During the past few years, the global economic system has faced impacts in various forms—prolonged inflation, geopolitical conflicts, and changes in consumer behaviors after the pandemic. The impacts have influenced several segments of business sectors to slow down corresponding to economic situations. However, the luxury jewelry segment has shined brightly as it has successfully maintained the demand of the market firmly with a tendency of constant growth. 

        According to Bain & Company’s latest study on luxury products, in 2024, the overall global spending on luxury goods shrank 1-3%, with the approximate value of USD 1.57 trillion after the solid growth in 2023-2024. The figure remains higher than that of the pre-pandemic period. Jewelry products under the luxury jewelry category grew around 2% with the approximate value of USD 32,000 million, especially high-end jewelry which rose favorably as opposed to watches, leather goods, and shoes that decreased. Likewise, preloved luxury products reached USD 50,000 billion in 2024, a 7% rise. Luxury goods—jewelry and watches—dominated over 80-85% of the sales of preloved products. Bain & Company forecasted that personal luxury products will increase slightly in 2025 with an estimate rate of 0-4% under the expectation that there will be a constant growth in the Western markets and a recovery in Chinese market in the second half of the year, and the consumer market in Japan will remain strong.

Categorizing jewelry

        As the study shows the growth of jewelry in luxury and preloved markets, in order to understand the dynamics of the jewelry market which are different in each segment, it is necessary to understand jewelry categorization in the current market. Jewelry products are categorized by value, material, price level, usage, or a combined approach. Mostly, the products can be categorized as follows.

        1.  Fashion Jewelry and Costume Jewelry: Materials of products under the category are made of synthetic gemstones or diamonds, colored stone imitations, and general-grade or affordable natural colored stones. Their settings are made of general metals, for instance, brass, copper, zinc alloy, stainless steel, and silver as well as plastic or other materials. Designs are based on fashion trends or popular brands, with a focus on the mass market. 

        2. Demi-fine Jewelry: The products are placed between fashion jewelry and fine jewelry. They are produced meticulously with the quality better than fashion jewelry. Their settings are usually made of precious metals such as silver and gold plated silver and embellished with affordable natural colored stones such as morganite, topaz, and opal. The products’ designs emphasize modern, simple, and elegant looks with moderate prices.

        3. Fine Jewelry: Products under this category are jewelry pieces made of more valuable materials with superior craftsmanship. They can be made of precious metals such as silver; gold of 14K, 18K, 22K, or 24K; and platinum and embellished with natural gemstones. Owing to their durability, these jewelry products are suitable for wearing on various occasions. Their prices range from being affordable among general consumers to upscale.

        4. High Jewelry/Haute Joaillerie: High jewelry pieces are another level of fine jewelry displaying fine arts and meticulousness. Each brand presents its distinctiveness and long-standing history expressing superior luxury and innovations. Investment-grade materials and gemstones are used for the creation of exclusive collections made available in limited quantity or only few pieces in the world. High jewelry can be customized or tailor-made, so each piece is a rare and unique artwork of finest quality. This helps elevate personal preferences to another level of being valuable.

        With distinctiveness, premium-quality materials, designs, and highly skilled specialized craftsmen, prices of high jewelry products are higher than typical fine jewelry goods. Although, in general, there is no clear price ranges, according to Jesta Freak (an online platform offering consumer behavior updates and stories of leading brands), luxury jewelry brands with high jewelry production such as Cartier, Chopard, De Beers, Graff, Harry Winston, Tiffany & Co., or Van Cleef & Arpels set their price ranges starting from around USD 5,000. However, jewelry pieces with rare materials and exquisite designs are usually priced around USD 100,000 or higher. High jewelry pieces are often included in a production line of luxury jewelry brands. Mostly, famous global brands have 2 primary production lines as follows. 

        Fine Jewelry – top-grade jewelry pieces produced in a large quantity, for instance, Cartier’s LOVE Collection, Tiffany T Collection, or BVLGARI B.zero1 Collection.

