Be Dazzled: Understanding What Makes Jewellery Collectible

What’s on the seasoned jewellery connoisseur’s radar? How do we define collectible jewels? We ask the experts. 

Jewellery has always been seen as collectible, its demand driven by seasoned connoisseurs at auction, on the constant look out for special works, be they in coloured stones or signed jewels. More or less any auction house specialist will tell you the same thing as Uni Kim, co-head of sale and specialist for jewellery at Sotheby’s Asia: “Quality, rarity, and provenance are all critical factors in the valuation of jewellery – the combination of each of these categories is what makes a jewel unique and rare in its own right.” 

From an auction perspective, the growth and interest in coloured diamonds are perpetually on the rise. “We see this trend across all sectors of the market, from seasoned collectors to discerning trade,” says Kim. “There’s been an emphasis on the colour pink as seen in the case of the Williamson Pink Star in 2022. Blue diamonds were well coveted throughout the decade, with some of the rarest coming to auction, such as the Blue Moon of Josephine and the De Beers Blue.” 

Green and yellow diamonds, and rarer hues such as red or violet, also have a solid collector base. According to Kim, the Enigma, a carbonado-type black diamond, as well as The Golden Canary Diamond were met with such intrigue by collectors that both were offered without reserve at Sotheby’s auctions. 

Collectors love colour – and not just in diamonds. According to jewellery historian, editor and broadcaster Carol Woolton, coloured stones in general are on the rise. “People want something natural from the earth – they’re looking at these extraordinary colours that nature can throw up,” she says. “Beautiful spinels on the colour range of vibrant pink, fuchsia to scarlet; peridot, vibrant green, grass green – and really pretty vibrant gems with a lovely sparkle” are finding greater appeal among jewellery wearers. The resurgence of coloured gems could even be attributed to diamonds losing their lustre at the moment, she notes.

Certificated coloured diamonds and fine coloured gems that exceed 5.00 carats see keen buyers at Bonhams – and in recent years the auction house has achieved exceptional results for superb spinels: in each instance, the price achieved far exceeded the pre-sale estimate. Jennifer Tonkin, co-head of the jewellery department at Bonhams in London, expects this trend to continue as “prices for outstanding specimens of emeralds, sapphires and particularly rubies (the ‘big three’) are so often out of reach for collectors”. Tonkin also points out that spinels are becoming increasingly desirable, particularly since the sale of the Hope Spinel, which attracted worldwide attention when it came back on to the market in 2015. “The rare gem achieved £962,500 – more than six times its pre-sale estimate – and this remains the world record for a spinel at auction.”

According to Crisel Tan, international specialist at Phillips Jewels, “Paraiba tourmaline from Brazil or red spinel from Burma are increasingly popular.” Red spinels, with their “intense fiery red colour” and “clean appearance” have performed extremely well at auction. Padparadscha sapphires, which were brought to public attention by Princess Eugenie’s engagement ring in 2018, are also gaining in popularity. Originally discovered in Sri Lanka, their defining characteristic is a specific combination of pinks and oranges.

Alluring on their own, coloured gemstones best come to life when set into beautiful designs. At auctions, this could mean fine-quality antique jewellery with ancestral provenance or coveted 20th- and 21st-century designs by heritage brands. The Art Deco period is one of the most desirable periods, according to Tonkins at Bonhams. “An Art Deco diamond sautoir of superb quality by Rubel Frères, circa 1925, hugely desirable at auction, sold for £165,500, more than double its pre-sale estimate of £40,000-60,000,” she says. 

Tan at Phillips believes that “the price point offered at auction is set attractively, offering an opportunity to bid for a collectible signed piece from the renowned jewellers”. Phillips sees clients increasingly considering period signed jewels as a collectible category. “In March 2024 Hong Kong, we sold a Van Cleef & Arpels turquoise-and-diamond necklace from 1985, accompanied by a certificate of authenticity from the house, which fetched US$584,302, exceeding its pre-sale high estimate by nearly four times,” Tan says.

Signed jewellery that performs particularly well in auctions tend to come from heritage brands or contemporary houses that are bold in the ways they think and design. Beautiful craft and exceptional stones are always at the forefront. David Morris, for example, is a British heritage jewellery brand with a legacy of quality and artistry, which, in turn, makes its jewels coveted by collectors.

According to its CEO and creative director Jeremy Morris, spinels are on the rise – and in its most recent high-jewellery collection, Mystic Cove, the brand has found and set some “incredible cobalt spinels” as “accent colours” in the Fragilis and Purpura rings. “These spinels are a rare royal blue and complement the padparadscha and purple sapphire centre stones impeccably,” says Morris.

