Jewelry brands are more and more vigorously gaining adjacent space on the luxury market. Some instances of this process are illustrated by the International Herald Tribune. Back in the spring, the daily says, when the world still felt flush with wealth, the profusion of jewelers lavishing products, from Apple earbuds to belt buckles, with diamonds and gold seemed like nothing so much as a reflection of the luxury market's central tenet: The more expensive and rarefied an item, the easier it was to sell. Then came the Lehman Brothers collapse and subsequent global meltdown, making it difficult, if not impossible, to promote conspicuous consumption without seeming preposterously out of touch. Plans in motion, however, stayed in motion. At least that's one way to explain why a slew of bejeweled accessories are available in stores just in time for these all-too-uncertain holidays. "Common sense would say maybe hold back on new introductions, but I wouldn't," David Yurman, the American jeweler, said about the launching of his first eyewear collection this month, following closely on the heels of a signature fragrance, uncorked in June. "It's all about trust and passion and believing that things are possible." When the eyewear idea was born two years ago, Yurman said it felt like a logical next step in the progression from jewelry "because both are adornment." Embellished with 18-karat gold, diamonds and semiprecious stones such as citrine, amethyst and white agate, the sunglasses in the women's line incorporate the cable and cushion shapes that are iconic to his oeuvre. (Men are appeased with Zeiss precision lenses.) "I'm not a jewelry designer, I'm a designer," Yurman said. "Jewelry is where I landed and felt the richest ground, but the opportunity to explore beyond it and maintain the aesthetics of the jewelry was very exciting."
There have, of course, always been jewelers willing to indulge a taste for extravagance, the International Herald Tribune says. In 1924, Cartier made a cigarette case depicting "a delicate flute-player in turquoise faience." A year later, the Parisian firm turned out an Egyptian-style vanity set shaped like a sarcophagus, complete with two sphinx heads wreathed in precious stones. Today, Cartier's "exceptional accessories" run the gamut, from the Love Collection Precious Lighter made of 25 grams, or 0.9 ounces, of solid white gold and paved with diamonds to a series of opulent fountain pens molded after exotic animals and birds. Last year gave birth to the Marcello de Cartier collection of luxury leather handbags.
At Chopard, the decision to expand beyond jewelry and watches "came out of my stomach - it happened naturally," said Caroline Gruosi-Scheufele, a co-president, calling from Samarkand, Uzbekistan, where she attended an October fashion forum sponsored by the Uzbek cotton industry. Scheufele was referring to Chopard's 125th anniversary in 1985, when she devised a perfume bottle containing the brand's signature bezel-set Happy Diamond. It drew such raves that requests for body lotion and shower gel soon followed. Five years ago, the company began a formal push into accessories, including silk squares, table decorations, writing instruments and, naturally, handbags, culminating in the opening of two boutiques exclusively dedicated to these objects, in Kuwait and Dubai in 2007. It's helpful to remember that these developments took place within the context of a modern-day Gilded Age. The luxury lifestyle sought by the swelling ranks of the super-rich inspired all kinds of manufacturers to cross categories. That fashion brands now routinely produce complicated timepieces and watchmakers market extravagant parures means that traditional jewelers have had to deliberately pursue opportunities in other arenas. "I like dressing the woman from top to bottom and would love to dress her in shoes, bags, hairstyle," said Roberto Coin, the Italian jeweler. He made good on that wish earlier this year when his eponymous brand of sumptuous gold jewels began selling limited edition sneakers coated in 24-karat gold, as well as glamorous evening clutches studded with white and brown diamonds. The jeweled accessories are essential demonstrations of the company's savoir-faire, Coin said. Plus, the items can be made exclusive to his growing network of franchised and company-owned boutiques as a way to distinguish them from the more generic offerings sold by authorized retailers. "It becomes a much more interesting corner or boutique when you see more unique things," Coin said, offering as examples a slew of recent creations, among them a table papered in 24-karat gold leaf, an 18-karat gold bustier sewn with diamonds and pearls and a 15-karat gold champagne cooler iced with 12 carats of diamond bubbles.
