Thesis: The Afterlife of Branded Jewelry by Stephane Boghossian

IT’S TIME

TO TAKE

GRANDMA’S

OUT OF THE

Customers and artisans are gems in the fine jewelry industry: a native of Belgium, I come from a fifth-generation Lebanese-Armenian diamond trading family, which has given me the opportunity to not only learn from different cultures but also given me the maturity and opportunities to start occupying leadership positions at such a young age. After completing a 6 month-assignment designing exclusive pieces for Versace private clients in the Middle East, I got the chance to attend an MBA in Luxury Brand Management in Paris. Currently, I am working along sides luxury creations of the Haute Creation department at ST Dupont Paris.

Submitted to the Board of Institute of Fashion Academy (Paris campus) on February 2018 Words Count: 16,350 words

Stephane Boghossian presents:

AFTERLIFE BRANDED

JEWELRY

Accessing C2B2C options to optimize

the value of vintage

Inventory

IFA Paris 18-24 Quai de la Marne, 75019 Paris 01 47 70 37 77

Brooche Jewelry by Cartier 1923 (Private collection) Length: 4 cm 18 karat white gold Exhibited in the Forbidden Ciy in China

“I think heritage is incredibly important in luxury goods and is at the root of ‘the reason why’ for luxury brands” Luca Solca

Thank you for contributing to my thesis The Afterlife of Branded Jewellery Accessing C2B2C options to optimise the value of vintage Inventory It’s been 1 year and a half, and counting. IFA has been great to me in every aspect of my life. It got me to a place where I didn’t know things, I tried things and learned lots of bits. It led me to meet people I will care for long after I’m gone, to meet my beloved significant other, to build a closer relationship with family in Europe and beyond, and to grow in confidence. IFA was not just a school for me, but also a family of people supporting me in every way possible. It also led to me writing the most significant thesis I ever wrote. The 200 pages of document literally took 15 days to print and ship from Lebanon, straight to my presentation day. Paris made me realise how much I loved the jewellery world and its simplified version of complexity. I have learned to look at situations outside of the box. To every problem, there is a solution’s one taught me, I started being more curious at details. I now fathom why my jeweller teacher back in India used to instruct me to work slowly in order to notice changes - to understand people’s mind. Eventually, I pursued learning opportunities in the vintage jewellery world, one I had never understood or cultivated an interest in. Eventually, I got seduced by it. I got to interview many professionals, transcribe hourlong recordings, and synthesize learnings. All this added to an ever-growing pile of insights (and question marks!) about the industry’s intricacies. It led me to work late at night; sometimes through it. This was one time I was truly outside of my comfort zone, too. In the end, it taught me perseverance to do what I love. It’s a fun journey, especially when what you love is to learn how luxury brands trick us, customers old and new, to buy something we don’t really need. All this, IFA taught me how to do for other brands, and hopefully eventually for my own.

Tutor: Sebastien Santos A special thanks to: Lyna Mecattaf Boghossian and Gerard Boghossian John Boghossian and Patrick Boghossian Nada Mecattaf Darrault and Florent Darrault Erika Simon All IFA facility and students including Vivek Sharma, Nila Pandiyan, Kaz Lam All GIA, HRD and IIGJ educators & other Friends & Family Participators of the survey & Interviewers Jean-Baptiste Andreani - IFA program coordinator Isabelle Hossenloop - Teacher at IFA Paris and Journalist Katia Samra - Marketing director of Samra Jewelry & Versace Jewelry Claire Roberts - Jewelry Editor Marc-Andre Kamel, Director at Bain & Company Mohammad El Masoud, Investor Muzo Emerald, Emerald mining Kamilia Boudova - IFA sustainable luxury teacher Lutz Keller - Trend setter & consultant - Teacher at IFA Paris Alexandre Sasso - Founder of Vif.co based in Paris Dauphine Benjamin Guttery - Jewelry blogger as â&#x20AC;&#x153;Third Cost Gemsâ&#x20AC;? Anonym X, Social media strategist at The Louvre des Antiquaires Olivier Mellerio - Ex CEO of Mellerio Mits Meler Bubenicek Michelle, director of the Ecole des Chartres Georges - Messika gemologist (HRD Classmate) Simone Kosremelli - Architect, Jewelry designer & founder of Dehab Dave Bindra - Gem dealer for B&B Gems in LA, USA Ioannis Alexandris - Antique specialist and dealer in Greece Fabian de Montgoye - Antique Jewelry specialist in Paris Christian Orlov - Jewelry Designer & CEO of Orlov Jewelry Nikita Franco Singh, Sales Executive (GIA Classmate) Charles Edward Green, Sales Executive (GIA Classmate) Mariana gomez, Jewelry Designer at Erika Courtney (GIA Classmate) Carlos Larrea - CAD designer for his family business (GIA Classmate) Althas Cader - Saphire specialist in Sri Lanka (GIA classmate) Adrien Trivier - Lab gem specialist (GIA classmate)

Brooche Sold in Druot Auctions Jewelry by Cartier 18 karat yellow gold Sapphires

Abstract Vintage jewelry has gained more than 80 percent in value in the past decade, with many owners not realizing how much money they are sitting on [UK-based Bonhams report].

People want to renew their wardrobe day by day as well as their grandmaâ&#x20AC;&#x2122;s jewelry box to a more contemporary taste. At the same time, design companies want to safeguard their vintage pieces to sustain brand heritage.

This will be complemented by primary research, both qualitative and quantitative. The author plans to execute multiple field studies, in flea markets in Paris and in jewelry fairs in Basel and Las Vegas, to study consumer buying behavior. In a later stage, the author will conduct in-depth interviews from the stand point of collection curators, investors, influencers, and customers. A questionnaire may also be used to inform market size and consumer buying behavior.

From all vintage artwork proposed at major auction houses, over 40 percent are jewelry pieces [JCK report] valued at more than $1 billion yearly [Christieâ&#x20AC;&#x2122;s report]. From all jewelry pieces, 60 percent are from well-known jewelry brands and the demand continues to grow [Druot 2015 report].

The project implementation will be either the creation of a new company to cater to owners and buyers of vintage jewelry, or the creation of an after-sale customer service department for an existing Parisian haute joaillerie house, which the author will specifically study and collaborate with.

The goal of this capstone project is to design a forecasting method for the optimal afterlife of a vintage branded piece of cluster. This forecasting method will take the interests of both the owner company and the customer. The study will focus on the French market, but results can then be scaled to the entire European region. The author will start with a literature review of existing auction houses, tracing back the history of vintage jewelry, analyzing the market today, and distilling consumer trends in buying luxury pieces. Then, a model of the different value pathways for a given jewelry piece will be defined. The model aims to provide an accurate forecasting method for the material and immaterial value of a given jewelry piece.

Content 12 14 16 20 22

Introduction

Core Study Part 1/

Intro The Afterlife of Branded Jewelry How? History of Jewelry and Luxury Where? Paris & Place Vendome Market

34 36

Why customers seeks another life for their jewelry? Consumer Behavior: Why specific region willing to invest into old styled fashion accessories? Where people shop vintage jewelry? Online Vs. Offline Auction Houses How auctions houses works ? Problematics of Auction houses How it works? B2B and B2C Annexe Influence of Internet Annexe Effect of Counterfeit products

Conclusion 1

26 22

52 55

Part 2

Is Vintage considered luxury? Luxury TODAY After Sale services: long term and short term Offer > Demand Prime customer service = Experience Keep old clients, gain new clients Why do people buy antique jewelry? Jewelry = Art. Is art luxury? Eveil a lâ&#x20AC;&#x2122;art How companies archives jewelries? Annexe Why people visit Museums? Annexe Chinese investors hitting the the market Conclusion 2

Part 3

68 70 72 74

Why should company invest on vintage inventory? Value of Jewelry Economy of sales New value Economy Storytelling & emotions Sustainable Luxury Annexe How to fix the world of jewelry? Annexe 2017-2018 Trends Annexe Should we predict trends? Annexe Use the PESTEl to affect the trend ? Annexe What Generation Y really want? Off-limit Byronesque: TheNewStandard in Vintage Conclusion 3

76 78 82 84

Part 4 Intro

Implementation Rebirth: the new 2017 trend One step closer to a success story

Case Study

Auction House B2B C2C Sharing Economy Collection Closed Cycle Closed Cycle Jeweler Marketing Strategy After Sale Service

96 98 100 102 104

Annexe Annexe Implementation Implementation Future

Introduction to consumerism The power of selling Mellerio Mits Meller: 404 and still counting C2B2C Future of implementation

108

Reference

Exhibitions Books Movies Newspapers Websites

118 170 180 182 186 188 192 194

Plus

22 interviews 1 Survey, 223 People 3 Movies 4 Small Case Studies 3 Start-up cases 1 Big Case study 4 exhibitions 5 Visits

Intro

Despite the explosive growth at the high end market, vintage pieces provide an accessible and trustworthy entrance to the world of colored stones and diamonds. Popularity of estate and vintage pieces is growing. Since inventory is fixed and often in short supply, antique jewelry is sought after by consumers looking for one-of-a-kind pieces. Vintage jewelry can be sold in multiple points of sales: from major auction houses such as Christie’s and Sotheby’s to online platforms such as 1stBids and eBay passing to private appraiser jeweler. Each one of the choices propose different kind of jewelries depending on quality and target customers. The most exquisite vintage and modern jewelries are generally sold in major auction houses such as Christie’s, Sotheby’s and Tajan. Generally settled as private sales spread around Hong Kong, Geneva and New York, these auction houses, proposed also in an online version, propose bidding tools for high end jewelry sets and vintage arts. Smaller local auction houses such as Druot in Paris play also a major role in accessing vintage jewelry pieces to a larger public. E-commerce platforms such as 1stBids and Auctionata targets even a bigger audience (younger generations) using internet as a major tool for their success. They propose different quality at different prices point for different targets. They are not considered ‘point of sales’ [The selling point to consumers is that because the buyers are able to refurbish or melt down any piece, they will likely see more value in a piece than a general consumer might. And unlike eBay, Worthy guarantees the best “spot-market price” for the seller within a 24-hour period (once the company receives the item from the seller).] Online bidding tools such as Etsy, Ebay and craigslist have been installed since few years now and targets the biggest audience wanting all various pieces, from independent designers to semi-precious jewels. The biggest threat in these platforms are usually the fake jewelers that circled across the net. (Over than 80% of the jewelry, according to Rapaport)

Art Deco diamond and enamel vanity case by Van Cleef and Arpels 1925

Vintage Jewelry Brands personal ornaments, such as necklaces, rings, or bracelets, that are typically made from or contain jewels and precious metal. [Merriam Webster]

mid-Victorian to modern jewelry made with gold, silver, platinum, and precious stones, including pearl strands. Antique or vintage fine jewelry will stay in your â&#x20AC;&#x153;wardrobeâ&#x20AC;? through many phases of your life.

Platinum, Onyx, Rock Crystal and Diamond Pendant-Watch, Georges Fouquet, France, c. 1915.

a name, term, design, symbol, or any other feature that identifies one sellerâ&#x20AC;&#x2122;s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name [American Marketing Association]

History of Jewelry Jewellery was long confused between art and luxury. The confusion of the genres between luxury and contemporary art may seem inevitable. The inspiration of luxury through art was for a long time the fruit of fortuitous encounters and elective affinities. Jewelry is an intensely personal art form, it is worn to look appealing, to enhance and decorate the wearer. It allows the wearer an opportunity to celebrate an occasion or key moment in life and encapsulates the spirit of an emotion forever. Throughout the years, people has worn jewelry to connote status o wealth, being able to cross genders, race and ages. Jewelry has evolved through the centuries according to social and economic factors of the time, as well as luxury. The history of jewellery is long and goes back many years, with many different uses among different cultures around the world. The first signs of jewellery came from the people in Africa crafting shells made into a necklace. The Egyptians preferred the luxury, rarity, and workability of gold over other metals. In conjunction with gold jewellery, Egyptians used coloured glass, along with semi-precious gems. Egyptian designs were most common in Phoenician jewellery. Women wore elaborate gold and silver pieces that were used in ceremonies. Historically, jewelry has been made from a diverse range of materials, from textiles, beads, bone, glass and wood to plastics, precious and semi-precious stones, precious metals and found media.

Pearl and diamond Yoko London 2008

Between the 14-15th, the Renaissance and exploration both had significant advancements and impacts on the development of jewellery in Europe. By the 17th century, increasing exploration and trade led to increased availability of a wide variety of gemstones as well as exposure to the art of other cultures. In 1804, Napoleon Bonaparte, crown Emperor of France, revived the sense of grandeur of jewelry in France. Jewelry began to design suites of matching jewelry set using diamonds. Bijoutiers, working with cheaper materials, were differenced with joailliers, that worked with expensive materials. Romanticism defined the era in keeping with the public’s fascination for the treasures with the birth of archaeology and the love of art. Changing social conditions and the onset of the Industrial Revolution also led to growth of a middle class that wanted and could afford jewellery. As a result, the use of industrial processes, cheaper alloys, and stone substitutes led to the development of paste or costume jewellery. In the United States, this period saw the founding in 1837 of Tiffany & Co. by Charles Lewis Tiffany. In France, Pierre Cartier founded Cartier SA in 1847, while 1884 saw the founding of Bulgari in Italy. Perhaps the grand finalé were the masterful creations of the Russian artist Peter Carl Fabergé whose Fabergé eggs and jewellery pieces are still considered as the epitome of the goldsmith’s art. In the 1890s, jewellers began to explore the potential of the growing Art Nouveau style. Rene Lalique’s revolutionary creations of Art Nouveau jewellery encompassed many distinct features including a focus on the female form, soft organic forms such as flowers, birds and an emphasis on colour, most commonly rendered through the use of enamelling techniques. Around 1910, linear aesthetic from the Arts and Crafts movement was a reaction against the industrial revolution and mass manufacturing practices.

Napoleon Bonaparte Cartier 1805

Growing political tensions, the after-effects of the war, and a reaction against the perceived decadence of the turn of the 20th century led to simpler forms, combined with more effective manufacturing for mass production of high-quality jewellery with a mood for a rigorous and cleancut look. Covering the period of the 1920s and 1930s, the style has become popularly known as Art Deco, among with the cheap, disposable accessories such costumer jeweleries who’s famous jewelry designer Coco Chanel popularized the use of Faux bijoux. . It was epitomized by streamlined forms and simple abstract geometric patterns with the use of colours. Fine jewelry names that typified the era include Cartier, Jean Desires, Boucheron, Joseph Chaumet, Vacheron Constantin and Lacloche Freres. Most modern commercial jewellery continues traditional forms and styles, but designers such as Georg Jensen have widened the concept of wearable art. The advent of new materials in 1940s, such as plastics, sterling silver, and colouring techniques, has led to increased variety in styles. Dior’s bold look used semi-precious stones such as Jade, Opal, Citrine and Topaz. In 1960’s, contemporary jewelry designers such as Elsa Peretti (Tiffany & Co) pioneered America and Europe with the use of industrial metals such as aluminium and stainless steel. In 1980’s, luxury became significance for ordinary consumption of extraordinary persons. The luxury brand became above all signature. Exceptional objects, a production often limited to a single workshop, very short series, an ultra-selective distribution, communication actions as rare as discrete, an international deployment in its beginnings. Influence from other cultural forms is evident with the maximalist baroque-styles and loud colours of fashion designers including Christian Lacroix, Versace and Karl Laferfeld. One example of this is bling-bling style jewellery (in reference to ostentatious displays of heavy gold jewelry worn by hip-hop and rap artists.

