The unstoppable rise of mid-priced jewellery - @Telegraph
Maya Magal autumn/winter 2015
The rise of mid-priced jewellery
isn’t a trend that has been making industry headlines, but it’s one of
the few new trends that can be both easily integrated into your
wardrobe and that will last more than just one season – it’s not just
for Christmas. Mid-priced jewellery could also be termed affordable luxury. It sits
exactly half-way along the food chain: it’s not the cheap-and-cheerful
high-street offering, but nor is it the wildly expensive pieces to be
found on Bond Street. Pieces are usually sterling silver,
gold-plated (known as vermeil) or made from 9 carat or 14ct gold, and
consequently maintain a low price point. Stones are semi-precious (moonstone, labradorite, quartz, topaz),
synthetic (cultivated in laboratories to have the same mineral
composition as mined stones, but at a fraction of the price) or tiny,
pavé-set diamonds (hundredths of carats). You’re looking at roughly
under £100 for stud earrings, £100-£250 for a bracelet or pendant
necklace, and anything up to £500 for a ring.
Monica Vinader autumn/winter 2015
Why is it so popular? Partly because “women are now buying jewellery
for themselves,” says Bec Clarke, founder of Astley Clarke, “and the
price point – as it’s a self-purchase and it’s a regular thing – has
to be quite different from a £5,000 gift from a husband.” The
“hundreds but not thousands” price reflects the quality, too; you’re
getting value for money, as the pieces will not tarnish, nor fall
apart. Both the sums, and the whole, have an intrinsic value. Brands like Astley Clarke, Thomas Sabo, Stella & Dot, Pandora
and Monica Vinader have been pushing the rise, as the gap between the
high and low ends of the market has been widening. “Precious metals
and stones are getting more expensive, while non-precious metals,
semi-precious gemstones and synthetic materials are dropping,”
explains Chloe Wu, at industry analysts Euromonitor. These labels
offer an alternative: fine jewellery, but at an affordable price.
“Price considerations absolutely come at the beginning,” agrees
Clarke. “When we work on a design, we work on it sitting at a specific
price point. So we know we want to make a bracelet that will retail at
'X’ amount, and then we work backwards.” Gold carat, stones and the
weight of jewellery will all be adjusted according to the price tag.
Financial sweet spots vary depending on the item. Gift-givers and
people looking to layer up jewellery will aim for about £100, while
women treating themselves will spend up to £1,000 – or more if it’s a ring. “Designers are finding ways to reduce costs ingeniously, through
creative sourcing or innovative production methods. They’ll use fewer
raw materials, for instance, but keep the impact at a maximum. That’s
what Shourouk has begun doing this season and it has divided its
prices in half,” says Nathalie Lucas, head of buying at Monnier Frères.
Rings, from a selection at Astley Clarke
Economy of scale also helps keep prices reasonable; production
values may look expensive but, relatively speaking, the finished
article is not. Pandora produces more than 91 million pieces of
hand-made, quality jewellery a year. Prices start at £20 for charms,
and £30 for rings, and no, they aren’t made in sweatshop conditions,
but in factories where the production process is perfectly
streamlined. “We have worked hard on building a vertically integrated
chain, in which we have full visibility over not just our work
environments and production processes, but our materials selection,
too,” explains Peter A Andersen, president of Pandora, Western Europe. Efficiency is king; a strikingly small percentage of pieces don’t
make it through quality control. If all workforces looked like
Pandora’s, management consultants would be out of a job. Pandora is one of the biggest jewellery brands in the world, second
only to the company from which they buy their stones. Founded in 1982
in Denmark, Pandora launched in the UK in 2008 and has seen its
fortunes rise dramatically over the past seven years, with revenue in
2014 hitting approximately €1.6 billion worldwide (the UK accounts for
13.9 per cent of that total). This year’s results will be just as
promising. Last week, the brand announced a third‑quarter revenue
increase of more than 40 per cent within Europe – for the UK it was
50.5 per cent. It would seem as though the trend isn’t going anywhere
any time soon. As a result of the continued success of the mid-range jewellery,
Harrods – once the bastion of uber-fine jewellery – is relaunching its
contemporary jewellery section, confusingly called the “Luxury
Jewellery Room” in January. Other department stores are following
suit, with Fenwick, Selfridges, Liberty and Harvey Nichols having a
greater percentage of “contemporary” priced pieces within their
jewellery offering. So while the term “affordable luxury” has been bandied around the
high street for some time now, it has finally redefined the jewellery
market. And looks as though it’s here to stay.
BRANDS TO KNOW Pandora Known for: brilliantly priced, brilliantly made pieces, at a
reasonable price. Their seasonal charms have been a big
moneymaker. Best for: a growing selection of stacking rings, and
earrings. Buy now: rose gold vermeil 'sparkling’ ring, £85;
sterling silver 'Hearts of Pandora’ necklace, £85 (pandora.net)
'Hearts of Pandora' necklace, £85
Astley Clarke Known for: timeless classics that can be added to season after
season. Best for: clever use of stones and settings, which look
far more expensive than their price tag. Buy now: the new
'Biography’ pins are a great way to jazz up a tired jacket or hat, £55
each or 3 for £130 (astley clarke.com).
'Biography' pins, £130 for 3
Monnier Frères Known for: very little in the UK, but huge on the
Continent. Best for: the widest selection of mid-price designer
jewellery. Pay special attention to the jewellery specifications, as
some of it is costume. Buy now: gold-plated '2 cobs’ earrings,
£220, Aurelie Bidermann; gold-plated 'Ready heart’ ring, £80, Maria
Black (monnier freres.co.uk).
'2 cob' earrings, £220, Aurelie Bidermann
Monica Vinader Known for: 'Fiji’ friendship bracelets, her ongoing
bestseller. Best for: quirky personalisation – not only will
they engrave initials or dates, but handwriting and drawings.
Buy now: engravable pendants, from £40 (monica vinader.com).
Engravable pendant, from £40
Maya Magal (main) Known for: one of London’s up-and-coming designers. Best
for: minimal, Scandi-inspired pieces Buy now: 9ct solid gold
'kisses’ stud earrings, £130; 'kisses’ ring, £85 for sterling silver,
£110 for 18ct gold vermeil, £298 for solid gold (mayamagal.co.uk). Swarovski Known for: crystal swans and dodgy jewellery.
Think again. Best for: party pieces to give some oomph to your
little black dress. Buy now: 'Dazzling’ ring, £149; 'Disc’
Sodalite earrings, £74 (swarovski. com).
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