        High Jewelry/Haute Joaillerie – produced in a limited quantity or one-of-a-kind. Rare diamonds and gemstones are used. These products employ top-notch craftsmanship with exclusive designs for collectors, affluent customers, and Ultra-High-Net-Worth: UHNW customers (net worth of USD 30 million or more).

      Fashion jewelry, fine jewelry, and high jewelry on https://ar.pinterest.com/

        While the economy fluctuated, sales of several products declined. However, the luxury jewelry market expanded. LVMH and Richemont were the leading driving forces behind the growth in the global luxury jewelry market. According to data from Richemont, the world’s largest leader of the jewelry market and the owner of brands such as Buccellati, Cartier, Van Cleef & Arpels, and Vhernier, in 2024, revenue from jewelry hit EUR 15,330 million (USD 17,110 million), an 8% rise. The key markets were Japan with 30%, followed by America with 15%.

        The market growth was primarily driven by a consumer trend which started to shift to fine jewelry as another investment alternative amid uncertainties. Demand for customized jewelry pieces matching personal characters grew strongly. High jewelry for UHNW customers also gained increasing popularity. Similarly, Knight Frank Luxury Investment Index 2025 of Knight Frank, a leading real estate and investment consultancy, states that jewelry is an outstanding asset and an interesting option for alternative investment. Jewelry’s rate of return gained 20.2% during the past 5 years and 33.5% throughout the past decade.

Getting to know luxury jewelry brands

        Luxury jewelry brands are like a symbol of fineness and sustainable value. They are prominent for premium materials, rare gemstones, and exquisite craftsmanship. Each jewelry piece features a unique design deeply reflecting cultural heritage and brand’s story. Apart from precious beauty, the value of these jewelry pieces also mounts through time. Therefore, they are invaluable art pieces and investment at the same time.

        Distinction, which is the preeminence of jewelry from luxury brands, is the key inspiration captivating consumers and luxury jewelry enthusiasts. For the introduction to the leading global brands, one can take a look at the top 10 designer jewelry brands of 2025 by myGEMMA, a luxury goods trading platform, in which Tiffany & Co., Harry Winston, Cartier, Chopard, Van Cleef & Arpels, Graff, David Yurman, Buccellati, Bvlgari, and Boucheron are listed. These top brands do not only sell jewelry, but they also sell dreams and convey inspirations through tangible histories and legends, which are shaped into a distinguished identity. Thus, storytelling is not only a marketing strategy, but it is also the communication of “emotional heritage” deeply connecting people with brands. Interesting examples of luxury brands are as follows.

        Cartier - “Jeweler of Kings, King of Jewelers”

        Cartier is one of global luxury jewelry and watch brands, which was established in Paris in 1847. Louis-François Cartier took over the jewelry workshop from his master. The workshop started to gain popularity among royalty when Princess Mathilde, cousin of Emperor Napoleon III, bought a creation of Cartier for the first time. This was the starting point making Cartier become well-known in Paris’ high society, the international leading elite of the time. The flourishing period of the brand arrived when the three grandsons of the brand’s founder took a vital role in the brand’s development by designing jewelry that combined neo-classical inspiration and its pioneer in using platinum in jewelry for the first time. The development marked the true evolution of Cartier. Each of the brothers ran flagship stores in Paris, London, and New York.

        In 1904, Cartier received a royal certificate granted by King Edward VII who called Cartier “jeweller of kings and king of jewellers”. Later, Cartier became the official jewelry purveyor of several royal courts such as Spain, Siam, Russia, and many others. Cartier created stories from its long history of being jewelry for royalty and elites across the world, for instance, tiaras of English queens, jewelry pieces of Maharajas or Russian royal family. Cartier do not only sell luxury but also sell heritages and classic styles passed down from generation to generation. Thus, from the simple beginning, Cartier has evolved and become a global luxury product business by using the following approaches to build its brand.

