The evolving craft of fine and high jewellery – rarity, resilience, and long-term value

As luxury assets evolve, fine and high jewellery sit at the intersection of tradition, innovation, and sustainability. Beyond personal enjoyment, jewellery represents a tangible luxury asset in which rarity, provenance, and enduring craftsmanship underpin long-term value. Ethics and traceability are becoming more central, with initiatives ranging from recycled metals to lab-grown diamonds signalling a broader industry reassessment of sourcing and sustainability.

Market dynamics – from Europe and Asia-Pacific to the Middle East – illustrate how scarcity, provenance, and design flexibility shape value. Collectors and investors increasingly recognise that passion assets offer not only craftsmanship and cultural significance, but also structural resilience and portfolio diversification.

Demand for high-end jewellery remains resilient, as shown by maisons such as Cartier and Van Cleef & Arpels, despite broader market volatility.¹ Understanding the evolution of this ancient sector is essential to integrating jewellery into a considered wealth strategy.

Lab-grown diamonds – from mass market to fine jewellery

The diamond hierarchy is bifurcating. When Pandora moved exclusively to lab-grown diamonds (LGDs) in 2021, and to recycled gold and silver in 2024, the jeweller signalled a mass-market realignment, earning recognition as the world’s most sustainable consumer brand.²

The transformation extended upward, with some of the biggest names in luxury jewellery following suit. In 2022, Prada launched its Eternal Gold collection featuring 100% recycled gold and LGDs. LVMH's TAG Heuer also integrated LGDs into timepieces – positioning them not as budget substitutes, but precision-engineered materials enabling "quiet sustainability" and design innovation.³

Rather than diluting the diamond category, LGDs are redefining its structure

Lab‑grown and natural diamonds share identical chemical and physical properties and are indistinguishable to the naked eye.⁴ When produced using renewable energy, Pandora estimates their carbon footprint to be 95% lower than mined equivalents, while avoiding the environmental and social costs associated with extraction.⁵

This divergence between mined and lab-grown diamonds is reshaping the market. Natural diamonds retain a premium anchored in scarcity and heritage. LGDs, meanwhile, are establishing a parallel segment defined by transparency, carbon efficiency, and design flexibility – particularly in North America and Europe, where younger buyers prioritise sustainability credentials alongside aesthetics.⁶

Rather than diluting the diamond category, LGDs are redefining its structure, democratising access to high-quality stones while reinforcing the exclusivity of natural diamonds.

Traceability has shifted from voluntary good practice to a structural requirement

Traceability – from trust to proof

Traceability – which has shifted from voluntary good practice to a structural requirement – is reshaping the jewellery industry. Once conveyed simply through narrative, reputation, and trust, customers now expect verifiable, auditable proof. At the intersection of ethics, regulation, and value preservation, digital traceability is emerging as a new pillar of credibility within the industry.

Blockchain technologies – decentralised digital ledgers that record transactions immutably – are central to this shift. Platforms such as the Aura Blockchain Consortium, founded by luxury groups including LVMH, Prada Group, and Richemont, create immutable digital certificates documenting origin, any transformations the item has undergone, and ownership history.⁷

For instance, Louis Vuitton began applying these blockchain-backed digital passports to its LV Diamonds fine jewellery collection, creating a permanent digital identity designed to accompany each piece from creation to resale.⁸ Initially developed for luxury fashion, this system is proving ideal for fine jewellery, where complex sourcing and long asset lifecycles make verification essential.

 

 

A post shared by Louis Vuitton (@louisvuitton)

 

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

Gübelin’s Provenance Proof takes it one step further, combining blockchain with physical tracers to track gemstones from mine to finished jewel.⁹ Technologies such as the Emerald Paternity Test embed DNA-based nanoparticles into a stone’s natural fissures at source, allowing identification to persist through cutting and polishing, shifting provenance from narrative assertion to verifiable evidence.¹⁰

Provenance has shifted from narrative assertion to verifiable evidence

Adoption of these cutting-edge techniques has been driven not by regulation but by growing ethical concerns. Daniel Nyfeler, PhD, Managing Director of Gübelin Gem Lab and Provenance Proof, explains that even where jewellers were sourcing responsibly, “They had no way to prove that what they were doing is indeed right. Our initial idea was to answer the question that we thought the end consumer might have. I don't think it is the regulatory environment that initiated the move towards more transparency.”

Regulations play catch-up

Geopolitical developments have since accelerated this shift, with G7 sanctions on Russian diamonds exposing the fragility of trust-based systems once gemstones pass through multiple cutting and trading hubs.¹¹ “Since the G7 regulation in the context of Russian diamonds, that has given [verification] adoption additional momentum,” Daniel Nyfeler notes. The wider regulatory environment is now catching up – between 2026 and 2030, EU policy is set to move towards mandatory digital product passports.¹²

A broader ecosystem of technologies is also emerging – from AI-driven atomic matching to laser-based nano-identifiers and subsurface markers.¹³ While approaches differ, provenance is increasingly expected to be measurable, permanent, and independently verifiable.