Dior High end jewelry collection Art-Deco inspired jewelry piece

From 1980 to 1995, from the symbolic point of view, the luxury item is abandoned in favor of the luxury product, on which all the attentions are mobilized. The products are frequently” over-endowed “with signs of visual recognition of the brand (logo, shapes, materials, colors) in order to reassure customers of the visibility of their purchase. The 90’s trend for more minimalist designers such as Giorgio Armani, Calvin Klein became popular reflecting simplistic mood of the era. Fine jewelry was the sole preserve of classical fine jewelry houses such as Harry Winston and Cartier. Celebratory jewelry such as for love, partnership and births emerged after the Second World War. Between 1995 to 2001, the democratization of luxury is now aimed at a new target, enlarged, younger, not sensitive to its old codes of expression and for which its products are of extraordinary consumption. With the help of Computer-Aided Design, new techniques of production such as 3D printing emerged as well as oriental techniques such as mokume game. With a great variety of services offering this production method, jewellery design becomes accessible to a growing number of creative and luxury conglomerates such as LVMH and mega brands such as Hermes and Louis Vuitton. Artisan jewellery continues to grow as both a hobby and a profession. Titanium becomes stronger and lighter than steel resulting innovative designs.

From 2001 to 2008, the great mix of cultures and genres began. The hour is cross-functional, a new relay of creativity. Designers create pastry, designers create jewellery, artists flirt with fashion, luxury with the mass market. Modern luxury was based on a logic of product offerings, based on the brand, its creations and the vertical relationship, superiority, established by it with its customers. Contemporary luxury is refocused on the customer and his expectations. It certainly does not go so far as to conform to a pure logic of demand. This new luxury is particularly emblematic of a disillusioned contemporary society, having lost its traditional bearings and where the purchase of luxury goods, endowing the present moment with signs of personal accomplishment, appears a powerful antidote against the fear of The future and its uncertainties.

Place Vendome

Where?

Paris, Place Vendome SA

Twenty years ago, luxury was completely family-based in France. Families knew each other and their habits were well established. They would spend summers together in Monte-Carlo and winters in Zermatt. They worked at Place Vendôme, Rue du Faubourg-Saint-Honoré, or Avenue Montaigne. Place Vendôme is a distillation of the notions that bring thousands of tourists a year to Paris: architectural beauty, history, elegance and sophistication. Dominated by the Ritz hotel, the extravagantly vast square is lined with jewellery boutiques. It owes its symmetry to the architect Jules Hardouin-Mansart, who designed its grand facades at the beginning of the 18th century to mask the homes of powerful banking families. At its centre is the Vendôme Column: erected in 1810 by Napoleon, torn down by the Communards – inspired by a later regretful Gustave Courbet – during the insurrection of 1871, and replaced again three years later at the artist’s expense. Today the bronze column’s greenish reflection wavers in the tinted windows of passing black limousines; middle-aged women in Hermès scarves traverse its shadow while walking their tiny dogs.

18 carat Eiffel Tower brooch Ruby, Diamond Maison Boucheron

Rock Crystal and Onyx Sautoir Georges Fouquet, 1925 Christieâ&#x20AC;&#x2122;s

Market Global According to McKinsey, the jewelry market is big (annual sales of €148 billion) but still 10 times smaller than the apparel industry and expect to grow even higher in the coming years (€250 billion by 2020). A fall of 0.4 per cent in the jewelry sales is was due mainly to an exceptionally high level of sales growth in 2013, caused by a ‘gold rush’ into purchases of jewellery following a slump in the international gold price in that year. France France has by far the largest average luxury goods company size at US$5.2 billion. Growth in luxury goods sales by French companies more than doubled in 2014 to 6.7 per cent. Local Today, the jewelry industry is still primarily local. The ten biggest jewelry groups capture a mere 12 percent of the worldwide market, and only two—Cartier and Tiffany & Co.—are in Interbrand’s ranking of the top 100 global brands. The rest of the market consists of strong national retail brands.

Branded jewelry Still a minor compared to the watch industry, the branded jewelry accounts for only 20 percent of the overall jewelry market today growing everyday, representing at 15 million of euros. 2 items on 3 represents non branded businesses (individual family jewelers - personal manufacturing + work with individual gemstone dealers) Fashion jewelry The previously clear-cut boundaries between fine jewelry (characterized by the use of precious metals such as gold and platinum and gemstones) and fashion jewelry (typically made of plated alloys, silver and crystal or semi-precious stones) are starting to blur combining. Antique 1/8 of jewelry market is being used or worn by consumers, the other 7/8 is in stock, too old to be used and lost in trends.

1 JAR

WHY customers seeks another life for their jewelry? 25

Individual

- Renew Jewelry box - Dead - Change Consultant Gemologist ISA

REA- Missing stones - Old fashioned - Broken

first estima-

Market estate

Online Jeweler

Black market

retail

Company

TRANSMIT

What you have and what itâ&#x20AC;&#x2122;s worth?

- Private / Public / Internet - National / International

vendors

Auctions Lots

Second and third estimation

Lots

CERTIFICATE = proof of quality - Fix jeweler - Clean - Authenticity

Online Offline

EXCHANGE

GOAL

Private Public Sales Individual

Investors

Wear Gift

C Retrieve

Investment

Sell to C

Company - CREATE heritage - REFINE metals + use stones - REFURNISH + sell

Collection

Figure 1 How an auction house works?

Where people sell vintage jewelry? Today’s special: The royal queen Elizabeth necklace designed by Tiffany & co was bought at the Geneva’s Sotheby’s auction sale and was sold to a major Chinese investor for about 4 millions $. What’s behind the scenes auction houses? People or companies usually sell their vintage inventory because of many reasons: after a death of a person, a changing role, redesign purpose, gain money and many more… Costume jewelry started during the boom of fashion in the 1930s and grew a lot. Vintage costume jewelry is now in demand and there are several options when looking to sell for money: yard and garage sales, online sales, fair, auctions and Antique Dealers, Vintage boutiques or Flea Markets. The quality of the inventory can depend according to many time factors: erosion, missing stones, trend no long fashionable, broken or missing parts… Consumers generally estimate, based on multiple criteria, their used fine jewelry, watches and loose gemstones at local, national or international jeweler, private auction houses or even public ones using online tools. A first price estimation is set through basic examination and a certificate of authenticity is provided if needed. Many factors affect an object’s current market value, from fashion trends to provenance — a piece’s previous owners, the experts say. A piece owned by someone famous, or with a historical association, may have much greater value than an equal piece with no such back story.

Experts in the field agreed that before someone even considers selling a jewelry at auction or to a local retailer, that sellers should research and try to determine its current value. A trained professional certified can help in this case. Over 98% of the stones available today in the market have been heated to improve their natural color. When trusting your eye is not an option, receipts and appraisals or even certificates may be your best luck. Luckily, laboratory organizations such as GIA and Gubelin are another option for buyers seeking additional assurance. “People tend to underestimate jewelry prices and expectations of what their jewelry is worth plus people tend to think too much then gets un-interested to find the new buyer themselves then give it to a local jeweler or a local auction house that will take care of most of the steps.” (Laurence Graff) Gary Shuler, director of the jewelry department at Sotheby’s in New York, agreed that most people don’t understand the difference between the real price and the appraised value. “We might get half to one-third to even one-quarter of what you’ve had the item appraised for,” he said. “Everyone has an inflated idea of the value of their possessions.” “Every now and then, we also see jewels and stones that could well be worth a lot of money but if the style is not suited for a certain market or geographic region, it may be difficult to sell,” Mr. Kadakia said. One strength of online estimations is that tools can boost personal knowledge and a vast introduction to the gemstone and diamond world. Short courses are also provided from vintage dealers, jeweler and gemstone labs to boost knowledge of customers and go beyond on customer satisfaction.

After this first evaluation, jewelries are generally gathered around lots according to quality and price points. Most of the times, when a branded jewelry piece is found and estimated above to 10.000$, these pieces of jewelry and watches are put together and sent directly to private auction houses including major international auction houses.

White and yellow gold Brooche, onyx, laque, diamants by George Fouquet 1925

After several estimations and authentic proofs, the jewelry are gathered and sent to private or public sales according to the value and quality. Nowadays, with the boost of technology, both private and public auction houses use online bidding tools to wider their customer. Customers of vintage inventory can be very wide: From investors to individuals to even companies. • Investors usually buy jewelry as long term investments, either to create a personal or public collection, or even sell it to other customers. These customers are called “dial customers” as they are distant. • Individuals sometimes gather strength to buy jewelry at auctions houses sales either to retrieve their pieces, to simply wear or even as gifts. Lastly, companies are usually interested in buying vintage inventory (could also include retrieving their own jewelry pieces) either for inspiration, copyright laws or even to create a brand patrimoine, which usually happens to boost the brand image. Christie’s and Sotheby’s, the 2 largest auction houses sell jewelry to many jewelers and gem dealers, investors since a decade now, now more often private buyers and even targeting aggressively retailers’ prime customers through advertising, mail promotions, expensive catalogs and seminars. Their combined yearly jewelry sales volume is estimated to $500 million. Local antique shops take a high risk in trading second-hand diamond jewellery. When they buy, they have two options: disassemble the jewellery piece and sell its component for reprocessing, or hoping for a customer to walk in, like the product, and buy it.

Problems Auction houses may be the most traditional and safest place to buy jewelries. Recently, studies conducted by Druot have been a major proof of the decrease of the second hand jewelry sales in most auction houses and an increase of new purchase at high-end houses. Auction houses have recently shifted their major goal of providing vintage jewelry and watches pieces. Rather than today, about one third of all jewelry in major auctions – including the majority of larger loose diamonds and many big necklaces and earrings – are new pieces from dealers and manufacturers. The Christie’s NYC chief advisor confirmed that they are developing a strategy to increase volume and grow. They are using newly manufactured pieces to wider their clientele and compete with big jewelry houses around the world. Jodi Kaplan, vice president of fine fashion jewelry at Bergdorf Goodman confirmed that with vintage jewelry, the customer tends to approach the product as an investor rather than a consumer considering it as a beautiful object, that could be appreciated over time and get as much as money as it can get in a longer term.

Figure 2 Selling your jewelry Online vs Offline

The traditional purpose of an auction house is to sell an item for a confider, who sets a minimum price called a “reserve.” Auction houses don’t disclose the reserve because they wish to get the highest price possible. They do publish an estimate (provided generally by jewelers, professionals and gem labs) and rather higher the price according to the demand. Modern brands use major auction houses as a un-parallel store to increase sales and profit, but also to brand themselves (co-branding) Jewelry made during the wealthy times of the 1920s and 1930s by international jewelry conglomerates such as Van Cleef & Arpels, Tiffany and Cartier often attract bids at least 60% higher than similar pieces without famous signatures backing them off. Buyers are usually attracted to the outstanding stone proposed in auction houses rather than the design itself (even if auction houses use the design as a value strength) While there are no reliable figures of their share of large gemstone sales, for more than over than two decades, the auctions have been a major competitor to the world’s leading jewelry houses such as Cartier, Harry Winston, and Van Cleef & Arpels. Auction Houses influence and even control the market prices for diamond and colored stones (in both demand, consumer sentiment and price). On the other end, fine jewelry houses use auction houses as a source for large stones as well as their own historic pieces. Dealers who had previously supplied now want to put their best pieces at auction. Sotheby’s and Christie’s began engaging in more direct competition with retailers by setting up departments to sell large diamonds and major jewelry pieces directly to clients, outside of the auction process

Asian citizens are enjoying their rising wealth after a strong growth in 1980 with the lead of Japan, strong growth in South Korea, Thailand, Taiwan and Singapore. As a result, Asian investors are becoming buyers of jewelry across major auctions. China has become a leading buyer of fancy-color diamonds, top gemstones along with traditional European jewelry. HK is Christie’s leading jewelry revenue with annual sale $163 million – 18% of all Christie’s revenue (2010) More and more often, counterfeit products have been circulating the auction houses as replica of the real designs. Cartier is the most copied jewelry brand but is aware of the number of bogus pieces bearing the name moving around major auction houses. Much of the costume jewelry in existence in the market was crafted from precious metals, and items made of low-cost materials were constructed to imitate the real thing. People take a no-name jewelry from the 1920s and 1930s and either engrave Cartier’s name on it or assemble jewelry from a small piece with an authentic Cartier stamp, in hopes of getting the high luxury brands can bring. For example, when Antiquorum, a Swiss auction auction house, and Tajan of Paris teamed to prepare an all-Cartier auction in November 2016, Cartier’s employees looked at more than 1,000 pieces considered for the sale and worked closely to be certain every pieces in the sale was completely authentic and original. They found many fakes. Cartier is bringing first hand awareness to the counterfeit products.

The rise of number of UWNI (their prosper wealth combined with price speculation) is currently at a rise (in emerging countries – Rus- Gold, Ename, mother-of-pearl Vanity case sia, China, Middle East) with an increased of Black Starr & Frost with the Russian craftsman Vladi48% during the 2000s. mir Makovsky

1925

B2C or B2B? Auction houses draw themselves as companies dealing both with end consumers and other companies in the market. This is why we can call their transactions to be dealing both sides internally and externally influencing their way of working, making a simple sale a much complicated one. • First, Auction houses deal with end customers providing a specific need, from virtual to real one-to-one transactions. During a sale, consumers, having already picked their products needs and wants, bid to “fight” with each other in order to get the best products for the best price in the best circumstances. Consumers can go further in the process hiring multiple buyers on their name. They are called “caller ID”. • Second, Auction houses deal with companies internally, before the process of an actual auction sale. Using consultants, gemologist, vintage specialists, jewelers and many more, Auction houses use many external knowledgeable people and companies to estimate jewelries value, to certify authenticity and to finally finish the transaction to the end consumers. The process may take long but worth waiting in few of the cases due to taxation. • Third, Auction houses deal with companies externally, at an end selling point. Auction houses work closely with many big jewelry firms, dealers of gemstones and diamonds and most importantly with investors. Using the firms as a back-up plan, Auction houses control the luxury market setting their own prices and trends making a dramatic effect on the overall market influencing the sales.

Ring Sold in Sotheby’s Auctions The Pink Star 59.60 carats fancy vivid pink diamond estimated for $83.2 million

Boucheron vintage ad

Internet is influencing Second-hand jewellery is not actually a very lucrative business

Figure 3 Internet based companies investing on online sales of jewelry and antiques As global luxury e-commerce comes to a growing point, McKinsey & Company expects the luxury’s share of online sales to double, from 6% to 12% by 2020, and for 18% of luxury sales to be made online by 2025. That would make e-commerce luxury sales worth around $79 billion annually. According to a report from Bain & Company, the online resale industry is expected to grow at an annual rate of 16.4% which is high already. Second-hand jewellery is often not a very lucrative business. Both Christies and Sotheby’s play a leading role in providing the world of collectors and all interested people with the most extraordinary pieces of art and jewellery (In 2014, $750 million jewelry sales in Christies versus $603 million for Sotheby’s) thereby sharing and passing on hundreds of years of history. These two auction houses are investing more and more funds on their online database and archives, even providing online bidding tools to wider their their customer targets.

