The mid-market bling boom

There was a time when accessories were the easy way into a designer brand — a pair of Prada heels at £500 was more accessible than a Prada coat at £2,500. But now that clothes from high-end labels cost much, much more — think £5,000 for a Balmain jacket — and the accessories cost what the clothes once did, women are rethinking their buying habits and turning to an area once reserved for gifts from partners: precious jewellery.

On the modern high street, with hip, high-quality brands such as COS, Maje and & Other Stories creating cool, affordable clothes, and Coach or Longchamp the go-to places for on-trend, unflashy bags, women feel justified in saving their premium spending (the four-figure amount previously expended on new outfits) for jewellery, which will last longer than a seasonal frock. A stealth-wealth necklace can be a symbol of a woman’s individual style in a way no designer accessory can, and stamp some personality on today’s minimalist fashions.

E-commerce and the boom in jewellery boutiques have made it easier for women to acquire their own jewels and not have to wait for a turquoise box to appear under the Christmas tree. Rather than dodge security guards at emporia where nothing in the window has a price tag, or looks like it costs less than £100,000, they can browse wares, often by adventurous young designers, in upmarket multi-brand stores such as Dover Street Market, Browns and Matchesfashion.com, where they buy clothes. Online trading has also revolutionised the jewellery market — specialist sites such as Astley Clarke and Annoushka make it easy to pick and click a pair of diamond earrings. These sites attract wealthy clients worldwide, enabling more competitive pricing.

Interior design consultant Lise Warner is one of the new breed of women shopping for her own jewellery. ‘I live and work between London and LA and am used to the relaxed way of shopping for fine jewellery in upmarket West Coast boutiques,’ she says. ‘I’m interested in classic jewellers who now do more accessible pieces; I’m collecting the gold and semiprecious stone Alhambra pieces from Van Cleef & Arpels — I’m about to add the new Perlee ring, with an onyx sphere [£1,450], to my collection.’

This new attitude has changed not only where and how women buy jewellery but what is available. Stores and jewellers alike agree that women are adventurous and confident in buying jewels, which has encouraged an explosion in new designers. ‘Women buy jewellery for daily wear, often to fit in with their wardrobes, so they are keen on coloured stones and finishes,’ says Bec Astley Clarke, founder of the eponymous website that gets 100,000 visits each month. ‘Every time we’ve pushed the boundaries and done something bold and interesting it’s taken off.’

‘Jewellery is more and more an essential part of a woman’s everyday wardrobe that she styles along with her clothing,’ agrees designer Annoushka Ducas from her boutique off Sloane Square. ‘She wants to have fun with it, mixing and layering old and new pieces, different colours and textures, as an expression of her identity.’

For stores, this means finding new names, often young women themselves, who instinctively design what women want to buy. Gaia Repossi revolutionised her venerable family firm with her long, jointed rings and ear cuffs, and is a hot name at both Browns and Dover Street Market, which is also doing well with Sophie Bille Brahe’s super-cool rings and diamond ear ‘wings’. ‘It started some years ago with American designers, who are very good at everyday jewellery with that subtle touch that makes it special,’ says Matchesfashion.com’s fine jewellery buyer Louise Reichmann. ‘You can go right back to Elsa Peretti’s Diamonds by the Yard — chains with intermittent, bezel-set stones — that were effortless, which is what women want: pieces of value to keep, but that they can make their own.’

Men, on the other hand, are more likely to buy occasion pieces, and are more conservative. ‘They feel they need to tick boxes on price and whether it looks worth it,’ says Astley Clarke. ‘Choosing a piece for someone else is a minefield, so they play safe with simple shapes and diamonds.’ ‘Men buy investment pieces in classic styles to mark occasions, whereas women choose standout items their friends will notice,’ confirms Browns’ buying director Laura Larbalestier.

The high-end, more traditional jewellers that men might naturally shop at are now also seeing a surge in women buying for themselves, and are designing more affordable pieces accordingly, as Andrea Morante, CEO of Italian jeweller Pomellato, explains: ‘Women self-purchasing branded jewellery is a huge trend that our Nudo rings [from £1,150] answer. Buying a mix of them makes a personal statement.’ Theo Fennell now offers coloured gem pavé charms, pendants and crosses in addition to his high-jewellery masterworks. ‘Women are more prepared to take a chance. They want a piece in which they have an emotional investment, to be part of them forever,’ he says. ‘Men want to show off, but women want something original, beautiful and well-made.’

Meanwhile, Tiffany’s new design director, Francesca Amfitheatrof, has created a new range, Tiffany T, aimed at ‘the cultured, well-informed, creative women who exist in every world city’. Her T bracelets start at £395 in sterling silver.

The big surprise is the enthusiasm of customers, even as prices notch up. The first key point is the £1,000 barrier, which many brands strive to meet: American designers frequently use 14-carat gold and many others take steps to offer value. ‘We are introducing nine-carat pieces set with diamonds, or contemporary, textured styles with coloured semiprecious stones,’ says Diane Hall, creative director of Dower & Hall. ‘They are designed for everyday wear by women who know what they want.’ Monica Vinader sets diamonds in silver, from £215 for a ring, as well as 18-carat gold (Baja bracelet, £950); Katie Hillier’s cute gold and diamond animal pendants now come in 14-carat gold, from £595. For some, the average female spend is higher — Carolina Bucci, known for her woven gold and silk bracelets (£550) and initial rings (£3,770), says, ‘The average female spend is up to £2,000 — what she might spend on a handbag,’ while Kiki McDonough, known for her bold mixes of coloured stones, says customers will spend ‘up to £4,000 for pieces they know will stand the test of time’. Most agree that beyond £5,000, other factors (often a consultation with a partner) enter the equation, but there are no rules. ‘The odd self-buy can be much more,’ says McDonough, while Reichmann says ‘a woman who regularly spends £3,000 on a dress will pay more than that for jewels’.

All this, plus lasting value and something to pass down to your children, for the price of a designer frock? There’s no contest.