By enabling jewellery houses to authenticate their creations years after manufacture, physical tracers are also helping to tackle counterfeiting. “The fakes are getting better and better, and you might not even be in the position to tell whether it's a fake or not,” Daniel Nyfeler remarks, noting the importance of verification for reinforcing brand integrity and protecting resale value in the secondary market.

related content.

system changes.

learn more

corporatecircular economy

corporatecircular economy

Luxury under pressure: tariffs, next-gen demand, and sustainability

December 10, 2025

Vintage and antique jewellery – the scarcity premium

These tools are not a silver bullet, however. Daniel Nyfeler explains that even though provenance technologies can be applied from the point of acquisition onward, they cannot reconstruct a piece’s earlier history. This gap reinforces both the enduring scarcity premium of vintage jewellery and the importance of rigorous authentication when history cannot be rebuilt digitally.

Vintage and antique pieces occupy a distinct position: finite by definition, shaped by historical provenance, and largely removed from the environmental and ethical debates surrounding contemporary mining. For collectors, their appeal lies in irreplaceability rather than technological transparency.

Younger buyers increasingly favour enduring design and craftsmanship over trend-driven consumption, supporting renewed interest in items such as vintage engagement rings and heritage pieces valued for their craftsmanship and historical continuity.¹⁴

Read also: “Old is the new new” – Meet Vestiaire Collective, the pioneers of second-hand luxury fashion

Yet the market’s appeal is inseparable from its constraints. Authentication still relies on traditional gemmological reports, auction house records, and dealer reputation – systems that provide reassurance but lack the auditability of modern traceability techniques.

For wealth-focussed collectors, vintage jewellery therefore occupies a complementary space: where new pieces offer verification through technology, vintage pieces offer scarcity and a connection to history.

Regional divergence – how Asia and the Middle East balance innovation and tradition

While Europe and North America have led the shift towards transparency and sustainability in fine jewellery, Asia-Pacific and the Middle East reveal divergent approaches to lab-grown diamonds, traceability, and vintage collecting.

Asia-Pacific, which accounts for around 32% of the global luxury jewellery market,¹⁵ is undergoing a structural transformation. In China, 37% of gold jewellery purchases are now for personal use rather than gifting – reflecting broader generational change.¹⁶ Younger buyers prioritise design flexibility, price transparency, and personalisation, fuelling demand for both lab-grown diamonds and lightweight 24-carat "Hard Pure" gold that combines cultural symbolism with daily wearability.¹⁷

Local brands are capitalising on these trends. Laopu, a Chinese jeweller blending heritage craftsmanship with contemporary design, increased its revenue more than six-fold between 2021 and 2024, positioning itself as a credible challenger to Western luxury houses.¹⁸ Meanwhile, India’s Tanishq leverages wedding-led demand while navigating gold price volatility through trade-in programmes and lighter alloys to younger urban buyers.¹⁹

Approaches to traceability differ between Asia and Europe. As Daniel Nyfeler observes, Asian buyers appear to view provenance technologies less as risk management tools and more as “a way to create better, more customised storytelling – more like an opportunity.” This reflects a market where personalisation and brand narrative shape purchasing decisions as strongly as regulatory compliance.

The Middle East combines luxury affinity with sophisticated buyer knowledge. However, designer Anabela Chan, who is known for using lab-grown gemstones, notes growing receptivity among younger Middle Eastern buyers to sustainable materials – a notable shift in a region with deep jewellery heritage.²⁰ Through initiatives such as the Dubai Multi Commodities Centre’s LGD Symposium, the UAE’s promotion of Dubai as a hub for lab-grown diamonds signals institutional support for this transition.²¹

The approach to vintage jewellery diverges still further. Europe and North America benefit from established auction infrastructure, while Asia-Pacific’s cultural preference for new pieces has, historically, limited demand for pre-owned jewellery (although younger collectors are beginning to explore estate pieces²²). The Middle East sits between: though bespoke creations dominate, Abu Dhabi auctions signal emerging interest in vintage pieces.²³

Europe and North America benefit from established auction infrastructure, while Asia-Pacific’s cultural preference for new pieces has, historically, limited demand for pre-owned jewellery

These regional variations highlight a broader reality: though there is a clear global trend towards traceability, verification, and sustainability in high and fine jewellery, the execution of this shift is diverging, shaped by cultural attitudes toward heritage, innovation, and the balance between tradition and transparency.

Building legacies with high jewellery

Luxury jewellery offers more than financial value: it can embody family history and identity, supporting succession planning and narrative continuity across generations. At Lombard Odier, we view these assets constructively, seeing them as offering tangible value and a way to invest in long-term structural trends, building wealth diversification beyond traditional markets.

As collectors and investors navigate lab-grown diamonds, traceable supply chains, and vintage scarcity, careful curation and strategic integration into wealth management are essential. Luxury assets reward patience, stewardship, and insight. Through rigorous analysis, specialist knowledge, and a long-term perspective, we help clients harness the enduring value of high jewellery and other luxury assets within a comprehensive wealth management framework.