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The high jewelry business - one-of-a-kind pieces priced from $50,000 to several million dollars and often handcrafted in Vendôme ateliers to showcase precious stones and advanced artisanal techniques - has been turned on its head by a generational shift in its traditional clientele "Exposure to the high jewelry market remains key because it gives brands credibility to sell 'bread and butter' products in the price range of $2,000 to $10,000, which is the jewelry market sweet spot," said Luca Solca, a luxury analyst at Bernstein Although price volatility in core materials like gold and diamonds can hamper bottom lines, margins for recognizable high jewelry houses like those on the Place Vendôme remain some of the juiciest in the entire luxury industry.
Little wonder there has been a flurry of new entrants to the space, like Giorgio Armani's first high jewelry collection presented last month and Gucci's debut in July, as well as fashion marques like Chanel and Dior continuing to expand their top-end ranges "From the exponential success of the Dior exhibition to Cartier opening up its archive for its largest exhibition in New York, the cultural capital of high jewelry is on the move and very important to customers." "Fashion houses are pivoting into an area where they are looking to unique products and experiences that exceed the expectations of their high net worth and ultra high net worth customers,'' she continued."Investing in or adding high jewelry to their armory plays hard to that ambition "With the number of ultra rich consumers rising, together with their extraordinary fortunes, high jewelry remains an attractive market in its own right," Mr.
Solca said of Bernstein said. . More
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