security. With agriculture and trading incomes being fickle, investments in gold and silver became the inalienable hedge against the vagaries of the future. Such has been the sway of these precious metals that even with the advent of modern lifestyles and salaried jobs, the special place they hold in the heart of Indian families has not diminished the least. If anything, it has become more rooted than ever.

With economic prosperity, gold has become the metal of choice in our homes. From the birth of a child to a wedding in the family, it is a part of all auspicious occasions. It is no surprise then that ‘purity’ as an attribute has come to assume primary importance in the scheme of things. After all, who would like to compromise on the virtuousness of something that is part and parcel of so many auspicious occasions in life?

Which brings us to the question: how ‘pure’ is the gold that is part of such important social events?

Responsible sourcing

As consumer awareness has increased over the years and standards like BIS hallmark have been adopted by many leading jewellers and the purity of the metal composition in any piece of gold has been standardized to a certain extent. Terms like Karats and 916 logo have become common knowledge for buyers to look for.

But the fact is that this is nothing but being selective on the topic of purity of gold. Because the purity of gold that you purchase to celebrate precious moments, cannot be reduced to just its metal composition. It needs to be pure in its entirety, right from the mining stage till the time it finds its way into the consumer’s hands. Only if it is irreproachable in this wholesome manner can it be truly termed pure.

Global gold supply chains remain cloudy even today. There exist many malpractices that have a direct impact on the propitiousness of the gold that we purchase. Smuggling, human right violations, child labour, money laundering, terrorist financing etc are ugly realities of the gold supply chain that we often paper over. As consumers, we often turn a blind eye to these aspects and wish them away. But for how long? Is it not time that we ask ourselves: does this shiny piece of metal that gives us so much joy bring tears to those involved in making it available to us?

Indeed, it is time that we all get sensitized to sustainable and responsible gold acquisition practices. Unless we come together and demand that the jewellery being presented to us is sourced keeping ethical standards in mind, the purity of the jewellery that adorns us will always be questionable. Governments at both the centre and states too have to frame the necessary rules and regulations towards this goal.

In conclusion

If there is one thing that Covid-19 has taught us all, it is that the days of mindless exploitation of the environment are behind us. Sensitivity and consideration for others is a sine qua non. Responsible sourcing will add further sheen to gold whose shine has us all enthralled.

Gems, jewellery industry”s suggestions related to duties under FinMin”s consideration: Goyal

The suggestions of gems and jewellery industry related to duties and taxes are under consideration of the Finance Ministry, Commerce and Industry Minister Piyush Goyal said on Thursday.

Gems and Jewellery Export Promotion Council Chairman Colin Shah has suggested cutting import duty on gold to 4.5 per cent from 12.5 per cent, and on diamond to 2.5 per cent from 7.5 per cent.

Speaking at CII”s Gems and jewellery Conference, Shah said that the duty structure is “very high” in the country.

“Your suggestions on right-sizing the duty is under consideration of the Ministry of Finance,” Goyal said.

The minister also said that some “aberrations” have happened in the industry which unfortunately have impacted its credibility, particularly when it comes to financing.

He suggested that the industry can play an important role in creating a situation in which lenders get confidence in the sector and participants.

He added that most of the cases that have caused agony to the industry are well known to most of the people in the industry.

By working in partnership with lenders and bankers, the minister said, “We can find solution to the problems of financing that the industry is facing in India.”

Further, he said that he will certainly take the issues that Shah has been raising from time to time, particularly on exports, refund of taxes at customs station when goods are being exported, small-packet exports through e-commerce and couriers.

He also suggested the industry to look at self regulation or policy and procedures which should be put in place to ensure orderly behaviour of the industry.

Goyal said the sector, through its consciousness about quality and price competitiveness, has been able to penetrate markets of the US, UAE, Russia, Singapore, and Hong Kong.

“Majority of players in the gems and jewellery sector are MSMEs. We need to come forward to augment their efforts in marketing, packaging logistic and access to low-cost finance. This can be done with joint participation and active involvement of associations from gems and jewellery industry,” he said.

The sector contributes about 7.5 per cent to the country”s GDP, 14 per cent to the nation”s exports and provides employment to over 5 million people, the minister added.