At Geneva-based jeweller Boghossian, it’s the top-quality coloured gems and exceptional techniques such as “inlay” and “kissing” gem-setting that make its jewels so highly collectable. Managing partner Roberto Boghossian says the brand has long sourced Burmese rubies, no-oil Colombian emeralds, and Kashmir or Ceylon sapphires, as well as Paraiba tourmalines, spinels and jade for its collections. Boghossian’s high-profile jewels have consistently achieved world-record prices at auctions. “A notable example is the Boghossian Manuscript Bracelet that sold at Christie’s Magnificent Jewels Hong Kong Auction in May 2018,” says Roberto Boghossian. “This extraordinary piece, set with a myriad of coloured diamonds and natural pearls, took years to assemble.” 

Hemmerle, fourth-generation family-run jeweller, only creates 200 pieces a year and has a growing global collector base. Aluminium, iron, copper, ancient Egyptian artefacts and wood all form part of its innovative explorations. “Collectors seek the unusual in our jewels, as well as the whimsical, and a sense of discovery. Each creation is part of a collector’s journey in aesthetics, and we always hope to find the perfect home for them, where they’re worn every day and cherished,” say Yasmin and Christian Hemmerle, the husband-and-wife team that helms the historic Munich brand.

Meanwhile, there’s a growing understanding among Hemmerle’s collectors of “lesser-known stones”, from morganites and pink sapphires to tanzanites and tsavorites. “There’s definitely a psychological response we each have to colour and perhaps what we can distinguish are the individual choices each collector makes as a reflection of their personal aesthetics.” The scarcity of rare materials has certainly added a sense of discovery. “We’ve long championed stones such as brown diamonds, which we’ve collected for decades and have certainly received a new wave of appreciation.” Besides this validation for Hemmerle, “vibrant coloured stones such as peridots, tanzanites and sapphires, ranging from orange to pink, have all become a seamless part of our vocabulary that’s appreciated by collectors.”

For historian Woolton, collectors should also look into contemporary jewellers whose works are distinct and hold a wider appeal. “Ana Khouri has a really contemporary take on what fine jewellery should be now. She uses very beautiful stones, but they’re really wearable, and they’re fitting in to how we live now and what modern life is about. James de Givenchy of Taffin has an extraordinary breadth of work. He’s always experimenting and using beautiful enamel in very contemporary designs. He always has something new to say and is always pushing his design.”

But while jewellery may be deemed collectible, terms such as “investment” are far from anyone’s lips. Fine jewellery, diamond and gemstone specialist Josephine Odet, who also consults with Bonhams, says, “It’s rare that a client will ask me to advise them on buying a piece of jewellery or a gemstone only for ‘investment’. Often, they love the gemstones, the style, period, designer, brand or artist and then we ascertain whether it’s a good time to buy with investment as an element of the decision.”

Any discerning collector, Odet explains, will always have a cross-section of quality jewels of various styles, periods and from different houses. But preferences can differ by geographical locations. “The Asian market will drive the higher prices for fancy-coloured diamonds, top-quality coloured gemstones and jade – and in recent years, also rare antique jewels,” says Odet. “Whereas the American market applies its buying power to signed jewels from famous maisons, large-carat-size high-quality diamonds and top gemstones. The UK, European and Swiss markets may prioritise historic jewels, diamonds and gemstones with royal and noble provenance, and jewels representative of their period.”

Globally, top performers at auction include collectible jewels by Cartier, Van Cleef & Arpels, Boucheron, Chaumet, Bvlgari, Belperron, Boivin and JAR (Joel Arthur Rosenthal), whose pieces often create a buzz when they land at auctions. According to historian Woolton, “JAR’s pieces come up at auctions so rarely because people just hold on to them.” Occasionally spotted at auction, works by Viren Bhagat are also quite beloved by collectors. “There’s a sense of delicacy about Bhagat’s pieces … something really beautiful that you want to try and capture, and hold on to,” Woolton adds. 

Occasionally, market trends can have an impact. “For example, you can’t open a high-end magazine without seeing a contemporary Bvlgari Serpenti jewel – and the effect on prices in the secondary market and auction has been notable,” says Odet. 

Away from the big houses and big gemstones, there’s been a surge in demand for the work of French goldsmith Georges Lenfant, the “chain master” whose lozenge-shaped maker’s mark is seen alongside jewels signed by Cartier, Bulgari, Van Cleef & Arpels, Hermes, Tiffany & Co and others, according to Odet. “Pieces nearly always outperform their auction estimates and buyers who invested in his pieces years ago are reaping the benefits if they’re selling them now,” she adds.

What does Woolton think clients might be looking forwards to at auction? “Probably bargains,” she says. “High jewellery is now so expensive, it’s beyond anyone’s reach really, apart from a small, small percent. You do get good value for money at auction, and you can get very big pieces.” 

(Header image: Rare spinel and diamond ring by Louis Vuitton, auctioned at Bonhams)

This article was first published in Prestige Hong Kong