Hair comb; horn and pearl by Paul Gabriel LIENARD 1900

1stdibs CEO David Rosenblatt confirms that his online bidding platforms is increasing profit in the recent growing years. – The CEO got the idea after a broken engagement, when he realized that the returning price for his diamond ring he bought for his fiancée was only one-third of its original value. 1stbids is a service that connects heartbroken fiancés willing to get rid of an expensive ring with those who instead are looking to buy one at bargain ingprice.

Implementing some anti-fraud measures are supposed to curb the problem, but while they are effective in blatant fraud cases (plated metal sold as gold, or zircons as diamonds), they are rather powerless in situations where the quality of the product falls just below expectations. Second-hand jewellery looks like an old hat in the business. For decades pawnshops, as well as several local retailers, have been offering to buy back engagement rings from consumers throughout internet internationalizing their businesses. And for those who would rather sell their jewellery on the internet, the United States offer plenty of options, from Ebay to Craigslist. A major problem of these websites are generally the reliability of sellers comparing them to untraditional retailing having no knowledge in the Jewelry value, have more fraud backstories and more often control the sales profit.

Consumers are becoming more comfortable shopping online, which will add to the growth of e-commerce of jewelry sales. By coming up with innovative ways, jewellers are capitalizing on the opportunity in this market, from personalization to assistance to home trial options, to address consumers’ complains. The easiest thing to do nowadays is trading jewelry online, due to a development of new e-trading platforms. On the internet, the flow of visitors is three times higher than in any retail store and this increases the chances of finding a buyer to ask for higher prices. But while internet is a tempting option for sellers, buyers are usually more wary. Consumer-to-consumer online services have the advantage of offering a wide range of products at lower prices, but they do not offer much in terms of guarantees. Customers are not allowed to see the product before buying it and do not have access to an original certificate. Since there is no independent expert me- Gold Emerald and Diamond Art Deco ring diating between the parties, buyers can by O.J. Perrin rely only on the seller’s good faith. 1930

Figure 4 Charts of the effect that counterfeit products has on the jewlery market

Sapphire and colored diamond brooch By Oscar Herman & Brothers Sold by Christieâ&#x20AC;&#x2122;s unknown date

CONCLUSION 1 WHY customers seeks another life for their jewelry?

Coral, Gold and Diamond Brooche by Nardi for Cartier 1950

Long before marketed by DeBeers in 1948, diamonds and jewelry are suppose to be forever, lasting many generations. But trends change, people too. People want to wear their high-end luxury products for more than one occasion, wanting to renew their jewelry box due to their status appeal. Consumers are more and more seeking for a renew in their life, from everyday fashion items to a more higher end product such as jewelry and watches. When consumers are certain to sell their jewelry (because of any specific reason), consumers have many choices to sell their piece of jewelry as stated beforehand, from traditional auction houses to smaller jeweler and internet sources. We already saw that selling it to an auction house, even considered the safest place buy jewelry and art, is already a long process and usually not worth waiting as the jewelry piece would end up in the hands of non jewelry expert or wouldn’t be appreciated in the same way. But, major auction houses located around the world drive many prices up destroying the term of “pleasure” and creating the aspect of an “investment” notably in Asia. As any nowadays businesses, it is well marketed and well consumer driven forgetting the sense of luxury craftsmanship and heritage. Internet developed few years back and is been increasing driving more informations accessible to a wider collective of hungry consumers. Unfortunately, internet has been driving customers away of the antique jewelry as the e-commerce has been more and more a big platform where everything could be found in any quality, real or fake for any people.

2 12.96 carats and cushion-shaped, circular-cut and rose diamonds late 19th century unknown designer

Is Vintage considered luxury? « Malheureusement, beaucoup de pièces ont été défaites et refaites, car pendant longtemps quand un client se lassait d’un bijou, il le faisait remonter. Sans parler des périodes de guerres ou de révolutions pendant lesquelles les gens ne sauvent que les pierres et les arrachent à leur monture qui est fondue » Nathalie de Place

What is luxury today? “Luxury sets the price, price does not set luxury.” The luxury strategy intends at creating the highest end brand value and pricing power by leveraging all intangible elements such as time, heritage, country of origin, craftsmanship, prestigious clients, etc. The uniqueness of any luxury business is what counts, not being a competitor of anybody. Luxury is the expression of an aftertaste, of a creative identity. It is a unique identity that gives a brand that powerful feeling of timelessness, and the necessary authenticity that helps give an impression of perpetuation and permanence..

The rise of financial inequalities and the new quest for meaning of individuals have resulted in a growing sophistication of the relationship between luxury brands and their clienteles along with the consecration of the multipolarity of the market and the advent of the digital experience of luxury. The desire to consume, the search for the pleasures linked to the excitement of the purchase are still current. The main luxury brands respond to this sensitivity of their clientele for environmental issues by multiplying the risk prevention programs inherent in their business. Extraction of gold, origin of diamonds, origin of exotic peausseries, ecological footprint of the value chain, leather tanning, wastewater circuit of crystal ... Green became suddenly good and awareness to waste was starting to direct people’s wants and needs.

‘Service is the future of luxury,’ says Emmanuel Isaia, personal shopper and author of the blog Luxemode. The customer of contemporary luxury wants to be recognized by the brand no longer as an undifferentiated member of a community of buyers, but as a distinguished individual of his fellows. Client are also impatient and, more than ever, in search of novelty, surprise and unexpected to testify of his personal accomplishment. This customer wants to go beyond the expression of the constant part of his identity, the same which in the past encouraged him to display the logos and distinctive signs guaranteeing identification by his peers. Modern brands build their business on the cultural language and direct relationship with their everyday customer and this makes a brand excell. “Time is a modern luxury of its own.”

Under pain of disappointing customers, the brand is now faced with the obligation to step back from its own identity codes. Transgression: The absolute coherence of the identity of the brand, its spatial and temporal manifestations is no longer in phase with the new consumer ... Consequently, the luxury brand must accept the multiplicity in space, Ephemeral in time, and the contradiction in identity. It integrates the otherness, the external environment and therefore the many influences that this ambient environment exerts on it. These are indeed indispensable, both to seduce the customer and to retain loyalty in the long term. At the beginning of 2010, in a remarkable overall unity, most of the leading luxury brands are indeed turning their backs on their classic years, while at the same time giving the impression of rediscovering the incomparable artisanal heritage, they bequeathed them. Having less guilt of spending, new consumer needs are developed by new kind of clients. In 2001, Don Ziccardi conducted a research group that confirmed emerging new consumer behaviors in France that were spending more money on luxury. He identified 3 main groups of people: • Millennials, drawn by the internet era. • “Old money people”: These people have already been inherited by past generation and the standard of living is supstancially higher than their salary of their more often mediocre works. • “New money people”: they work hard, they care more about money and know better the value for what they are paying for. They buy affective (pleasure) and aesthetic content in purchased products, value intangible elements (sophistication of store, opportunity to meet people, experiential and sensorial, affective advertising = mood of surprise, value shape of product, consumers eclectic = different than the crowd but still belong to a group and be rewarded, hedonistic values = own pleasure before everybody else, functional elements, cultural values .

Yellow Gold Textured Wire set with Diamonds Brooches / Pendants ‘Fan’ Brooch Andrew Grima 2014

“It costs more to get a new customer than to keep an existing one.” It indeed “costs more to get a new customer than to keep an existing one.” One of the most famous anti-law of luxury drawn down by JN Kapferer is to communicate to those whom you are not targeting specifically to gain market. In modern luxury, if somebody is looking at somebody else and fails to recognize the brand, part of its value is lost. It is essential to spread brand awareness beyond the target group, but in a very positive way– brand awareness is not enough in luxury; it has to be prestigious. To successfully target these new buyers, luxury brands need to assemble their values and turn them into modern culture. Just like old luxury aficionado, modern taste-aware audiences develop a strong point of view, compelling beliefs and convincing values. If they fall in love with a luxury item in the process, all the better. For search of new ways to differentiate themself, the focus of the brand-customer relationship in luxury is now extending beyond pre-purchase encounters and shopping experiences to develop the after the sale. The main goal of modern luxury brands is to achieve a loyal customer relationship: customer satisfaction with both the product and the service provided; communicating brand values and new product in a more unique and personal way; and working sensitively and efficiently to solve any issues. Considering each customer as part of the extended family of the brand will support ongoing communications. Planning a communications strategy that differentiates existing customers, right down to a personal level

Beyond the simple interaction with the clients, the dream that slowly becomes materialized by a branded product sale, customers need to be served beyond the purchase of this product. The customer experience is commensurate with what the customer has come to expect from them. “From a client point of view, value is derived each time a luxury product is used, or a service memory emerges” Multiple aspects comes in mind: the branding role that builds expectation and reassures clients in process of the sales. Customers need to feel importance with guarantees. Well informed clients and the understand of the values of the brand are key to success. A store location could also lead to good recommendation. Beyond that, after-sale services interface to enable clients to track in real time interventions that may be lengthly due to the model’s complexity. Take good aftercare that requires lots of resourcing, with strong personal service require to make better decisions on a personal customer level so that if any mistakes happen, such complaints can be turned into success stories instead. Economics suggests that with increasing price, the demand curve slopes downwards. The quantity demanded decreases. In contrast to traditional demand-based marketing, luxury is supply-based.

Depending on the style and quality of the product, one sets the price based on the market perception, the amount of time and resources, and the related costs it takes to produce the product. The more it is perceived by the client to be a luxury, the higher the price it can fetch. Thus luxury economics is counterintuitive. Luxury goods are known to experience the Veblen e ect, wherein the rising prices fuel demand for the product.

Figure 5 Buying habits of every jewelry piece

From Kapfererâ&#x20AC;&#x2122;s point of view, the luxurious goods have rather inelastic demand. People buying such products are not people who would purchase more golden watches/sable coats/necklaces etc. if these products become cheaper. (Not to mention that possible price reduction could harm the brand.) The price of these products works as the sign of their ownerÂ´s social status. In the other side, higher price of these products refers to an exclusivity and a higher value of luxury.

Why do people buy antique jewelry? Before understanding why people actually buy antique jewelry, we need to understand basics of sales consumer behavior. Traditionally, jewelry has been purchased by man for woman for occasions such as engagement - Commemorate life cycle events (wedding), as presents - to ensure access but bypass engagement or even to make amends for bad behavior (“Dear, i am so sorry”) Rarely, impulse purchase were actually made through as jewelry was perceived a rarity luxury and more of a pleasure during time of war. Jewelry differentiate people that denote wealth, power, class and status. “I am different from the rest of you” was more than a statement that differentiate themselves of others to create an “individualism war”. Jewelry was more than an ornamentation. Image is indeed everything that showed a lack of self esteem to draw attention/away to a body part. Traditionally, woman tend to more care about how they look, men pleasure themselves by what they can do. Later on, “retail therapy” was a used to actually relieve stress, celebrate or improve their mood. Jewelry becomes a discretionnary goods. The “Wow” factor to buying something that is more than premium was essential for their happy moods. In nowadays time, jewelry, as well as other luxury items, has gained a sentimental value. It is all about being modern, being trendy at the same time. The “hyperbole effect” suggested the power of the marketing as a poetry tool to capture attention and tickle imagination that seduces consumers (with emotional message) to generally make a good first impression, Look professional / expensive, be admired and respected

Emerald and diamond brooch Boucheron 1993

Egyptian Revival gold, scarab, enamel, diamond and lava stone necklace/ brooch Maison Auger 1900

Jewelry is most of the time a blind product (consumers have little product knowledge, brands can help create confidence with shoppers (high quality = long lasting)) Coming back to the main question: Why do people buy antique jewelry? According to studies, jewelry has been a long-term investment tool - as jewelry values according to time - for auction buyers as well as art and historical products. In fact, Kapferer states that jewelry is not an investment (stock, bond, home or saving account) but rather an emotional investment to â&#x20AC;&#x153;preserve the memory of a life cycle milestone eventâ&#x20AC;?. For the same reasons that actually buying a jewelry piece, antique jewelry has been proven to add sentimental value, create status even more than traditional jewelry and to differentiate people from another. Moreover, as it is usually the case, and we will prove that point further more in the thesis research, antique jewelry gain price over time and could value more than the original price. But, moreover being a adding value in your wardrobe, a main question comes in the mindset of most luxury buyers: Sustainable jewelry. Indeed, green matters along with social awareness. Many studies conducted by Bain & Co shows that the antique jewelry market has gained confidence in sales since many years drawing people to become more attracted.

Jewelry = Art ? Belle Epoque gold, 150 carats emerald and 10 carats diamond pendant Russian 1900

Lee Siegelson, owner of Siegelson, a Manhattan-based jeweler says that International markets such as Russia and Middle East are looking to collect jewelry starting to appreciate jewelry as an art. Luxury brands are becoming cultural conglomerates with a strong educational taste. This is why it grazes so much with avant-garde art. Luxury brands should not aim at being popular (that is to say, liked by everybody today), but instead aim at setting the long lasting standards of future generations to come. Luxury brands must surprise the customer, bringing something he/she was not expecting at all. What luxury sells is excitement, new territories. You may be protesting at this point that museums are not luxury brands. But they are competing for a luxury in the lives of many people: leisure time. More specifically, they are competing for the tiny window of time that many adults set aside for self-improvement – for the acquisition of knowledge. One of the reasons that many consumers compulsively visit modern museums whenever they visit a new city center is that they want to take away something more valuable than a high-end fashion item or the memory of an expensive meal. It is called ‘constructive chilling’, an activity that ‘allows visitors to do something worthwhile and relax at the same time’. Art has been drawn to attention to many studies in the past, notably from Hegel in 1979. Art may have a sentimental value but also creates pleasure in people’s mindset.

Philosophically, the work of art offers itself to sensibility, but is “a sensible thing which is at the same time essentially destined for the mind.” Moreover, Hegel’s art would be a step in the realization of truth through history. One can understand why originality is one of the marks of artistic production or, at least, of brilliant creations in art. But we also understand why this originality is not a mere fantasy or a delirium. “Genius is the talent for giving rules to art,” writes Kant. Russell Zelenetz confirms in an article that old jewelry is undervalued as an art piece. Similar to art, antique jewelry has been undervalued to an extend that consumers replace their antique jewelry for money without actually noticing what they actually have in their hands. To fight that, consumers needs professional advice and of course understand what they actually own before making any decisions. Also, similarly to art philosophy, a high-end jewelry piece should be admired and contemplated by both the wearer (the owner if talked about art) and the admirer.

