Wealthy consumers are turning to jewelry as an investment, especially colored gemstones

When the gavel came down in December, Christie's had set a record that created a buzz in the auction world.
A Tiffany & Co. necklace adorned with a sparkling blue Paraiba tourmaline gem and diamonds sold for more than $4.2 million, 10 times its low estimate. A matching pair of earrings hit the block next, and it too sold for 10 times its estimate.
"I think that was really a marker for how far private clients are willing to go for these exceptional goods," said Jacqueline DiSante, vice president and head of sales of Christie's New York jewelry division.
Amid economic and geopolitical uncertainty, a certain class of consumers are turning toward an unlikely asset class — jewelry. The trend comes as investors increasingly flock to tangible assets. For ultrarich consumers, colored gemstones such as rubies, sapphires and emeralds are especially popular right now.
"Whenever you have macroeconomic volatility … the appeal of hard asset investing goes up," said Thorne Perkin, president of investment management firm Papamarkou Wellner Perkin. "Tangible assets, they tend to retain their value or even increase when inflation rises."
Mario Ortelli, a managing partner at strategic and M&A advisor Ortelli&Co., agreed with Perkin's take, saying that there was clearly a "defensive element" to the trend.
"In periods of inflation, geopolitical tension, or financial market volatility, tangible assets become more attractive," he said in an email. "Branded jewelry can function as a portable store of value."
"Unlike fashion accessories that are tied to seasonal cycles, iconic jewelry collections have a much longer product life cycle," he added. "In many cases, they also demonstrate stronger resale value dynamics than handbags. That longevity and perceived capital preservation help explain jewelry's relative resilience versus soft luxury."
Luca Solca, global head of luxury goods at Bernstein, estimated that roughly one-third of the renewed interest in gold-heavy and gemstone-driven jewelry could be tied to "flight to safety" behavior for investors.
Strong resale value
Surging gold prices have played a role. Long considered a safe-haven asset, gold in January soared to its highest price ever, above $5,100 an ounce. Although prices have pulled back since, it still trades at a lofty level, above $4,500 an ounce.
"I think the view of jewelry — gold jewelry, diamond and gemstone jewelry — being viewed as an investment is enhanced by, obviously, the almost daily increase in the gold price," said Andrew Brown, founder and CEO of luxury resale platform MyGemma.
DiSante, of Christie's, said record high gold prices have incentivized some collectors to come out of the woodwork and sell certain pieces.
Jewelry's durability in the resale market is part of its appeal, experts say. Brown said he regularly sees clients reselling branded jewelry years after their original purchase, often at prices that hold up far better than designer handbags, which show wear from use much easier.
Jewelry has managed to buck softness in the luxury market and has been growing "quite nicely" over the past two years, according to Caroline Reyl, senior investment manager of Pictet's premium brands strategy.
Reyl said she has seen consumers shifting away from "soft luxury" items such as handbags and accessories. At the same time, "hard luxury" goods such as watches and fine jewelry have grown in popularity. Reyl attributed the change to extreme price hikes for handbags due to previously strong demand and supply chain disruption.
Quality concerns have also been a headwind, Brown said.
A Bernstein study found auction prices for Hermès' iconic handbags have fallen, and average resale premiums for Birkin and Kelly bags slipped from 2.2 times in 2022 to 1.4 times last November.
"Leather does not have a lot of inherent value," said Ankur Daga, founder and CEO of fine jewelry e-commerce company Angara. "As gold is appreciating, people are understanding more and more that this is a very valuable asset."
Durability has helped reinforce jewelry's reputation as a long-term store of value, especially pieces from well-known brands such as Cartier, Van Cleef & Arpels, Tiffany & Co., and Bulgari. Brown estimated that these four brands made up around 90% of MyGemma's jewelry sales.
A 'passion investment'
There's also an emotional element to jewelry. Perkin called it a "passion investment," with consumers potentially drawn in by an "element of prestige."
Ortelli agreed. He said the brand equity, craftsmanship and scarcity element reinforce the perception of durability and value retention.
"Branded jewelry has historically experienced mid- to high-single-digit annual price increases over the long term, depending on brand and the design," Ortelli said. "As resale often occurs at a moderate discount to current retail pricing, over a 5-10 year horizon, owners can frequently exit above their original purchase price."
'Color is en vogue'
Gold-heavy jewelry benefits from a price floor created by the intrinsic value of the metal, Ortelli said. "However, exceptional gemstones — especially rare, high-quality sapphires, rubies, or emeralds — can command significant collector premiums," he said.
Fashion trends currently favor colored gemstones, which have emerged as one of the fastest-growing jewelry segments.
Lucrezia Buccellati, jewelry designer and co-creative director of Italian jewelry house Buccellati, said this is particularly true in Asian markets. Colored stones allow for more creative designs and often appeal to buyers who want more distinctive and personal pieces, she explained.
Consumers also may be seeking alternatives to diamonds.
There is a "genuine dearth of gem-quality material that's coming out of the earth," Angara's Daga said. He explained it is more difficult to replicate colored gems in a lab. Unlike diamonds, the stone's inclusions — or the minerals trapped inside during formation — provide character and enhance the value of a colored gemstone.
"No two are exactly alike, and I think that's what makes them so interesting to today's market," DiSante said, comparing each one to a piece of art. "In a world where we are seeing lab-grown diamonds being made, and it kind of feels like this conveyor belt ... you can't do that with a sapphire or ruby or emerald."
Daga said he expects colored gemstones will appreciate faster than gold.
"If you look at Sotheby's and Christie's auctions, these gemstones are trading at numbers nobody would have thought possible five years ago, and it's only going to increase," he said. "Color is en vogue."
Colored gemstones have traded at two to three times the high estimates at auction houses, which is "very unusual" given that auction houses usually calibrate low and high bids relatively well, Daga said.
As proof of the trend's strength, Daga estimated that around 15% of engagement rings today feature a colored gemstone, up from 5% a decade ago. They have perhaps been further popularized thanks to celebrities such as Kate Middleton, Eva Longoria, Halle Berry, Rita Ora and Halsey.
The trend has also brought in younger consumers. In 2025, millennials and Gen Z accounted for 44% of Christie's luxury buyers, DiSante said.
If macro uncertainty persists, experts such as Reyl said they expect jewelry investing to continue. Buccellati concurred, saying within high luxury, she expects jewelry to continue growing and surpassing soft luxury goods.
There are certain challenges, however, including illiquidity, safety concerns and storage costs. And unlike stocks or real estate, jewelry does not provide its owners with an income.
"Jewelry should not be viewed as a financial asset equivalent to equities or ETFs — liquidity, transaction costs, and dispersion of returns are much higher," Ortelli said.
He added that the long-term outlook for branded luxury jewelry is positive, but cyclical.
"The category performs best in supportive macroeconomic environments with rising wealth creation and political stability. ... In the event of a severe macroeconomic downturn, demand would contract," he wrote.
And that is where some collectors may find comfort in the more emotional aspects of jewelry.
"I think there's something really romantic about a colored stone," DiSante said. "There's something really incredible about when you think that it formed in the Earth hundreds of thousands of years ago. And if it's a Kashmir sapphire — that mine was only mined for 20 years in the early 1900s — there's a certain romanticism behind it that you can't replicate."
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