Authenticity Rocks
Millennials are confounding and reshaping the luxury jewellery business, writes JING ZHANG
Tiffany & Co.’s blue box is forever iconic, but its recent image update in 2018 marked a pointed move in a youthful direction. Rising stars Zoë Kravitz and Elle Fanning, and pop-culture icon Lady Gaga were enlisted as campaign women in a successful effort to capture the hearts of the millennial generation. Under new chief artistic officer Reed Krakoff, the brand has taken a deep dive into celebrating diversity, self-expression and a modern way of life. In the digital-influencer generation, luxury jewellery brands have had to become more agile in the move to capture younger customers. To this purpose, Bulgari has taken on Bella Hadid (with her 22.3 million Instagram followers) as a campaign face. De Beers enlisted the likes of blogger Christie Tyler of NYC Bambi (290,000 Instgram followers) as a social-media partner. Milanese jewellery brand Pomellato, owned by Kering Group and specialising in gorgeous, juicy gemstones and cool settings, recently added Chiara Ferragni of The Blonde Salad blog and online store (750,000 Instagram followers) to a carefully selected set of ambassadors including artist Anh Duong, art adviser Caroline Corbetta and nutritionist Rosemary Ferguson. Arguably one of world’s most successful fashion bloggers/Instagrammers, Ferragni speaks to the “new generation of millennial women who can be potential customers today and who will surely be the customers of tomorrow,” says Pomellato CEO Sabina Belli. “Every day she succeeds in sending messages that reach 12 million people – that is a fact and a great asset. Among them are a new generation of Pomellato clients.” And it’s not just purely decorative jewellery that’s felt the force from younger clients: the rules for even engagement rings and wedding bands are loosening up and veering from the traditional. “Millennials are less concerned with what their engagement ‘should’ look like. They want to choose their own adventures, author their own stories – most of which are experience-based – rather than buying things, whether a ring or a house,” says Kris Ewton, founder and CEO of Loop, a new Los Angeles-based independent ring label. “Authenticity is such a buzzword for this generation,” adds Ewton, “They want their brands to reflect their authentic self.”
In response, less traditional collections have been incorporated even into storied high-jewellery brands such as Graff, Harry Winston and De Beers. As independent women flex their buying muscles, unique styles that break from tradition often take on greater appeal. From the start, Pomellato’s brightly coloured palette of gems was never mainstream. The stones, “the heroes of our pieces” as Belli says, along with sleek settings and bold advertising, have garnered a huge fan base. “We use the widest range of colourful stones for our collections, working them in an artisanal way that gives them a unique sense of preciousness and extraordinary beauty,” she adds. “These stones, mistakenly called semi-precious stones, are increasing in value and demand, and are indeed what we define as the ‘New Precious’.” Like many others, the brand looks to expand in the lucrative China market, where it hopes to win more fans with its blend of Italian style, craft and creativity. But the Chinese are no longer looking solely at established Western jewellery labels. While the big jewellery houses still do well, local designers such as Yi Guo at Yi Collection have made rapid headway. A former fashion editor and stylist at Vogue China, Guo grew up in New York before moving back to Shanghai. Her boutique label started out with supremely comfortable mini-gemstoned chain rings, delicate bracelets and necklaces. The stones, which she sources herself, come in a candy-shop range of colours. “The fine-jewellery market is very niche. Millennials are only starting to tinker at purchasing small independent fine-jewellery designers,” says Guo. “It’s still something very new, so they need a lot of awareness of the brand before buying.” There’s the growing importance of everyday pieces (rather than those for special occasions) to today’s consumer – and it’s not just the millennials. Yi Collection’s chain rings have become an everyday luxury as “you don’t ever have to take them off … my smaller earrings and bracelets have the same sort of woman in mind – the busy urban woman.” Guo’s recent bold statement designs and big colourful cocktail pieces all come with gemstones in sometimes unconventional colours. It’s touched a nerve with sophisticated Chinese and American female clients wanting something fresh. “They’re often nonconformists and both seem to love colourful, cheerful pieces,” the designer adds. Although Pomellato is more established and pricier than young independents such as Loop or Yi Collection, it’s still a relatively young brand among some of the big Western jewellery houses. Belli says, however, that “with an unmistakeable design, there is for sure a big opportunity to satisfy the needs also of a younger clientele who are more and more updated and interested in the latest fashion and jewellery trends.”