Asia influencing In Japan, jewelry owners are exchanging jewels and gold for big amount of cash and are shipping them off to buyers in nearby countries (China and India). They want to spend money for travelling rather than wearing a diamond ring for just one dinner. For some people, cashing goods in means getting rid of unneeded things to lead a simpler life, a concept known as “danshari”. As the population shrinks and the number of retirees grows, Japan is seeing the market for second-hand goods expand as people unload luxury items acquired during the boom years. Swapping gems for yen also dovetails with Prime Minister Shinzo Abe’s plan to encourage more shopping and less saving, as the government tries to revive an economy still recovering from the implosion of the bubble economy in the early 1990s. Some are selling inherited jewelry or practicing “shukatsu” — preparing for one’s own death, said Shuzo Takamura, executive director of the Japan Re-Jewelry Council.

The number of approved dealers who trade second-hand precious metals, jewelry, clothes and other goods has increased 23 percent over the past decade in modern Asia according to data from the National Police Agency. Over the same period, Komehyo, founded in the city of Nagoya in 1947, expanded to 24 stores from just five. Japan’s diamond exports in the first four months of 2015 jumped 77 percent to 38,032 carats from the same period the previous year, the highest since 2007, and the value more than doubled to a record ¥3.01 billion, ministry data going back to 1988 show. India and Hong Kong were the top buyers in terms of volume, each accounting for about one-third of the total.

B.zero1 ring in 18-carat yellow and pink gold Bulgari revisited by Zaha Hadid in 2014

Story behind Bulgari’s iconic B.zero1 ring Its iconic spiral is a metaphor for the triumphant harmony of past, present and future. First released in 1999 and later on revisited by the brand for the 2016 launch, the B.Zero1 is one of the most iconic jewelry piece revisited by archives, homaged to Bulgari’s ancient Greek and Roman heritage. In 2010, the artist and sculptor Anish Kapoor was asked to create a new iteration of the B.zero1 to commemorate the ring’s 10th anniversary. The new B.zero1 is an example that Bulgari is able to seamlessly blend respect for history and aesthetic values with innovative techniques. The use of marble (from the ancient Greek word meaning “shining stone”) as a material tribute that morphs an ancient stone long associated with enduring luxury and sculptural beauty with the modernity and industrial lines of the B.zero1.

B.zero1 ring in 18-carat pink gold & marble Bulgari revisited by Anish Kapoor in 2010

How companies archives jewelries?

“With one foot in the past and one foot in the future”

There are many ways to keep track with the history of luxury brands and their archives pieces designed specifically for past clients. Companies usually track their pieces spread around their past clients found on their sources, rebuy their stock through auction houses and private jewelry sales. Big companies such as Cartier and Bulgari have the tendency to archive drawings to use them in future collections inspired by past forms and époques. Museums are usually a good tool to market themselves and is organized by the “directeur of patrimoine”. Cartier and Van Cleef are among the best to organise exhibitions around the globe. In appendix, you can find the section of “museums and case studies” that will relate some examples of famous exhibitions.

Movies is also a good way of showcasing some good brand using them on film cast costumes. Usually, the pieces showcased are retouched and revisited to showcase the coming back of the heritage of brands. A section on movies in the appendix is also here to guideline. Unfortunately, a study has been conducted by BCG has proved that art in museums are 3 times more famous than pure jewelry or watches exhibitions. The only reason is that people have more knowledge due to education. People appreciate more and relate more to an old art piece than a high-end jewelry piece as understanding the origin of stones and the industry is quite new to public.

Why people visit Museums? Get inspire... • • • • • • • • •

Get more happy: Experiences are greater than material goods Get smarter by learning something new (informal informations that you take away) Create a community of passionates (active part of the community) Interact: take part of your history: Artefacts are a portal of the past Inspire by archives to draw the future Create a community involvement by social improvements Great day to spend outside of the house Support to inspire further Museum are everywhere, for everyone anytime`

Egyptian-Revival Jeweled Fan Brooch Cartier, London 1923

Chinese Investors hitting the market !

Since many years now, investment groups or individuals conaisseurs from all accross the globe have cross-pathed with auction houses to get in touch with the best jewelry pieces. 90% of the auction houses have been vanished and bought in the late 2010’s according to Christies report. It has been said that most of the investments come from asian and middle eastern countries specially China and Japan being in the top 5 of the list.

During the Biennale des Antiquaires in Paris, more and more jewelry brands (such as G Spiro, Boghossian Jewels) are starting to showcase their antique jewelry archives as a marketing tool. A branding that is working since decades now but only adaptable now: showing of the brand heritage and connection with the past.

Gold, diamond and fire opal brooch/pendant 1970 by Andrew Grima.

CONCLUSION 2 Is Vintage considered luxury? Luxury today has been developed a lot. It is all about creating emotions through experience and prime craftmanships to relate to a â&#x20AC;&#x153;foreverâ&#x20AC;? feeling. People buy antique jewelry either to regain a sentimental value, to wear it or as an investment as economy fluctuates prices of jewelry and gold. Old items are generally undervalued due to trends and economy. Old jewelry is indeed a section of art as people are sensible with beauty and the precious value of jewelry metals and stones.

A vintage chalcedony, cultured pearl and natural pearl brooch Suzanne Belperron 1955

Asian investors has been all over the world buying antique goods varying from art, jewelry, designs and wineries. It is considered a threat to many luxurious brands as skills are being learned faster and faster and been copied from centuries now.

3 Trombino ring by Bulgari, 1971 Platinum, sapphire, diamonds. Photo c/o Christieâ&#x20AC;&#x2122;s

Why should companies invest in vintage? Dans la joaillerie d’aujourd’hui, le passé est très présent. Il ne faut y voir aucune nostalgie, au contraire, il opère comme un dopant. Connaître et faire connaître son histoire n’a jamais été aussi important. Les marques multiplient les beaux livres, les expositions dans les musées comme dans leurs boutiques, tout en donnant de plus en plus de moyens à leur service « Patrimoine ».

How much value they can get

Where they were made Who made them Who used them How they were used

Stones/ Metals

Material

Desire

Real Price

Workmanship

Continuity of the History of brand Brand Awareness Savoir-Faire Market Demand

Laws Economy

Label

Show off

Past

Vintage Jewelry Brand

Dream

Fake

Material

Pleasure Reassurance Confidence

Time

Trend

Immaterial = unit of pricing = accumulated generaltion “Older the better” “more modern, innovative”

Personal Actual

Future

UP Regional local brands and bargain Apparel Jewelry Branded Online Sales Innovative Targeting newcomers

- Pleasure to take care - Emotions “Jewelry is weighted with meaning” - How to remember them - Connect to (contextual meaning) Imperfections

EXPERIENCE = experiential ownership

Figure 6 Breakthrough of the value chain of a Branded jewelry piece

A diamond, 18K gold and jade Feuille brooch by Suzanne Belperron 1934 “Jewellery is weighted with meaning. It doesn’t matter what it is, there is likely to be some sentimental or emotional reason you wear a particular thing – in my case, I wear my mother’s wedding ring on my right hand, and a battered, misshapen silver thumb ring, bought for me by my youngest daughter with her 50p pocket money. I’ve also lost other pieces over the years – a gold chain and dragonfly pendant that belonged to my great-grandmother (a mugging), and my grandmother’s gold watch, which fell off my wrist, disappeared into the vacuum cleaner and emerged in bits. I’ve sold other pieces – my wedding and engagement rings and a gold brooch, when we needed a new roof over our heads post-divorce – but I remember them all. And that’s the other thing. While there is some jewellery somewhere, there is a sense, however small, that things will probably, somehow, be all right. I wince when I see people parting with jewellery to raise cash because I know how that feels. It hurts.“

ECONOMY OF SALES

Boghossian Jewels

Depending on the style and quality of the product, jewelry brands set the price based on the market perception, the amount of time and resources, and the related costs it takes to produce the piece. The more it is perceived by the client to be a luxury, the higher the price it can reach. Luxury goods are known to experience the “Veblen effect”, wherein the rising prices fuel demand for the product, and so is the cost of the manufacturing, distribution and service proposed. Although everyday luxury items such as jewelry are still valuable needs for consumers, this is met with debate by certain curators. Pierre Berge, Yves Saint Laurent’s lover, business partner and now patron of the arts , says: “What we call luxe today is just ridiculous. A handbag that a woman takes with her all over the place — to a grocery store, through the airport — I cannot imagine how that can be considered luxury.” (Source: NY Times)

material The perceived customer value is the main reason why consumers tend to pay a relatively higher price for a luxury item compared to the functional utility that they decide to pay for it. The symbolic or aesthetic utility to the price ratio is considerably higher for any luxury good specifically jewelry than the utility value of the good itself. It implies that buyers infer a status of self-satisfaction or a capacity to express their own styles from luxury items consumption, that become the main reason why the value they pay for it is much higher. Real Price The value of precious metals/stones generally shows a small fraction of the retail price that stores or companies sell in their own retail, wholesale department. When customer walks in a jewelry store, clients are looking at how much value they get and at what price. Two main factors come in customers mindsets: Rarity and the price of the stones and the actual manufacturing cost. Rarity Many labs and organizations such as the Rapaport (for diamonds) are engaged to set a price limit to gemstone and diamond dealing considering many factors such the criteries of the gemstones, rarity, where they came from, how a particular color was formed and what are its distinguishing qualities. Rarity illuminates the notion of desire; it validates the idea that something is unique, special and somehow worthy of the term luxury. This is why limited editions are created: limited supply (plus great design, excellent quality and/or spectacular marketing) can create a frenzied sort of demand and support a premium price.

A Victorian 42 carats aquamarine and 2.88cts diamond choker, strung on five rows of fresh water cultured pearls. The five rows of fresh water cultured pearls lead to an 18ct white gold side slide clasp.

Manufacturing cost Manufacturing cost can’t be over-margined by companies as real handwork is charged by hours or by ounce of metals. The process is generally shorter and shorter using technological advances to accelerate the process of metalworking, setting and polishing. “We still want to know the face behind the creation”. If we know the thought process, the inspiration, the philosophy of the creator, customers tend to more fully engage with the product and relate to it personally. It is very relevant to look at the inspiration of a design and its historical context as jewellery is such a visible part of decorative arts and socialogical history. Curators think people should know that, for example, a new design from Cartier was in fact inspired by an archive illustration taken from the last century. To summarize, storytelling is an important part of writing about jewellery, generally used as a marketing tool for the brands. No jewelry design is created in isolation and artisans love to share their sources of inspiration. Label = Brand The power of marketing creates the “want” of any luxury product desirable enough for people to actually spend that kind of money on it. Millennial luxurians are using their online reputation, their vast social media audiences and global networks, as a form of trading currency to obtain services and products from brands. “They become labels that can significantly hike its selling price” (Bonhams, 2008)

NEW VALUE ECONOMY

Wealth-X states that the notion of luxury is shifting from permanent, physical object possession to intangible experiential luxury â&#x20AC;&#x201C; a change which has put luxuryâ&#x20AC;&#x2122;s traditional values at risk of revolution. In sociology, post-materialism is the transformation of individual values from materialistic, physical, and economical to new individual values of autonomy and self-expression, transcient values.

immaterial Sentiment Jewels combine art, sentiment, and the hope that they will be still existing effects in a future wear. Storytelling (pleasure, emotions) Storytelling is telling tales to the customers. Storytelling has been for many years now one of the most important aspect of the jewelry business notably for Cartier. Each aspects has to be studied carefully in details in order to be consequent in the long run and build trust among customers and companies. People love continuity and the fact that, for example, the same family has run the jewellery atelier in Paris for three and more generations. It gives a sense of permanence and validity of excellence. Of course, storytelling draw price go up creating a deeper meaning, a dream come trueâ&#x20AC;Ś Jewelry creates an intimate link between the giver and and the wearer . Dream Jewelry is a luxury item where people attach their dreams and memories to. Much of what is truly luxurious costs nothing at all or so little in monetary terms that it is not even worth mentioning [luxury brands are exclusively marketed through messages meant to make the consumer dream of a different world] Consumers generally personalise jewelry bringing new meaning to their purchase so that no one have the possibility to wear the same thing. People are looking for something enduring that is beautifully conceived and created, be it a watch or a jewel. An object that gives pleasure, reassurance, or confidence each time it is worn.

Experience Experiential luxury is a one-time event and is unrepeatable. This makes the moment of experience ever more important Status: It is obvious that the term ‘luxury‘ implies a high level of quality, which we also understand is subjective. However, most of the value that sets one brand apart from another, in terms of luxury, is immaterial. That is, to say the symbolic properties that are related to identity, whether through self-identity or through status and group-membership. Fashion itself is centered around this concept: beyond clothing ourselves for protection, what we wear is on some level an indication of who we are or who we aspire to be. Time: Wealthy consumers will increasingly view time as a commodity to be hoarded and savoured, while wrestling with the fact that the very process of asset accumulation often robs them of the chance to share it with those that they love. Something that speaks to you year after year, even generation after generation. And of course we don’t need any of these things, but we treasure them, on whatever scale we can, from modest to hugely extravagant. Treasuring something is an inherent part of our nature. “It makes sense to me, because stones often change colour slightly after you’ve worn them for a while. They’re nourished by the personality of the wearer.” Brand Long history of a brand adds to authenticity and create nostalgia and credibility. History related to country of origin. Heritage related to seniority and plundering the past.