    1. Historical storytelling connects its brand with royal families, individuals, and real events in the past which have been retold in a new context with the language of timeless beauty.

    2. Communicating through arts and movies: The brand associates itself with cultures, arts, and values of different eras such as the short film, L’Odyssée de Cartier, conveying a story of the brand through a fantasy world linking various regions, cultures, and time dimensions together.

    3. Cultural luxury: The brand does not just sell products, but also sell heritages, cultures, and pride like the leopard which is the key symbol of Cartier and a meaningful and magnificent source of inspiration.

    4. “Meaningful” design such as Love Bracelet that was designed to require a special screwdriver to put on and remove it, representing love and relationship. 

Cartier’s Trinity Ring and Love Bracelet

        Currently, Cartier is a part of Richemont Group which is a prominent luxury product company in the world. The brand has created masterpieces of jewelry and watches, with renowned products such as Trinity Ring, Just un Clou Bracelet and Panthère de Cartier Collection.

        Van Cleef & Arpels - “Poetry of Time and Nature”

        The brand of love, Van Cleef & Arpels, began with the wedding in 1895 of Estelle Arpels and Alfred Van Cleef, a couple from families of jewelers. Together, they co-founded the brand in 1906 at the center of luxury brand quarter in Paris, France. 

        One of the major inspirations of Van Cleef & Arpels is “Love”, which has instilled in its creations since the foundation. The first creation that appeared in the sales records of 1906 was a heart-shape diamond piece. Therefore, love has become the main theme that is featured in all collections of the brand, from engagement rings, wedding rings, watches, or high jewelry pieces. All of them reflect deep emotions, memories, and meanings of love in various forms, covering love in nature through designs inspired by flowers, leaves, mythical creatures, love in arts, and Aesop’s fables. With intricate training techniques and advanced innovations, love in beauty reflects through all details of design and love in family, which can be passed down from generation to generation.

        With the excellence in design and craftsmanship, Van Cleef & Arpels has received recognition from royalty, famous actors, and important people around the world. Creations of the brand adorned legendary figures such as Queen Sofia of Spain, Princess Grace of Monaco, Elizabeth Taylor as well as current celebrities and famous actors such as Princess of Wales (Kate Middleton), Mariah Carey, and Reese Witherspoon.

        “Poetry of Time” and “Poetry of Nature” is the chief philosophy of the brand reflecting the concept of turning jewelry and watches into artistic works with spirits and stories more than just typical jewelry goods. These concepts are not just titles, but they are the creative approaches with “poetic mood” and “respect in nature and time”. The concepts are the storytelling core that Van Cleef & Arpels uses as the compass in design and communicating with global audiences through the following brand building strategies.

        1. Communicating through tales and dreams to create the “emotional heritage” which help consumers remember the brand and feel like they have some common memories with the brand.

        2. Poetry of Time & Nature transmitting nature in poetry and stories through time, which attract customers who look for emotions, meticulousness, and meanings over spectacularity.

        3. Using the advanced innovation of craftsmanship with patented technique, “Mystery Set”, in setting gemstones without having prongs visible, which is its unique quality. The strategy places the brand among the “Haute Joaillerie”.

       4. Building the identity with “Love”: The brand originated from the love of the founders (between Estelle Arpels and Alfred Van Cleef), which became the core concept of many collections, for instance, engagement rings, wedding rings and watched related to couples, and collections representing fortune, love, and hope.

At present, Van Cleef & Arpels is a part of Richemont Group like Cartier. The brand produces jewelry pieces and watches, with renowned products such as the Alhambra Collection featuring four-leave clover which is a symbol of good fortune with a combination of natural beauty, Ballerina & Fairy Clips or Zip Necklace, the necklace that was inspired by a zipper and can really be zipped open or close and transformed into a bracelet.