“Engagement-ring shopping is daunting ... Our customers are looking for an amazing ring, without the diamond-industry BS” — Kris Ewton, CEO of Loop
Independent, educated, self-buying women, who are the renewed focus of many brands, have provided another pivot point for jewellery houses in recent years, underscored by campaigns such as #PomellatoforWomen. Belli, a female leader in a still male-dominated industry, says that what Pomellato looks for in its ambassadors are women “who are successful, accomplished at work, strong, powerful and beautiful, and love to wear our jewels in their contemporary and stylish way … real women with something to say.” Guo has also seen a big shift towards women proudly buying for themselves instead of waiting for someone to give them pieces. This goes for everyday as well as occasion and statement pieces. “Ninety percent of our Chinese customers are women,” she explains, “and we’re proud to operate as an all-women-run business out of Shanghai. Shanghai has be mentioned as it’s such a nourishing environment for women … for me, it’s the only matriarchal city I can think of in the world.” For many independent brands, this holds specific resonance since they market direct to those that they hope to entice away from the bigger labels. Ewton argues that some big jewellery houses’ pricing and message no longer resonate well with younger clients because they’re “too perfect, too put-together, too Photoshopped” to appeal to their search for authenticity. “Engagement-ring shopping is daunting,” she adds, so she wanted Loop to transform every step of buying engagement rings into a simpler, more enjoyable and collaborative experience for modern couples. “Our customers are looking for an amazing ring – without the diamond-industry BS.” “Champagne and black diamonds are great options for couples who want a diamond that takes up larger real estate on their finger, and still spend within their budget,” she says. In a more diverse and less binary world, shifting identity politics is reflected in consumer choices. Ewton (who just commissioned an enormous black diamond ring for her girlfriend) says that Loop stands for the belief that “there are infinite flavours of love. This is not just one relationship, type, person or partnership. We celebrate inclusivity and diversity.” Since Loop sells directly online to its consumers, it conveys its message via digital posts, websites and working with inspirational creative partners in Los Angeles. “One of the couples we worked with renewed their vows after seven years of marriage through a ceremony where they exchanged custom-designed Loop bands with their entire tribe of friends.” Ewton says that although the big jewellery houses have a rich heritage and beautiful designs that make them go-tos for engagement rings, many are “playing into the ‘shoulds’ – and outdated narratives dictating what rings ‘should’ look like – and that bigger and more expensive is better. It’s simply not true for everyone. Modern couples are looking for a brand that reflects their values.” “We love being an independent brand where ideas are implemented quickly without any sort of bureaucratic red tape,” says Guo about her blossoming business. “Growing organically allows us to deal with problems quickly and effectively.” Settings, shapes and stone cuts worked in luxury jewellery were once ruled by a strict code of conduct, but today it’s a veritable playground. True jewellery artists such as Victoire de Castellane at Dior Joaillerie, and local designers Wallace Chan and Wendy Yue are leading the way, producing ever-inventive creations that both dazzle and confound. And although some of their clientele are most likely not millennials (with prices for pieces sometimes reaching millions of dollars), this rule-breaking has trickled down and set a tone in the entire business. As independent designers and the likes of Cartier, Bulgari, Pomellato and De Beers will know, today’s women are buying more for themselves. There’s also a trend towards chic pieces worn daily becoming new status signifiers – just think Chanel’s Coco Crush, Cartier’s Love bangles and rings, or the multigenerational appeal of Van Cleef & Arpel’s Alhambra collection, Dior’s Rose Céleste or Graff’s Pavé Butterfly collection. Younger generations’ shopping habits have changed drastically, and along with that, all our definition of luxury.