Diamond brooch Buccellati 1930

â&#x20AC;&#x153;The customer wants the ultimate luxury experience, something with a real sense of historyâ&#x20AC;? Robert Burke

Wallace Chan Whimsical blue brooch carved from icy jadeite and features three tanzanites set with diamonds, lapis lazuli and sapphire

Byzantine Revival Tiara Collar by Ilias Lalaounis unknown date

SUSTAINABLE LUXURY Ethical jewelry, also called green jewelry, has been protected by fair trade laws, trading partnership based on transparency and respect that seeks greater equality in international trade. It contributes to sustainable development by offering better trading conditions securing the rights of workers in mining companies. Once recycled, renewable or waste materials, jewelry could be reduced, reused and recycled to give a new life-cycle of a jewelry piece itself, incorporating its fabrication, use, and disposal. In a sustainable luxury conference organized by the International Herald Tribune in New Delhi in March 2009, Henri-François Pinault, chairman and chief executive of the luxury group PPR, said that “today, more than ever, people want a return to genuine values, such as timelessness, sincerity and exemplary standards... And these are all qualities which – as we have seen – are inherent in sustainable luxury.” Satisfaction by word of mouth While it is important to buy a piece of jewelry you’ll wear now and that future generations will want to keep, the item should also have a strong resale value. Trendy items are not worth purchasing rather to stick to the classics that will still be in style 20 years from now. Recycle = green matters In order to make more money, companies must produce more. But are people still buying? Consumer attitudes had indeed changed: A research from Bain & Co. confirmed a change in consumer habits of buying more vintage rather than newly produced jewelry provoked by a sense of social responsibility and the democratizing force of the internet. Trend tend to environmental and sustainable development that develop trust to green that keeps selling dreams without respecting planet and the value of humans (natural products, energy)

Luxury =/ sustainable values Luxury brands have the margin and the authorization to create the most environmentally products, making them harder to look after, to repair them and see them as becoming vintage not garbage. Luxury is inessential, superfluous, exclusive and ostentatious which is the opposite of value of sustainable development (“Rediscovering a lifestyle based on quality at the expense of quantity”said Dominique Bourg) but indeed Luxury value craftmanships, savoir-faire, authenticity, high quality, durability and timeless which has a sustainable common share values. Rise of awareness of environmental issues “Cultural creatives” that represents 17% France of population love nature, care for preservation, call for action and less talk. A change of attitudes of high end customers that created a change in buying behaviors. Rare resources Long regarded as symbols of luxury and — in the case of diamonds — romance, gemstones’ allure has always been linked to their scintillation, lustre and size. But it seems that times are changing, with more consumers also taking into account the provenance of these rocks, and opting to purchase only those that have been ethically sourced. Resource management has been adapted by many companies in the jewelry industry. Companies rely on basic resources (such as gold, gemstones) to manufacture its products or deliver services to consumers. - Measures and treats has been set up: what the earth can generate < what consumers meet their various needs. Overexploited of expensive resources plus global energy consumption has been proof of a higher cost of structures. - Rare resources such as Gold, which were subdivided into central band reserve, increases to develop jewelry production, industrial consumption and investment - The difficulty to find more resources has been proven to slow down the manufacturing process and exceeded cost of production. - To secure sustainable supply of raw materials, a gain efficiency program that foster innovation to reduce environmental impact of company has been implemented by companies such as Bulgari. - Luxury shares common values with sustainability which is the excellence in authenticity, values and quality - In luxury, a finished product’s quality means intrinsic quality plus how it is produced plus how it is delivered to customers. Social and environmental problems: exploitation of workers to water pollution The total value of the illicit diamond trade and taxation by armed groups in the Central African Republic — one of the poorest nations in the world — is estimated to be between US$3.87 million and US$5.8 million annually. Exploitation of gemstone’s mine workers abuse and health risks (lung disease linked to inhalation of mineral dust) has been identified into “blood diamonds” or “conflict diamonds”. - Garbage Diamond field is a land that is left uninhabitable as environmental is degrading slowly and slowly that persistently let workers dig deep into the ground, leading to barren of vegetation and destruction of the biodiversity, as well as the contaminated water that has been affecting livestock, and made it difficult for people to obtain clean drinking water in these region. A “zero tolerance policy” has been installed by many jewelry houses around the world (Tiffany.co & Bulgar & Boucheron, Harry Winston and Louis Vuitton) that ensures conflict-free and eco-friendly environment for the growing awareness of how gemstone mining is settled.

HOW TO FIX THE WORLD OF JEWELRY? Seeing how a growing number of brands are championing sustainability and turning to eco-friendly alternatives, the jewellery industry is clearly on the right path. And hopefully one day, we will be able to appreciate our glittering gems without having to worry that they hide an ugly past. The use of synthetic diamonds For consumers who want the absolute assurance that their jewels have not had any detrimental effects on societies or the environment, there’s the option choosing synthetic diamonds and gemstones, which are basically sparklers created using artificial methods such as Swarovski diamonds. (Diamond Foundry, Vrai & Oro) Produce green CHOPARD’s jewels, as well as Monique Pean’s and Bario Neal’s were mounted with ethically sourced diamonds from IGC Group, an RJC member, and set in Fairmined gold — which is gold obtained from artisanal and small-scale mines that uphold responsible environmental and social standards. - Revisit strategy in light sustainable development as a core business In most luxury companies, stakeholders maximize financial return as well as employees better working conditions to stimulate working environment. - Revisiting products, services and processes for more eco-efficiency The best solution is to find a way to manage resources to process and manage products and services by generating competitive edges externally (reputation, charge higher premium price, preferences for consumers) or internally (cost reduction, efficiency gain) - Improve recyclability in most resources or use renewable resources - Create greater durability products in order to reborn the jewelry into a new product - Increase service intensity of goods and services - Reduce material intensity & energy - Life cycle analysis and eco-design Reduce packaging weight and volume by choosing compared components and raw materials to use less energy and water to produce more in lesser resources. By reducing expensive resources, that would mean to create a lighter cost structure (transport cost) to imitate nature (new mindset to innovate Biomimicry): Optimizing rather to maximize, using better designs rather than better components. Ex: DeBeers shifted towards a vertically integrated model, creating a closed circuit that - some smaller dealers complain - trickles the bulk of rough diamonds into the palms of a shrinking number of powerful brands.

Figure 7 Guide for how to product green jewelry nowadays

18k gold antique citrine and diamond cross pendant By Mellerio 1900

2017-18 TRENDS Trends in jewelry are changing slowly and slowly adapting to the fashion industry. Brands adapt trends to adapt customer demand that changes dramatically with the world more and more evolvingâ&#x20AC;Ś Throughout interviews conducted with industry professionals, it was shown that we should predict the trends to adapt consumer demands and satisfy consumers at time. We identified few trends that could lead to a higher sale in antique jewelries.

High demand of old jewelry: More than two years ago, old jewelry has came back into the market and has set a new trend in street styling. First, “You get more for your money, a bigger, more attractive choice that will hold its value better, if you go for older pieces.” – Jonathan Edwards, a jewellery specialist for Salisbury-based Woolley & Wallis and “Many women prefer antiques because they have more character or a romantic history.” Unfortunately, not all vintage jewelry are hitting the market. “No one wants to wear brooches, and it’s sad to see pieces 200 years old selling for scrap value and going straight to the melting pot.” Rising preference for branded jewelry: Recognition of the importance of brand has led companies to promote their heritage more actively through a range of channels, including franchising, celebrity endorsements and media. “Branded items already account for 60 percent of sales in the jewelry market” (Passport, 2015) Rising demand for vintage diamond jewelry: Jewelry conaisseurs are attracted by antique jewelry and are willing to pay higher prices even that some of the major jewelry houses are focusing on this segment and manufacturing antique and vintage diamond jewelry collections. Telling stories to sell jewelry: Sales with interests of backstories such as Buccellati are making the biggest difference in the market. We find that telling a story with the item seems to better engage people, says Montgoye Antique. Rise of Collectors: Collectors are looking for pieces that they can connect to; objects that have contextual meaning. They want to know where they were made, who made them and when, who used them, and how they were used. “Being able to understand and convey these attributes is essential to these pieces reaching their full potential at auction.” – Jeffrey Evans – Jeffrey & Evans & Associates Rise of Gemstones in Auction houses Diamonds are constantly in demand and will always be in demand “because everyone understands them” “A high demand for deeper knowledge of gemstones because prices have gone up tremendously and buyers need the confidence they are genuine antiques, not reproductions” – Joseph DuMouchelle – Joseph DuMonchelle Auctioneers

Should we predict trends?

For luxury companies, predicting future trends is a major question. Two visions of the subject is shown: - Yes, trendsetters should continue predicting trends in order to settle guidelines for designers pieces and keep the company on-going with the â&#x20AC;&#x153;modeâ&#x20AC;? and incoherence with other fields of luxury such as fashion. From colors and materials to company strategies and operations, companies should be able to adapt to the changing world. - No, companies needs to organise their strategy on their own and be themselves the trendsetter for future generations. They must use adequate materials that they think is recyclable, use stones fair-traded and even use new marketing tools. Customer service is one thing that companies tend to forget in their new strategy and tend to draw customers away.

Art deco brooche Cartier 1927

Use the PESTEL to affect the trend ? Central Banks BUY

SELL

Gold funds & coins + Currency

if B>S, Gold price UP Accumulation of Gold Ex: due to festival in India

if Currency > Gold (controlled) People invest in Currency Ex: US investing in Gold

Retailers addict store prices to stock price of Gold Brands gold UP anytime they want

Veblen Eﬀect Supply and Demand

Price of Jewelry = cost of Raw Materials + Design, craft, brand play into mark up up to 200-500% if Price of Jewelry UP Gold Price UP

Top 3 gold producers: India, China, USA if Demand for Consumer Goods UP Gold price UP Gold mine production UP Easy gold already mined Hard to ﬁnd gold (additional problems) Cost to get gold UP Gold mine production UP Gold Price UP

Brands buy gold in advance in lower price so it doesn’t get aﬀected with current changes

Figure 8 Effect of Gold in the jewelry business in the short and long term

What Generation Y really want? Personalized goods

Do It Yourself goods

Vintage items

OR a mix of all

Ownership REPURPOSE

Doing something instead of owning something:

Connecting with the people

Educational Networking Furnitures decreases while art stand a chance

—> Everybody knows what artist did what and can recognize fake by copies

B2B Dealers sell to other small dealers to get more customers worldwide and compete with online

Less is more

Nostalgic Administration

History Boys

Storytelling

Live in the presence of history

—> Taste decrease with value that decreases in time

Stress Free Do something that remind them of their childhood

—> escape of the daily stress of their lives

To stand out To be seen Create their own style

They want unbranded

Create the trend, Follow it

Vintage is cool !

Buy unusual items (use it for something) with a good back-up story (tell story to others)

Change the way you shop Online is trusted and better

Oﬄine has changed: Yard, Sidewalks —> Neighbors have been transformed for visits and family trips

Inventory Mix Demand < Oﬀer

Collectibles are more famous than antiques

Figure 9 Breakthrough of what Generation Y really wants.

Byronesque: The New Standard in Vintage “We’re not borrowing from the past, we’re the future of fashion.” - Byronesque.com

The brand’s goal is to transform the current culture of fakes and fast-fashion, as Byronesque prides on being the first online hub combining editorial and e-commerce components dedicated solely to authentic vintage, designed by people which creativity pushes the limit fo time till even at generations to come after today.

CONCLUSION 3 Why should companies invest in vintage?

Jewelry normally gain an enormous value in time specially if the jewelry is made in high epoque or manufactured in a well-established jewelry house by skilled craft that remained their knowhow throughout multiple generations. A jewelry has been identified different values, from materialistic to immaterialistic values. Materialistic values has gain awareness among consumers as people are being more informed and even willing to be informed throughout a better shopping experience enhanced by internet researches and the boom of the documentaries. From the rarity of the stones, the real price of the manufacturing process and finally the brand heritage and know-how that the brand bring to the sales experience, price fluxuates depending on many economy such as gold price. A new value is added to every jewelry, from higher-end jewel or lower quality costume jewelry. A sentimental value that is attached to the memories of every people is carried away with the jewelry itself. “Older the better” has been used for decades to market high prices in auction houses. Trends has been changing due to the consumer behavior switching to a more adaptable modern world, companies becoming more international adapting to the world evolving, and becoming greener and more sustainable due to more awareness. Sustainability has been in consumer’s conscious as fair-trade trademarks have been developed by companies and more independent NGOs. Sustainability is important as a recent BCG report has been released stating that 1/4 of the jewelry manufactured in companies are actually being worn or owned by clients. The other 3/4 has been identified as either stock of companies, old jewelries still in an old jewelry box and the jewelries on the internet stock. The quest of today’s emerging and well-settled brands is still to find a solution for this problem: reuse old-fashioned stock to a more modern consumer and design.

4 Tube Bracelet Yellow gold tubes set with diamonds by Andrew Grima 1975

Implementation Whether it’s grandmother’s jeweled brooch, or the tiny carat of a diamond which bounds a young couple’s engagement, sometimes a piece of jewelry doesn’t reflect its owner’s current lifestyle or taste, but has too much sentiment attached to let it go. This is the perfect time to preserve that life story by incorporating old jewelry, the jewellery house savoir faire into something new, unique and one of a kind...

Verdura. “Theodora” 75th Anniversary Cuff Bracelet. “

Intro Rebirth: the new 2017 trend One step closer to a success story Case Studies Auction House B2B C2C Sharing Economy Collection Closed Cycle Closed Cycle Jeweler Marketing Strategy After Sale Service Implementation Introduction to consumerism The power of selling Mellerio Mits Meller 404 and still counting: Timeline - Numbers Implementation project Future of implementation

Figure 10 Table of rebirth companies analysis

Rebirth: The new 2017 trend

Hoping to gain consumer awareness for its upholstery brand, brands are more often: • Create an image campaign to change their image targeting different consumers. • Redesigning jewelry or repurposing their archives sketches • Joining forces with powerful trend forecasters and rebirth the brand.

Grima Brought up in England by his family due to business, Andrew Grima studied Mechanical Engineering at Nottingham University. He fast designed jewelry pieces for the high English society due to his contacts. After his death, Grima jewelry was revived by his wife Helene and his daughter Francesca that modernised his jewelry pieces. Unfortunatly, due to the trend changes, Francesca’s business didn’t work as planned. To solve this “mistake”, Grima’s family had to partnership with Bonhams to recover most of the inventory left, redesign archive sketches and organise a massive sale in London. A technique that worked surprisengly even though its high risk of failures attempts. Now, Grima jewelry reopened and now is selling jewelry in London, its name and its renown style has hit most jewelry conaisseurs and Andrew’s inspirational style is still recognisable.

Belperron

Verdura. “Theodora” 75th Anniversary Cuff Bracelet. “ Verdura Duke Fulco di Verdura, a talented Sicilian nobleman born in Palermo in 1898, working his way through the golden network of aristocrats, society mavens, and movie stars that led him to his legendary introduction to fashion designer Coco Chanel in 1925. Verdura started out designing textiles in Paris. He quickly developed an eye for re-fashioning Chanel’s out-of-style jewelry in ways that made classic pieces still desirable today. During his visit to the US, Verdura was introduced to Paul Flato, the “jeweler to the stars”, and subsequently joined Flato’s design team full-time in Hollywood. Then, Vincent Astor and Cole Porter helped Verdura open a boutique at 712 Fifth Avenue in Manhattan on the same day that war broke out in Europe. Even though a tough start, over time and with a clientele that included Millicent Rogers, Slim Keith and the Cushing sisters - Babe Paley being one of the most famous socialites of all time - Verdura became known as America’s high society jeweler from the 1940s all the way through to the 1960s. He retired in 1973.In 1985, Ward Landrigan, former director of Sotheby’s jewelry division, bought the company and re-opened at 745 Fifth Avenue - a few doors up from the original Verdura salon. Both Ward and his son Nico oversee the Verdura legacy and artistry, creating timeless designs from 10,000 sketches Verdura made in his lifetime.

Considered as the 20th century’s most famous female jewelry designer, Suzanne Belperron designed recognisable abstract jewelry pieces too advanced for her time. After graduating from the Besançon Ecole des Beaux Arts in 1919, she was working as a model-maker at René Boivin. She left in 1932 to partner up with stone dealer Bernard Herz, but the partnership ended fast due to the Nazi occupation. They had a son which helped his mom to grow the business crafting every piece in NY. Inspired by her Paris stay during the Art Deco era and with an exquisite unique style, she designed jewelry til the mid 1970s for many high clients such as Duchess of Windsor, Elsa Schiaparelli, Diana Vreeland, Doris Duke, Lauren Bacall, Clark Gable and Jean Cocteau. According to Ward Landrigan, her pieces were never signed, but her jewelry is instantly recognizable for its “sculptural integrity”, which archives were slowly bought by Fulco di Verdura starting 1973 and began to acquire all of the Belperron designs and archives in 1999. Her incredible design style was unique in its kind, combining dimensions and flowing lines with precious gems, wood and rock crystal.

