New-age collectors are queuing up for fine jewellery

Jewellery consultant Radhika Somaia recently had a career-defining moment: the London-based communications strategist, who specialises in independent jewellery brands, was in Paris for a meeting with one of her favourite jewellers, Elie Top. “He’s one of the most inimitable people I’ve ever met,” she shares, “all the best things of the past and present.” Elie’s jewellery was something Radhika had always dreamed of owning; they were “wonderful works of art”, each one refreshingly individualistic. During the meeting, Elie happened to bring out a set of the Lucky Charms collection he had just launched. These pieces spoke to Radhika in a way that felt deeply personal. She bought a heart charm necklace immediately. “I don't think I even asked what materials the piece was made of,” she admits. “It was inconsequential. For me, this piece marks a moment in my life, imbued with memories and stories.” She doesn’t consider it an impulsive splurge. Against all appearances, she had made a considered, educated investment.

“Originally, jewellery was perceived as an investment based on the gold or the diamond, or whatever material went into it,” shares Roshni Jhaveri, co-founder of jewellery brand Studio Renn in Mumbai. “Now, especially among younger people, we’re seeing that they’re still looking at it as an investment, but more from a design point of view.” Roshni’s partner, Rahul, suggests that in this sense, collecting jewellery is like collecting art.

Like Somaia, many buyers now consider how the design of the piece speaks to them on a personal level; they’re attracted to creative thought, unusual treatments, and bold flourishes that defy long-held traditions. It’s easier for a well-trained eye like hers to pick out an investment-worthy design; it’s a skill she has honed over decades of working with jewellery designers across the world. Less knowledgeable buyers might rely on other sources of expertise and make judgements based on the institutions with which a brand or studio is associated. Were they part of a showcase at Sotheby’s, for instance, or presenting at the most recent PAD London or Maison&Objet? Have they won a design award, collaborated with innovative designers or artists, revived a rare craft tradition? Have they, in essence, been relentlessly, continuously, relevant? When the answer is yes, it usually means a brand is going to stick around for the long haul. The quality of a diamond, the grammage of the gold—these are secondary.

That said, some precious materials are having their moment in the sun and jewellers are actively encouraging collectors to pay attention to them. Take spinel, for instance, the rarest coloured gemstone around, which is often mistaken for its more flamboyant cousin, the ruby. Or the enigmatic Paraiba tourmaline—by no means cheap, but far more accessible (and arguably more interesting) than the formidable emerald. Ananya Malhotra, founder of Ananya Fine Jewellery, is happy to see that collectors are warming up to these ‘alternative’ stones. “Coloured gemstones may not be as valuable as an emerald or ruby, but they’re rare. There’s a value to that,” she says. Still, she urges her clients to not focus just on the stone or even the design, but also the craftsmanship that goes into bringing a piece to life. She cites her brand’s Chakra bracelet as an example. “All our cabochons are cut by hand, all the bars are inlaid by hand. A lot of these aspects play into the design of a piece and people are starting to appreciate that.”

Interestingly, while craft is getting more intricate and gemstones are getting more obscure, jewellery itself is becoming more minimalist, more wearable, more ‘everyday’. “We’re not just wearing our luxury bags to lunch or dinner, we’re wearing them all the time,” says Natasha Khurana, who founded her jewellery label, The Line, in 2014, to cater to this very niche. “Similarly, if I invest five lakhs on a stone that’s going to sit in my locker, versus ₹50,000 on a pair of earrings that I wear 250 days a year, the cost per wear translates to a better investment. The greatest investment is buying something that you will be able to love forever and wear a lot.”

Tara Daswani, founder of Tara Fine Jewellery, credits the changing tide to advertising on social media and in fashion magazine spreads, where fine jewellery is often paired with everyday outfits. “People are varying things up a lot,” she adds. “It’s not necessarily just a gold chain with a diamond pendant now; it could be dangling emeralds or a diamond eternity band.” This is good news for creators and collectors alike—there’s more room to experiment and the pricing is more accessible, so, naturally, the future of the jewellery market is brighter than ever. “Gold is gold, diamonds are diamonds,” says Daswani. “It’s what we add that makes a piece beautiful in the same way that art is.”

Model: Puja Kulay. Hair and make-up by Kiran Denzongpa