A necklace in the Alhambra Collection and Zip Necklace of Van Cleef & Arpels

        Mikimoto – “The Origin of Cultured Pearls”

        Mikimoto is a Japanese luxury jewelry brand. The brand is the world’s first pioneer in pearl culturing. In 1893, Kokichi Mikimoto, the founder of the brand, dubbed "Pearl King”, set a new history after his success in producing the world’s first cultured pearl. His success transformed the pearl jewelry industry from dependency on natural pearls to commercial production which sustainably retains high quality. The story of Mikimoto does not only sell pearl jewelry but also sell “bravery creates innovation + the Japanese spirits of meticulousness and the dream to “adorn the neck of all women around the world with pearls”. 

        Kokichi sent his artisans to Europe to learn design techniques and the latest jewelry trends as well as Art Deco and Art Nouveau. It took many decades to combine Japanese traditional metal works with European production techniques to create the unique Mikimoto style. The brand also control the grading of pearl quality by assessing the quality based on many criteria—luster, nacre thickness, shape, size, and color. The assessment uses pearls that passed the standard, which are less than 10% of all graded pearls. In addition, the brand has a completely integrated system from design, production, sale, and after sale service. 

        Strategies of Mikimoto, which is the pioneer of the global cultured pearl industry, are sophisticated and profound by harmoniously combining Japanese cultural heritage, innovation leadership, and world-class luxury image building. Details of the strategies can be explained as follows. 

        1. Heritage and pioneering focuses on being the first pioneer of pearl culturing. Using the long history is the strength in building trust, coupled with preserving and carrying on traditional wisdom combined with modern technology and creating the trend of beauty tradition to ensure that its products are always new and interesting.

        2. Niche luxury brand positioning places the brand as the world’s foremost specialist in pearls focusing on specialized expertise, not competing with typical jewelry but dominating the luxury pearl market.

        3. Brand image evolution demolishes the former lasting impression that pearls are for elderly women by presenting pearls in modern jewelry suitable for all eras and occasions from workplaces, formal events, or weekends.

        4. Advancing into the global market without abandoning Japanese spirits: Although, Mikimoto has expanded its branches to metropolis such as New York, London, Paris, Hong Kong, and Beijing, it still keep the image of Japanese luxury brand with tranquility, gracefulness, and timelessness. Each store features interior design reflecting contemporary Japanese ambience such as smooth wood works, warm light tone, and “less is more” product placement.

        Furthermore, the brand supports environmentally friendly pearl culturing, preservation of marine environment in pearl farming areas, development of responsible pearl culturing standards and technological solutions to protect natural environments which help produce pearls sustainably for the brand and the pearl industry. Stellar products are Les Pétales de Ginza, inspired by flower petals in Ginza; Mikimoto x Comme des Garçons, the collection co-created with the avant-garde fashion brand, which incorporating classic pearls and metal chains, and unconventional materials; or Passionoir Collection, which highlights black Tahitian pearls and simple cool design to further break into the men’s jewelry market. 

Les Pétales de Ginza and Passionoir Collection of Mikimoto

        All of the information mirrors the diverse and profound dynamics of today’s luxury jewelry market which are not driven solely by financial value, but also identity, meaning, and powerful storytelling of each brand. Understanding categorization of jewelry, consumer behavior evolution, and brand building of leaders in the industry, for example, Cartier, Van Cleef & Arpels, and Mikimoto can be a vital model for Thai entrepreneurs in the gem and jewelry industry by offering products with unique characteristics, communicating through cultural values, beauty, and stories connecting with emotions of consumers as well as promoting brand by creatively combining top artisanal skills with innovations and setting a clear standpoint in the global market. This approaches all represent pathways that Thai entrepreneurs can adopt and implement to elevate their operations from OEM manufacturing to establishing sustainable and internationally valuable brands.

Budhiphorn Vichaidist

The Gem and Jewelry Institute of Thailand (Public Organization) 

November 2025

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