Belperron Artichoke Ring – Smoky Quartz and Diamond.

One step closer to a success story Big campanies join forces into conglomerates to be grow, try to adapt designs and diversify products to conquer more consumers. Many ways to grow one step closer to a success story. Cartier and Tiffany are examples of companies that are in a verge of flipping their image. Still too mainstream in both French and American market, these two houses engage a on-going battle of designing private pieces from Grace Kelly to Elizabeth Taylor. Messika jewelry is not a company that exists since long but still there history in diamonds comes long back competing with DeBeers group. The company is building an outstanding portfolio of clients hoping to grow its relationship with them. Van Cleef & Arpels is a real success story, between perfection in design patterns, long heritage backing their storytellings and of course their excellent client base. Animal specialists but still secret enough to be attractive, without being too mainstream but still being in the picture enough, the house revolutionised archived designs. Nirav Modi is the Indian Van Cleef still being less accessible worldwide.

Dior and Chanel are old fashion haute couture houses but in jewelry, they are new, experimenting their styles and creating a subcategory of this mega jewelry house. Being still standing out of their conglomerate ownership, Dior’s success story related to creativity combining their long-lasting client base and exotic colours. Chanel is the same within classic lines and colours. Mellerio & Mellerio is the oldest jewelry house in the world. Still located in Place Vendome, they are a reference for their jewelry. But, recently, they have been behind designs, not adapting themselves to technology and specially not backing their future marketing on their incredible heritage image. Chopard is heritage within beautiful traditional craft leveraging limited public success. Collaborating with fashion giants such as Neta-Porter, the jewelry private collection grows bigger competing with higher French and English houses conquering the asian market in its prime time. Bulgari’s and Harry Winston’s success story relates on incredible stones waving around bold designs. Diamonds for Harry Winston, Emeralds for Bulgari, their design records improvise a feminity redefined through high global existence and a “jewelry to the star” effect. Chaumet is good on marketing including their omnipresence of social media platforms but their designs lack creativity. They revolutionised virtual museums, craft technique and exhibition venues

Figure 11 Table of luxury jewelers analysis

Buccellati’s success is due to their long-lasting heritage. Now, owned by Chinese conglomerate, they can try to overcome their European success combining forces conquering the Asian market. Graff is the English statement of jewellery’s excellence, too private for mainstream. King of Diamonds is not only because they are the owner of the world’s largest rough diamond but still improve modern techniques with traditional work. Refers as the “Treasures of the Tsars”, Boucheron is a secretive imperial high jewelry available to few. Generally combining craft with other Kering’s giant, the success is due to silent success. 1 246 diamonds and 1000 hours to complete a unique piece representing a timeless masterpiece for a timeless generation.

Colored & Colourless Diamonds by Nirav Modi

Auction House Sell as in Sell As in A traditional way of selling your old, broken and dusty jewelries is of course, selling it to an auction house. The auction house makes an estimation price without considering the intangible value of the jewelry. The jewelry has no past, only valuing the originality of the stones, the brand cost and the price of metals and craft that comes with it.

Drouot is one of the most successful auction house that is not sustained by visitors and investors only. It also sustain on the growing auction houses using its service, space to sell their jewelry. Last year, it was appealed as a global vintage marketplace that provides vintage items contact between sellers, dealers and end buyers.&nbsp;

The Auction house organises an auction sale where investors and conaisseurs buy the jewelry piece or sets of jewelry (depending on the value or importance of the jewelry). We saw all the inconvenience of selling your pieces at auction houses in chapter 01.

Figure 12 How Auction Houses works

B2C B2C Business to Consumers 1stBids is one of the website that proposes direct auction sales of jewelry pieces from auction houses to final consumers. The jewelry once again, loses its sentimental value. The cost of the jewelry is still calculated through the price of metal and craft, the values and rarity of the stones and finally the brand that carries the design. These website services are website-only platform and the process is shorten. Price could go higher. This maintain a close control on the margin because the company is the only salesman that wins over the customer requests.

B2B means a direct contact between entities is needed. Collector Square is the European leader in the online second hand sale of luxury bags, watches and jewelry. It provides pieces thousands of products directly from their website to buy directly from their stocklist at discounted prices. Gleem.co doesn’t exist anymore but used to provide a better interface than Ebay for higher bids items. It is a package of insurance, appraisel and marketplace everything online. 1stBids is the digital marketplace that revolutionise how antiques and luxury goods are bought and sold. During time, the service learn to provide items at any budget varying customers expectations and needs even providing bespoke demands.

Figure 13 How a B2B platform works (1stdibs)

Cloed Cycle

Closed Cycle Refurbish jewelry is a process that takes time but builds a long term relationship between old customers and the brand itself. The customer visit the brand where the jewelry is from. The brand values the jewelry quality and how it can be improved depending on the budget of the customer and the availability of the brand. If agreed, the brand takes it, refurbish, redesign or repurpose the jewelry. This method maintain an immaterial value by replacing it into another life. This is the core of giving another life of a jewelry without loosing its value or even upgrading its value. This method increases the brand awareness of the loyal customers. It is used by many houses but mostly Van Cleef and Arpels is the master. It is costly.

Figure 14 How a closed cycle works (with Van Cleef and Arpels example)

Sharing Economy

Sharing products is the new trend. What can you share to whom. Well, tons of platform everyday are surfacing the internet world providing from mass items to haute couture dresses. For how much time? Well it depends, it could vary one hour to few weeks. How much? There is few different options which differs from good value for money, for time and for quality. Rent the runaway is one of the most famous service that provides thousands of options for you to pick in a single click. Flont is a good option but for jewelry only. It is the cheapest service to provide a good variety of items from 129 to 400$ for 4 days. Brands such as Chopard, Mikimoto and Gucci and independant designers such as Sabine Getty are in put in rental for single events including insurance. A good way to discover jewels is Glitzbox based in London. Exactly like for cosmetics, Glitzbox let you discover a selection of jewels at your taste, buy which you want and return the ones you don’t.

C2C C2C A direct contact between consumers is always a better idea to sell your jewelries online. Basically, it is easy to register, propose a jewelry and sell it to the consumer. The jewelry’s basic price is proposed by the seller, the platform is used as a auction servie or a selling platform. The seller sets the price and the buyers start to bet. The basic price is set by the seller depending on their value of the jewelry piece. Generally, the storytelling is mentioned but not at first stage. The seller has the liberty to sell the jewelry in a proper packaging or not depending on their need. This limits the selling process. One big problem: Lots of fake are in the market due that the website or service doesn’t provide a double check of the merchandise sold in the website.

Figure 15 How a C2C platform works (Etsy)

Then & Now is a curated retail experience which collects apparel, accessories and lifestyle merchandise which include Vintage sellers and new markers. It draws a clear blurry line between sellers and buyers in the vintage industry. Main Collective marketplace fuses vintage, antique and handcrafted goods. “There’s antique stores. There’s consignment shops… but there wasn’t really a place where you could mix all of these things together at a consistent location,” Davis says. “You’ll have markets here and there, but there’s none that’s at one place, constantly, all the time for vendors to be able to show up of all different types of crafts.” HiCommerce is also a revolutionary project that helps consumer find products online and provide a better quality service directly from their neighborhood’s experts. The app acts sort of like a concierge or personal shopper, letting a customer look for an item at a certain price point in a shorter distance range.

Closed Cycle

Closed cycle Refurbish jewelry is a process that takes time but builds a long term relationship between old customers and the jeweler itself. This method is generally used in some countries such as France, Lebanon or even India. Most jewelers use this method redesigning jeweleries for their clients with less cost but without staying on the style or craft of the old jewelry design for example if it is a jewelry of Cartier or Tiffany. This method maintain an immaterial value by replacing it into another life. This is the core of giving another life of a jewelry without loosing its value or even upgrading its value.

Figure 16 How a specialised jeweler works (el Dehab)

Inspiration

Inspiration This method consists of taking inspiration of the archives of the company, such as sketches, old models, books or even old collections. The company renew the design to upgrade it into a jewelry that sells today. Sometimes, it gives a life to an old jewelry that was never suppose to be produced. This method is used mostly by all companies even if not clear precision. It is mostly advertised a lot through social media. Most of the time, this method does not have a purpose of reliving a jewelry piece but mostly advertise the brandâ&#x20AC;&#x2122;s heritage and image.

Figure 17 How inspired from the past collection works

Grima Effect It’s not unusual to see famous designers long passed away revive. Future generations usually take over the empire then as soon as they can’t hold the company anymore, they sell it to a big corporation that will define the future of the empire and probably the transformation to a mass luxury company. Grima jewelry is quite the opposite in fact. “His jewels are so timeless; people are realizing they are never going to go out of fashion,” said Francesca Grima, “wearability and modernity were key to his aesthetic” 10 years later and a generation has passed to the company’s bankruptcy after years of the best designs handcrafted in England.

Fortunately, It is not over yet for this flourished family business, as the daughter’s revival of the brand has just began. Auction houses such as Christie’s and Tajan has been at war with London-based Bonhams being not able to reach any Grima jewelry from foreign investors or clients. Grima has been buying back the archives pieces recovering its collection for a mega 80 pieces sales happening in the heart of Bond Street in London. The biggest private collection sale has attracted many press releases, debates and has been the core of the revival of the brand. A strategy that could lead to a complete revival of the company inspired by its heritage. This strategy has been an inspiration for my capstone among it’s marketing strategy.

Figure 18 The Grima Effect explained

Beyond Sales: Aftersale

Cartier has been known for their high quality jewelry carefully manufactured by the highest crafts in the world, with the highest importance in quality and stone variations. Not only they excell in this service of providing the dream for their customers, Cartier is known for their excellent after sale services such as the “shining service” which consist of refurbish jewels from their clientele after certain period of time. Of course, it’s not forever but still remain a good service for many customers that care to pass on their jewels to the next generation that will live another life of the same jewelery, creating other memories. No modifications is made, but just a general cleaning service.&nbsp;

“The consumer wants timeless pieces that are also investment pieces. Heritage brands have enormous archives that have withstood the test of time.” Robert Burke

Marketing Strategy

Hermes has excelled in providing the highest quality of leather bags with the lowest attention spam. Hermès is beginning a worldwide touring cycle of exhibitions focused on the culture and heritage of the French luxury house. The house has been around for centuries and continues to surprise us with incredible art collaborations that attracts many visitors for the same reason and only: dream. Both exhibitions in Shanghai with its heritage displays revive the brand to its core value and brings any client to an endless experience and many discoveries.

Hermès’s “Worlds of Lëila Menchari” 2017 at Grand Palais

Introduction to CONSUMERISM

Consumers consider more than price in deciding whether to purchase a product.

Une collection de vie est un moment de vie Let’s forget about jewelry for a second. Giving a new life to any product is not always easy. Both side of the chain compete for basically the same purpose: Get the best out of their product. For consumers, product means money and the product they will get out of it. For companies and brands, product means product they make, sell and the money they get out of it. At one side, consumers are demanding, even more today. They love spending the best value for anything they purchase, love lower prices for more. They always want more things; simple and less are indeed more. More things doesn’t mean always new: modern consumers want to change their old products for new ones: the concept of a sharing product economy, a concept that more and more is in vogue with the consumirism. Not only for its sustainability value, but also for its simple fact that it works. Consumers love a little bit of sunshine in ones life, meaning shopping should be an experience. In the other side, brands wants to sell new products, get rid of last year’s stock so at the end of the chain, make profits out of it, as fast as possible. Increasing profit makes the company running, so investing on a new marketing strategy is on point, demanded by both the marketing team and creative team. The finance want numbers increasing, money in the vault and the chain continues. It a beautiful story when everything works well together and consumers buy a lot, the year is prosper.

If not and it’s generally most cases, it’s quite another story: the company doesn’t sell much or not enough at least, less budget on designing new collections and no purpose to a new marketing strategy are in plan too. Time for investments ! Investments means getting out a large amount of money out of their vault (or sometimes, money they do not own or investors’ money). Unfortunatly, press gets the word out fast enough for a possible “bad” image for the brand or important decisions. At that point, consumers stop believing in the magic of the brand, products and its recognition to it. A clear result is they stop spending their leisure money on luxury products they do not actually need anymore. Time goes by fast and product life spam is in sake even if you thought that your luxury products are meant forever. Back to jewelry now, brands are quite the same, only some differences are applied: jewelry’s value is more expensive after some years due to trends, gemstones rarity and metal costs. Plus, it carries emotional values and more importantly, it is suppose to stay forever on your posession, going from one generation to another one without downgrading its value. Unfortunatly, it doesn’t work like that. Jewelry gets old, out of fashion, brakes and a simple 2-year warranty is not enough for a lifetime of wear.

Power of SELLING « La collection porte la maison, car ce qu’elle raconte est stimulant pour le futur » Émilie Bérard

Figure 19 Power of selling explained

Boosting a company using an exchange of products and services is a quite easy solution, that could benifit both consumers and companies in both situations. It creates a closed cycle of product that consists of 3 sales period: • The first one: After creating a collection, brands try to communicate in the best mean and way possible at that time in order to finish the sales. Once the consumer buy a product, with warranty or not, the product remain theirs until consumers decide to resell it or change it. • The second sale consists of a virtual mind sale helping companies gain market appearance and customers regain value with the brand’s heritage and new products. It is generally used to renew the attention span of consumers and wake them up again on why they loved the brand. It is a direct move to an emotional sensibility. Multiple solutions could include this process for maximum impact: Exhibition that shows the maximum heritage, brand value and a mix of old and new products all in the same time.

• The end sale is not new to most luxury markets: Generally, selling your product to a third party increases value with a third mark up percentage coming to add to the original price which is generally relatively high to most luxury products, even in the art industry. Even, without particular knownledge on antique products, this step could lead to a false estimation. In Antique markets such as jewelry, this method was created to generally facilitate customers resell their item in their confort of their home or city and win money fast with a little trust in third parties who themselves wishes to win over customers. In the C2B2B scheme, after a long enough time, these long term customers come back to the brand in question for an aftersale service. Pay attention here, it is not a simple aftersale service that provides a repair of the product without cost. It is quite impossible to do that service without a price or an exchange... This service consists that the company will take a small investment on acquiring this old piece (according to trends and prices of course, at best rate), building an archive, giving a new life to it and gaining old client’s trust again. In the other side, customers will get a new piece from the brand’s new collections (inspired from their past collection). This will increase sales so profit & stock in the other side is going to lower. The chain is completed in addition of a single sale.