Utopia, a pearl jewelry brand in Milan, looked to shoes when it took its first stab at accessories two years ago. The project stumbled when its executives Paolo and Anna Gaia couldn't settle on the right manufacturer, so they created a $16,000 mother-of-pearl caviar set instead, complete with spoon and knife handles carved from rutilated quartz. It has since become a staple of the Utopia catalogue. "I was thinking about hats as well," the company's vice president, Anna Gaia, said. "The fur ones you wear in very cold weather," Gaia added. "I think it would be very nice to have a fur hat decorated with jewels." Fashion forecasts suggest that Gaia is on to something. By all accounts, 2009 is shaping up to be a year in which accessories provide the substance in an otherwise slimmed-down, if not downright anorexic, wardrobe. "While people cut back on clothing, they may spend a little more on accessories to freshen up what they already own," Mary Gehlhar, author of "The Fashion Designer Survival Guide," said.
There is another obvious trend and that is looking for and gaining new markets to sell jewelry, which could recompense for the dropped-down demand in the United States. Almost all world-famous companies are engaged in this kind of activities. The future of the Indian jewelry trade for instance will wholly depend on a successful solution of this problem. India’s Christmas and New Year jewelry sales to the United States, the world’s largest diamond jewelry consumer, have declined by nearly 15%, as Israel Diamond Industry Portal reported. Vasant Mehta, Chairman of the Gems & Jewelry Export Promotion Council (GJEPC), noted: “The diamond market is not immune to global developments. Therefore, the global economic slowdown is bound to have a bearing on diamond jewelry sales as well. According to general market perception, jewelry exports to the US have declined by 10-15%.” Annual Christmas and New Year sales constitute over 25% of overall US jewelry sales of about $100 billion to which India contributes about 34%. Diafon reports that Gitanjali Gems, a Mumbai-based leading diamond jewelry maker and retailer, which supplies finished jewelry made in India to its 150 retail stores in the US, has reported no decline in sales so far this year. US business contributes about 12% of the company’s annual turnover of Rs 2,654.33 crore (2007-08). However, the company has placed all of its US expansion plans on hold until the global economic condition stabilizes. Gitanjali Chariman Mehul Choksi stated: “There will be no expansion nor will there be any acquisition of US wholesale or retail jewelry chains in the US at least for one year. However, next year we can consider acquisition of additional retail jewelry chains, in the event that we get a suitable offer.” Last December, the company bought US-based fine jewelry chain Samuels, constituting its maiden acquisition in the American gems and jewelry sector. Samuels has 100 stores in the US. In February 2007, the company acquired a 70% stake in Canada-based Tri-Star Worldwide, a branded diamonds and jewelry manufacturer. In November 2007 it acquired US retail fine jewelry chain Rogers as well. According to general market perception, jewelry exports to the US have declined by 10-15%.” Annual Christmas and New Year sales constitute over 25% of overall US of about $100 billion to which India contributes about 34%. Diafon reports that Gitanjali Gems, a Mumbai-based leading diamond jewelry maker and retailer, which supplies finished jewelry made in India to its 150 retail stores in the US, has reported no decline in sales so far this year. US business contributes about 12% of the company’s annual turnover of Rs 2,654.33 crore (2007-08). However, the company has placed all of its US expansion plans on hold until the global economic condition stabilizes. Gitanjali Chariman Mehul Choksi stated: “There will be no expansion nor will there be any acquisition of US wholesale or retail jewelry chains in the US at least for one year. However, next year we can consider acquisition of additional retail jewelry chains, in the event that we get a suitable offer.” Last December, the company bought US-based fine jewelry chain Samuels, constituting its maiden acquisition in the American gems and jewelry sector. Samuels has 100 stores in the US. In February 2007, the company acquired a 70% stake in Canada-based Tri-Star Worldwide, a branded diamonds and jewelry manufacturer. In November 2007 it acquired the US retail fine jewelry chain, Rogers.
