The Shift from "Cool" to "Constant": Why Jewelry Wins in a Wobbly Market

Luxury fashion, once the darling of aspirational purchases, is stumbling under the weight of consumer fatigue, inconsistent quality, and aggressive pricing. Leather goods, in particular, saw a 3% decline in 2024. By contrast, jewelry climbed by up to 2%, reaching €31 billion. Not dramatic, but consistent. Strong. Symbolic.

Why the shift? Because jewelry embodies timelessness. It doesn't chase trends but rather has slow-moving and long-lasting waves of poetic trends that tell stories, rather than dictating form and color. In times of uncertainty, people often gravitate toward symbols of permanence, connection, and personal meaning. Jewelry is no longer exclusive to the rich and famous (;-)although some pieces remain forever out of reach for most of us), nor is it just something bought to make a special occasion more tangible. 

Bracelet by Buccellati

2. What Consumers Are Really Saying

Consumers, especially Gen Z and Millennial buyers, are sending us very clear messages:

• "We want value that lasts."

• "We want to wear what speaks to who we are."

• "We want brands to respect our intelligence."

Luxury fashion brands are facing public backlash over declining quality. Consider this: a viral TikTok about Chanel shoes falling apart in just weeks had a greater impact than an entire season's worth of campaigns. Meanwhile, the complaints about jewelry are nearly nonexistent. That says a lot.

The opportunity? Position yourself as a trustworthy, transparent, emotionally resonant brand. And if you're a retailer, ensure your selection and storytelling align with that expectation.

3. Real Insights, Real Actions: How You Can Ride the Wave

A. Embrace Jewelry's Emotional Edge. A piece of jewelry still often enough marks a moment, a memory, a milestone. Remind your customers of that. Use your social media not only to show new arrivals (boring), but to tell small stories about who might wear them and why.

B. Speak to New Audiences. Jewelry is becoming increasingly gender-inclusive, with a growing number of men opting for rings, bracelets, and even pearl necklaces. Have you seen all those brooches on the red carpet, worn by men?  Are you showcasing that in your shop, through your photos, and in your tone?

C. Create Entry Points for the Curious. As Bain & Company pointed out, brands like Cartier increased prices more modestly compared to fashion houses. This makes them feel more accessible, a crucial factor in recruiting new customers. Do you offer beautiful, well-crafted pieces at approachable price points? If so, talk about them. 

D. Build Trust Through Consistency. In a luxury world shaken by creative fatigue, it's the consistent voices that break through. Post regularly. Speak authentically. And educate your audience as much as you enchant them. 

Ring by DreamBoule

4. Global Moves to Watch: Lessons from India to Europe

Indian jewelers like VBJ, Tanishq, and Hazoorilal are taking bold steps internationally, not just by serving diaspora clients but by adapting their offerings to local tastes. This is a lesson in courage and customization. Meanwhile, brands like Tiffany are achieving tremendous results through hyper-local marketing.

Ask yourself: How local is your marketing? Are you connecting with people in their language, their culture, and their moment?

5. And Now You

So, what will you do with all this? Here's your three-step action plan:

1. Audit your storytelling — is it resonating emotionally or just describing product features? 

2. Look at your offer — do you have something for the curious newcomer, the repeat buyer, and the lifelong collector?

3. Define your 'why now' — in a world of options, why should someone engage with you today?

With Sanne Bogers, (me:) Esther Ligthart and Heleen Hoogenboom. Hoogenboom & Bogers Fine Jewellery (store in Bilthoven, the Netherlands)

In short:

Jewelry has often been accused of being a bit of old-fashioned industry. And for a long time, this has been very true. It has also been an industry that suffered immediately when consumers' trust started to decline or when economic uncertainties occurred. So, I couldn't be more thrilled. Jewelry is no longer the luxury industry's silent category. It is the loud, proud, and shining symbol of what consumers want: quality, craft, connection, and something that lasts. Let us not waste this moment. Let us step up, show up, and share what makes jewelry so very special.

X Esther

Sources: BoF Professional, Bain & Co., Gabrielle Dolan, Perry Marshall