MELLERIO

Mits Meller

404 years of creations 14th generation 10 percent external investors 35% profit from exports 25 millions d’euros par an

1300 years of creation of Club des Hénokiens and proudly member Cave for archive room - Hefty order ledgers press up against one another in dark bookcases in tight, low-lit rooms. 500 order, account and customer books dating from 1775 More than 200,000 individual designs Mellerio Mits Mellerio by Vincent Meylan

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“Spirit of the house will always remain about small production by a small Parisian atelier” Mr Mellerio 404 and still counting: Timeline 1515 - Val Vigezzo to Paris 10 octobre 1613 - Mellerio birth 1815 - Rue de la Paix boutique 1830 - Mellerio is the Royal family provider 1905 - Platinum first use in jewelry 1907 - First Art Deco jewelery 1950 - First collaboration with Fashion catwalks - Balenciaga, Dior, Rochas, Patou 1955 - First collaboration with Football’s best player 1981 - First collaboration with Tennis’ word cup 1993 - First watch line 2005 - Mellerio cut 2011 - Modernity with Monte Rosa motif 2013 - 400 year anniversary + Launch of anniversary book 2015 - Collaboration with Alexandre Vauthier for the new line + Perfume line with Lancôme

Mellerio Mits Meller: Now,let’s get down to business now ! Mellerio Mits Meller is having significant problems with their new brand image recently. According to recent FINANCIAL TIMES studies, Mellerio’s sale has dropped 25% since these 5 years, coming down to loosing important clients that are switching brands to Cartier, Van Cleef and Chaumet. In parallel, more Mellerio’s antique collection are showcased in Auction sales at exhorbitan prices which are not sold due to their sur-charged prices and lack of creativity (according to Christies Report 2016). 1 out of 50 important jewelry sales from Druout auction house has sold jewelry from Mellerio. To sum up, their sales are going down dramatically, in the same time, the brand awareness is decreasing both with investors and clients too (both old and new) with lack of creativity in their upcoming collections. Of course, you would wander why the brand is still running? Well an easy guess is that the brand is old enough (having celebrated their 400th anniversary in 2013, Mellerio is the oldest family-run company in France); being the oldest jewelry brand in the world, to be standing out from other conglomerates and family multi-millionaire businesses. Also, location wise, Mellerio is quite a silent brand being in the center of Paris elite jewelers location, Place Vendome, placing them as very private. It is often described as a sleeping beauty, known for its secret reconnaissance and mastercraft heritage.

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Implementation Mellerio after-sale service

C2B2C

MELLERIO

Figure 20 Implementation 1 explained

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Let’s go back to the second sale and let’s think of options of how to attract people to use this after-sale service. Well, there is quite a few ways:

Design, Learn, Awareness, Experience, Action “Jewelry should always be personal” Ms Mellerio • ACQUIRE: Client: Mellerio will try to acquire some jewelry pieces from their past clients and modify the design actualising their design. • DESIGN: Collection: Designers at Mellerio will be designing a new collection inspired from the collection, “Hunting for treasures” • LEARN: Exhibition: At the year 404 of its exhistance, Mellerio will be hosting the first ever invitation-only exhibition where all archives pieces and drawings will be showcased with the launch of the new collection inspired from archives. • AWARENESS: Primary target: Create a marketing campaign on the press for our primary target. “Pour memoire” could actually be used. Within them are drawings, carefully concealed in paper slips, which stretch over Chaumet’s history and show the jewellery of every type, metal, stone and configuration the house has made. They are drawn by the designer not necessarily as something to be made but also as something that has been made — pour mémoire, as the French say. • AWARENESS: Secondary target: Create a marketing campaign on Social Media. A caption such as “It’s time to take grandma’s jewels out of the vault” could apply to capture the young generation. • EXPERIENCE: These two targeted advertising campaigns will bring people to a showcase at the atelier which will travel around the world. A craft along with the designer will be bringing live sessions of recreation of old jewelry collection in front of clients. • ACTION: Jewelry Care The after-sale service will be implemented to all Mellerio’s store and a newsletter will be sent to all customers.

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Implementation The Jewelry Room

C2B2C Identifying customers’ needs is key to brand’s success. Delivering a solution for a new need identified comes closer to gaining clients’ trust everyday. In this implementation, which relates to a bigger version of my past implementation (Mellerio Mits Meller) taking in consideration multiple brands (small or big) that creates High Jewelry since long time. This service is new to most countries specifically France. Goal: To design a closed product lifecycle system for the optimal afterlife of a vintage branded piece (for both customers and companies)

How this works? Collector Square 1. People visit the service 2. Trend forecasting: Experts revise the product and valorised it within standards, trends and price (analysing the market today) The Jewelry Room 3. Experts contact the jewelry house 4. Authentication: Brands and experts work together on proposals scenarios 5. Result: It is proposed to the client back and make the process realised within weeks 6. Experience: Client can visit the showroom where clients are welcomed to meet the designer, get a feel of a private tour where designs are shown 7. Guarantee: Customers are able to come back within years of purchase.

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Figure 21 Implementation explained

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Competitive Analysis

Figure 22 Comparaison between Auction House and the implementation

Customers are becoming less comfortable to sell their old jewelries as price fluctuates and auction houses are becoming less reliable providing less and less good sales every year. Customers are seeking another life for their jewelry pieces relying on getting a “forever-get” piece of jewel and pass on their products to future generations.

In the other side of the page, brands stand a change to renew their collections more often, providing different products for different demands. Brands are successful to grow increasing their brand’s heritage and trust towards new clients. DeBeers’ dream of creating a forever diamond becomes real.

This implementation maintain a trust into a brand, without destroying the image of the brand. Also, this solution is proper to keep customers in trends.

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SWOT analysis

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EXHIBITIONS BOOKS MOVIES NEWSPAPERS WEBSITES

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exhibition

Bselworld, Switzerland, 2017 TEFAF, Maastricht, Germany, 2017 Biennale des Antiquaires at Grand Palais, Paris, 2016-2017 Auction at Druot Auction houses, Paris, 2017 Joyaux at Grand Palais, Paris, 2017 Medusa at Musee d’art moderne, Paris, 2017 Andrew Grima sales at Bonhams, London, 2017 Jade at Musee Guimet, Paris, 2017 113 d’or en Asie at Musee Guimet, Paris, 2017 La Pierre sacree des Maori at Musee du Quai Branly, Paris, 2017 Christian Dior at Museum of Arts Decoratifs, Paris, 2017 Hermès’s “Worlds of Lëila Menchari” at Grand Palais, Paris, 2017

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books Alexandre de Sainte Marie , 2015. Luxe and Marque: Identité, strategie, perspectives. Paris, France: DUNOD GWF Hegel , 1979. Introduction a l’esthetique le Beau . Flammarion: champs classiques . Uche Okonkwo, 2010. Luxury Online: styles, systems, strategies. London, UK: Palgrave Macmillan. Gabrielle Dufour-Kowalska, 1996. L’art et la sensibilité de Kant à Michel Henry. France: VRIN. Pierre Bourdieu, 1979. La distinction, critique sociale du jugement. France: Les editions de minuit. Bruno de Stabenrath, 2001. Cavalcade. Paris: Editions Robert Laffont. Michel Chevalier, Gerald Mazzalovo, 2012. Luxury Brand Management: A World of Privilege. US: John Wiley & Sons. Jonas Hoffmann, Ivan Coste-Manière, 2011. Luxury Strategy in Action. UK: Palgrave Macmillan. Mark Tungate, 2009. Luxury World: The Past, Present and Future of Luxury Brands. UK: Kogan Page Publishers. Thorstein Veblen, 2005. The Theory of the Leisure Class; An Economic Study of Institutions. India: Aakar Books. Euromonitor, Dec 2014. Luxury Goods in France: Trends And Prospects. [pdf] e.g. Chester Available at: MIT databse http://www.euromonitor.com/ luxury-goods-in-france-trends-and-prospects/report [Accessed 12 June 2017]. Joeri van den Bergh and Mattias Behrer, 2011. How Cool Brands Stay Hot: Branding to Generation Y. [e-book] London, UK: Kogan Page Publishers. Available through: Google http://www.howcoolbrandsstayhot.com/ [Accessed August 25].

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D. Bennett and D. Mascetti, , 1989, Understanding Jewellery. Suffolk, England: Antique Collectors’ Club Musee Nationa des Arts Asiatiques Guimet, 2017, 113 Ors d’Asie. Paris, France: SilvanaEditoriale Musee Nationa des Arts Asiatiques Guimet, 2017, Jade des empereurs a l’art deco. Paris, France: Somogy editions d’art Amin Jaffer and Amina Taha-Hussein Okada, 2017, Des Grands Moghols aux Maharajahs, Joyaux de la collection AL THANI. Paris, France: Reunion des Musee Nationaux

movies Cafe Society by Woody Allen (2016) Coco before Chanel by Anne Fontaine (2009) The Great Gatsby by Baz Luhrmann (2013)

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Bridget Galton, 1 JUNE 2015 4:00PM. Discover hidden gems: a guide to buying jewellery. [online ] Available at: http://www.telegraph.co.uk/art/barnebys-auctions/buying-jewellery-guide/. [Accessed 08-02-2017]. Russell Shor, SPRING 2013, ISSUE 49, VOLUME 1. Auction Houses: A Powerful Market Influence on Major Diamonds and Colored Gemstones. [online ] Available at: https://www.gia.edu/gems-gemology/Spring-2013-shor-auction. [Accessed 09-02-2017]. The Invisible Woman, Wednesday 12 February 2014 15.00 GMT. Jewelleryâ&#x20AC;&#x2122;s value lies in its emotional or sentimental worth. [online ] Available at: https://www. theguardian.com/fashion/fashion-blog/2014/feb/12/jewellerys-value-emotional-sentimental-worth. [Accessed 08-02-2017]. Victoria Gomelsky , December 19, 2016. 7 Jewelry Trends That Will Define 2017. [online ] Available at: http://www.jckonline.com/blogs/chain/2016/12/18/7-jewelry-trends-will-define-2017. [Accessed 08-02-2017]. Stacey King, January 1, 1997. Auction Houses vs. Luxury Retailers Myth & Reality. [online ] Available at: http://www.jckonline.com/2016/02/19/auction-houses-vs-luxury-retailers-myth-reality. [Accessed 08-02-2017]. Anthony DeMarco , NOV 8, 2016 at 10:35 AM. Global Gold Jewelry Demand Falls 21% In Q3. [online ] Available at: http://www.forbes.com/sites/anthonydemarco/2016/11/08/global-gold-jewelry-demand-falls-21-in-q3/#16b8c59e63f8. [Accessed 08-02-2017]. Ariel Adams, JUN 19, 2014 at 07:56 AM. How Emotion & Storytelling Make A Difference In Luxury Watch Sales. [online ] Available at: http://www.forbes. com/sites/arieladams/2014/06/19/how-emotion-storytelling-makes-a-difference-in-luxury-watch-sales/#37c9120b7bfc. [Accessed 08-02-2017]. Jeanine Poggi, 8/08/2008 @ 4:00PM. How To Invest In Estate Jewelry. [online ] Available at: http://www.forbes.com/2008/08/08/style-jewelry-estate-forbeslifecx_jp_0808style.html. [Accessed 08-02-2017]. Emili Vesilind, May 14, 2014. New Website Aims to Take Appraisals and Secondhand Jewelry Sales Online. [online ] Available at: http://www.jckonline. com/2016/01/20/new-website-aims-take-appraisals-and-secondhand-jewelrysales-online. [Accessed 09-02-2017]. CAITLIN KELLY, NOV. 24, 2007. Selling Jewelry Is Mostly Pitfalls, Not Much Glitter. [online ] Available at: http://www.nytimes.com/2007/11/24/business/yourmoney/24money.html. [Accessed 09-02-2017].

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website JANUARY 14, 2016. Specialists Speak: 2016 Trends & Predictions in Collecting. [online ] Available at: http://www.invaluable.com/blog/specialists-speak-2016trends-and-predictions-in-collecting/. [Accessed 08-02-2017]. Linda Dauriz, Nathalie Remy, and Thomas Tochtermann, February 2014. A multifaceted future: The jewelry industry in 2020. [online ] Available at: http://www. mckinsey.com/industries/retail/our-insights/a-multifaceted-future-the-jewelry-industry-in-2020. [Accessed 08-02-2017]. In Trying Times, Costume Jewelry Back in Vogue. [online ] Available at: http:// www.finews.com/news/english-news/25688-baume-mercier-alain-zimmermann-interview-luxury-asia. [Accessed 08-02-2017]. Duke Greenhill, 19 Sep 2012. Luxury: The Business of Selling Dreams. [online ] Available at: http://luxurysociety.com/en/articles/2012/09/luxury-the-businessof-selling-dreams/. [Accessed 08-02-2017]. BDI Contributor, Feb 24, 2016. Top 5 trends influencing global diamond jewelry market. [online ] Available at: https://betterdiamondinitiative.org/ top-5-trends-influencing-global-diamond-jewelry-market/. [Accessed 08-022017]. FORREST CARDAMENIS, April 1, 2016. Heritage brands must amplify tradition of innovation to reach todayâ&#x20AC;&#x2122;s consumer. [online ] Available at: https://www.luxurydaily.com/heritage-brands-must-amplify-tradition-of-innovation-to-reach-todays-consumer/. [Accessed 08-02-2017]. Rapaport News, Jan 9, 2017 10:39 AM . Households Unaware of 80% Rise in Jewelry Value. [online ] Available at: http://www.diamonds.net/News/NewsItem. aspx?ArticleID=58429. [Accessed 08-02-2017].

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James Wilson, March 20 2016. De Beers goes into second-hand diamond market. [online ] Available at: https://www.ft.com/content/ef89b6a8-ed02-11e5888e-2eadd5fbc4a4. [Accessed 08-02-2017]. HIROMI HORIE, JUN 25, 2015. Diamonds not forever as Japanese offload jewels for cash. [online ] Available at: http://www.japantimes.co.jp/news/2015/06/25/ business/diamonds-forever-japanese-offload-jewels-cash/#.WJr74RIrLUo. [Accessed 08-02-2017]. Matteo Butera, Rough&Polished, 29 june 2015. The rise of Online Second-Hand Jewellery Trade in the United States. [online ] Available at: http://www.rough-polished.com/en/analytics/97530.html. [Accessed 09-02-2017]. Tejvan Pettinger, 2011. Factors affecting the price of gold. Economics Help, [online] August 15, 2011. Available at: http://www.economicshelp.org/blog/3099/ economics/factors-affecting-the-price-of-gold/. [Accessed August 25]. Diane Cowen, 2016. Millennial tastes causing shift in antiques market. Houston Chonicle, [online] June 27, 2016 . Available at: http://www.houstonchronicle. com/news/article/Millennial-tastes-causing-seismic-shift-in-8327599.php#photo-10455593. [Accessed August 25]. Wayne Jordan, 2014. Flea Markets: ‘The times they are a changin’ … are you?. Antique Trader, [online] September 4, 2014. Available at: http://www.antiquetrader. com/columns/flea-markets-times-changin%E2%80%85-%E2%80%85are/. [Accessed August 25]. Marco Catena, Nathalie Remy, and Benjamin Durand-Servoingt, October 2015. Is luxury e-commerce nearing its tipping point?. [online ] Available at: http:// www.mckinsey.com/industries/consumer-packaged-goods/our-insights/is-luxury-ecommerce-nearing-its-tipping-point. [Accessed 08-02-2017]. Rachael Taylor, 2016/03/21. The antique jewellery world is your oyster . [online ] Available at: http://www.jewellerynetasia.com/en-us/editorial/Trends/555/6707/ the-antique-jewellery-world-is-your-oyster. [Accessed 09-02-2017]. Naomi Howard, 26-07-2016. Two famous auction houses influencing diamond prices. [online ] Available at: https://www.baunat.com/en/two-famous-auction-houses-influencing-diamond-prices. [Accessed 09-02-2017].

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http://writingboots.typepad.com/writing_boots/2013/08/can-you-turn-a-runof-the-mill-storytelling-company-into-a-best-in-class-storydoing-company-yessays-the-storyd.html Helen McCall, August 31, 2012. Still luxury, even after the sale. [online] Available at: https://www.luxurydaily.com/still-luxury-even-after-the-sale/. [Accessed 17 February 2017]. Steve Denning, MAY 2004. Telling Tales. [Harvard Business Review] Available at: https://hbr.org/2004/05/telling-tales. [Accessed 25 February 2017]. http://uk.businessinsider.com/diamond-foundry-raises-money-from-leonardo-dicaprio-and-other-billionaires-to-grow-diamonds-2015-11?r=US&IR=T Vincent Bastien, 2015. Marketing To A High-End Consumer, Using The Luxury Strategy. Entrepreneur, [online] SEPTEMBER 20, 2015. Available at: https://www. entrepreneur.com/article/250745. [Accessed 12 June 2017]. 2010. PART 3: WHAT IS LUXURY? EMBRACING THE IMMATERIAL (OR, THERE’S NO SUCH THING AS LUXURY). Ashleye Davidson, [online] February 12, 2010. Available at: http://www.ashleyedavidson.com/blog/part-3-what-is-luxury-embracing-the-immaterial-or-theres-no-such-thing-as-luxury. [Accessed 12 June 2017]. SCOTT A. TRAVERS, 1997, 2003, 2007. THE UNSPOKEN TRUTH ABOUT RARE COIN AUCTIONS. US gold expert, [online] 2007. Available at: http://www.usgoldexpert.com/articles/the-unspoken-truth-about-rare-coin-auctions/. [Accessed 12 June 2017]. Gerald Wykoff GG, CSM, 2016. Relationship Between the Price of Gold and the Price of Your Jewelry. Gem Society, [online] 2016. Available at: https://www.gemsociety.org/article/relationship-price-gold-price-jewelry/. [Accessed August 25]. Sadie, February 22, 2012. Vintage Precious Jewelry: Understanding, Buying, And (Not) Selling It. [online ] Available at: http://www.eversoscrumptious. com/2012/02/vintage-precious-jewelry-understanding-buying-and-not-selling-it/. [Accessed 09-02-2017]. unknown, unknown. Unwanted Jewelry? Sell It at Auction Here’s a how-to guide to help navigate the process. [online ] Available at: http://www.lj24magazine. com/article/article_000317/1.aspx. [Accessed 09-02-2017]. Díez, E. & Landa / Jean Folger, 2016. What is the Veblen effect?. J. Marketing: Investigación comercial. Ed. Pirámide, [online Investopia] January 13, 2016. Available at: http://welearntoday.com/what-is-the-veblen-effect/. [Accessed August 25].

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23 INTERVIEWS 1 SURVEY, 223 PEOPLE 3 MOVIES ANALYSIS 4 SMALL STUDY CASES 3 START-UP CASES 1 BIG CASE STUDY 4 EXHIBITIONS 5 VISITS

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Interviews 1. Simone Kosermelli, Art Gallerist & Jewelry Deisgner 2. Fabian de Montjoye, Antique dealer 3. Christian Orlov, CEO of Orlov Jewelry 4. Nikita Franco Singh, Sales Executive 5. Charles Edward Green, Sales Executive 6. Carlos Larrea, Family Business 7. Mariana gomez, Jewelry Designer 8. Marc-Andre Kamel, Consultant 9. Jean-Baptiste Roustani, Luxury teacher 10. Isabelle Hossenlopp, Journalist 11. Adrien Trivier, GIA gemstone 12. Anonym X, sales at Messika 13. Anonym X, Kering group/Boucheron 14. Anonym X, Comite Colbert & Collector Square 15. George Smith, Manager of Muzo Emerald Mining 16. Mohammad El Masoud, Investor 17. Vadim Osta, designer 18. Ioannis Alexandris, Antique dealer 19. Bubenicek Michelle, director of the Ecole des Chartres 20. Olivier Mellerio, old CEO of Mellerio & Mellerio 21. Anonym X, sales Manager at Tajan Auctions Paris 22. Anonym X, 1st Bids sales assistant 23. Anonym X, Social media strategist at The Louvre des Antiquaires 24. Survey

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Simone Kosermelli Art Gallerist “Why this old dress designed by YSL in the past could not be beautiful today too? “

Can you explain what Dehab is all about in few words? I was actually fed up to go to the traditional Lebanese jewelers and see the awful production and designs they were doing and selling all over the Middle East. Apart that we have an amazing craftsmanship, I found there were a discrepancy between the possibilities we could have and the type of jewelry it was produced. I decided to create jewellers with this craftsmanship in Lebanon and a pure creative that was never found in the Lebanese market. My main goal is to encourage creativity in the jewelry market in Lebanon. I also try to export the knowledge of art jewelries across the Arabic countries. I still don’t really know if I actually succeeded or not… I am actually a marketing tool for emerging designers than just a gallery. I promote them but I get screwed over when they get successful. I don’t take credit in their famously.

You are a well-known architect in Lebanon and a teacher yourself, how were you interested in jewelry and now suddenly shifting gears even seing a crisis in perspective? Do you see a common figure between these 2 art fields? Everything started with the cube ring I designed for myself while graduating in AUB, which later became my landmark. I didn’t shift gear. 5 years ago, I decided to have 2 parallel lives. While my niece was searching for a job in marketing, we decided to join forces and open a jewelry gallery. It wasn’t much what my niece wanted to do, so I decided to take it over alone. Jewelry is my hobby. In 1995, my first exhibition was a 50 pieces jewelry collection, with a collaboration with a famous painter “Amin El Bacha”, then many smaller exhibitions were settling in slowly slowly of my collections, international middle-eastern designer “Azza Fahmy” and new coming designers “Raissa Traboulsy”. Now, we just do 4 exhibitions per year. It’s not easy, I don’t win money to live with it, I just arrive to cover my costs… but it’s my passion after all. How did you started your interest in Architecture seing your family roots for jewelry? I was very good in Math and was pretty good in drawing. I thought the only way to combine both was to do architecture. I even switched school at the age of 15 to pursuit my math studies. It was my first choice and the only career I wanted to pursuit without doubt. I studied Architecture at AUB then went abroad for her master in Urban planning 2 years in NY in Columbia University. In 1977, I came back in Lebanon (while it was still at war) and started working for the Beirut Downtown project. In 1981, I opened my office. My favorite projects are always the ones I mix new and old together.

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We have the productive instrument and the creative instrument and we just have to deal with it well enough. Do you think Lebanon is a good fit for the dying jewelry market? Is there a eventual happy ending? I actually think the opposite. Lebanon is a great country for the jewelry market because we have resources, craftmanships from everywhere and knowledge. You have to know that jewelry is the number one market in export in Lebanon! Well, we don’t have the market in Lebanon itself but we actually search for external ones. We have the productive instrument and the creative instrument and we just have to deal with it well enough. There are so many young emerging designers in Lebanon and we should just create a new wave, backed up with an industry of excellent and fast craftmanships. Like the wave of Lebanese fashion designers, we should have the new wave of Lebanese jewelry designers. You seem to have an interest in revisiting old jewelry pieces, how your process gets into the way of recreating a new piece of jewelry? What type of customers do you target by redesigning vintage jewelry pieces? Why do you think customers come to you to renew their jewelry ? It actually comes from my architecture works, I work with renovation, not only the renovation of old houses but also incorporating new project with old interior that I rework myself by recycling it. I love mixing new and old. The same thing happens with my jewelry collections. A lot of people have old jewelries that it is not used at all. The idea is actually to say to these people to bring me these jewelry pieces and I will redesign it with the same amount of gold, stones, etc…with my modern touch. Now with the booming price of gold, It doesn’t cost much as the client pays only the service of the designer and craft cost. I valorize more the stone than the design. I also did a costume jewelry exposition with “Miriam Haskell” jewelry.

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It has been mentioned to me on more than one occasion that people don’t need luxury items (Jewelries specifically), but rather they want them. Why do you think people want them despite knowing we don’t need them, and knowing how expensive it is? (reference: Material goods and Immaterial goods) If people are attached to their jewelry pieces, of course they are not going to come to me to renew this piece. It is the same thing with art. Art, like jewelry is luxury. It gives you a plus. It is also a placement. The price of gold could go up and down, old is more, etc… In art, you never know how to actually predict if this artist will rise or is going to work well or not… It all gets to the flair of knowing what you are buying and what is worth now and later on in a long term investment timing. Jewelry is not an investment with a risk as gold and stones are going to either stay the way it is or even rise more than expected. It is kind of a sustainable market.

At Dehab, we can reinterpret any of your vintage jewellery piece into a modern, minimal, wearable piece. The best luxury brands and watchmakers are keen to focus on their brand’s history and heritage, why are these stories so important to their end consumers? How do you think these history could be developed by time or tell to increase sales? share you personal story if it adapts… Brands have to always do something new. New collections, new ideas, new trends…. It is actually more interesting to go back in history and reread, revisit, redesign… It is more interesting to revisit something you did in the past and renovate with new technologies techniques we didn’t had before for example. Even if we are very creative, all the brands should do this and encourage people to do this. There is no bad in retaking old and revisit it with another eye, more modern and more innovative. Parallel, if a new restaurant is in town, everybody is talking about it for some time but actually it is very fast forgotten. Instead, people go to the more traditional and established restaurant that you know what to order, what is good what is bad… I actually love going to established restaurant and for time to time go to the new ones to actually add them to my list of established ones. The search of new is not good. Trend is actually a threat ! Taking an example of an YSL dress: take an old dress designed by YSL and innovate it with new materials, techniques or even colors… Why this old dress designed by YSL in the past could not be beautiful today too? You can’t eternally create, it is impossible. It is disgusting to actually go to a trend forecaster and ask for the trend report and design your collection according to the trend. It is a good market strategy, this I have to give it to them ! Designers should create trends !

Do you consider yourself as an artist rather than a jewelry designer ? Why? I am not a artist. I am a designer. Designers are meant to work around materials. We should be happy to actually work with precious materials rather than cheap fabrics that would be overpriced. Material guide me to work on a specific path. It is not me who just create with nothing as a base as artist do… How do you think jewelry brands conserve their patrimoine? I think there so much brands need to offer, regarding their history, knowledge, craftmanships… I honestly don’t like new and modern. I love revisiting old. How do famous jewelers tend to please customers after selling a high end jewelry piece? Do you think that there is a lack in this field (after-sale service)? In the long term, I would revisit something I already revisited if I see potential in creating something even greater or better.

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Georges Fouquet An Art Nouveau aquamarine, garnet and enamel ring 19000

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Fabian de Montjoye Antique dealer

Décrivez-moi en quelques mots, qu’est-ce que vous faites exactement dans votre métier? De l’achat et de la vente. J’achète essentiellement à des marchands et je revends à des collectionneurs ou des occasionnels. Je fais aussi quelques recherches pour des collectionneurs. Il m’a été mentionné à plus d’une occasion que les gens achètent de plus en plus de bijoux anciens. Êtes-vous d’accord? Voyez-vous que cela viendra encore plus pour un avenir proche? Je n’ai pas l’impression que les gens achètent de plus en plus de bijoux anciens. J’ai plutôt le sentiment que le nombre d’amateurs diminue. Que pensez-vous que les gens, en achetant des bijoux anciens, investissent? Est-ce qu’ils le font pour le porter ou simplement comme un investissement? Dans mon cas, ce n’est pas de l’investissement, car je vends des bijoux de charme dont la valeur intrinsèque est faible. Travaillez-vous avec des maisons de vente aux enchères locales et internationales? Cela m’arrive, mais ce n’est pas mon quotidien.

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Comment reconnaissez-vous les faux bijoux anciens de la réalité? Avez-vous confiance dans vos sources où vous les achetez ou vous les avez vérifiées par des spécialistes/ vous meme? Je les vérifie moi-même. Dieu merci, au bout de 25 ans, j’ai les connaissances qui conviennent à mon activité !

Je vois plus souvent des couples qui vont pour les anneaux de mariage qui ont un look antique. Vendez-vous de nombreux anneaux de mariage anciens pour les couples qui le voyent, c’est une grande demande récemment? Les anneaux de mariage ne sont pas de mon ressort.

Utilisez-vous Internet comme outil ou pensez-vous que Internet est une des menaces pour votre marché? J’utilise internet et internet est une menace pour mon marché. Mais de toute façon, a-t-on le choix ?

Êtes-vous en contact avec vos anciens clients? Organisez-vous des ventes privées pour les clients que vous connaissez déjà? Ou traitez-vous les clients existants mieux pour créer une sorte de relation? Je ne fais aucune relance auprès de mes clients. C’est l’objet qui commande. l’offre est faible. La demande suit.

L’or a été le principal métal utilisé dans les bijoux dans le passé et même maintenant. Pensez-vous que cela changerait en fonction de la crise économique en ce moment? L’or et les pierres précieuses sont et resteront les critères de la préciosité. Les diamants sont en effet pour toujours (DeBeers) mais récemment, j’ai été témoin d’une très grande demande dans les pierres précieuses. En achetant des bijoux anciens, suivez-vous la tendance ou satisfaire simplement les exigences du client? Je ne suis aucune tendance. Dans les bijoux anciens, seule la beauté et la qualité compte. C’est déjà assez difficile de trouver des beaux bijoux, s’il fallait en plus suivre une tendance... J’ai entendu dire que les grandes maisons d’entreprises investissent dans la récupération de leurs pièces de patrimoine. Quel est le but de cet investissement? Faire de l’argent !

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Je vois plus souvent que les bijoux de marque gagnent des prix élevés dans les maisons de vente aux enchères. Avez-vous des idées différentes ? Je ne m’occupe pas spécialement des marques, je cherche les bijoux plus anciens. Il m’a été mentionné que les marques ont une énorme influence sur les bijoux plutôt que sur la rareté des pierres ou de l’artisanat. Pensez-vous que dans les bijoux anciens, c’est la même chose ou une combinaison des deux? Un bijou ancien signé vaudra toujours plus, à qualité égale, qu’un bijou non signé. Après, ça dépend des signatures... Le label “made in France” est connu depuis plus d’une décennie pour sa main-d’œuvre primitive dans les bijoux. Comment faire face à la prochaine hausse de l’étiquette “made in Asia (China, Japan, etc…)”? Je ne suis pas concerné par cette question

Christian Orlov CEO of Orlov Jewelry

Place Vendome has been a highlight for the jewelry industry around the world. Do you see that image influencing the sales? It can help - but the only facts that really count are the quality of craftsmanship, the flawless precious gemstones the jeweller uses in his creations and the unique designs.

Any luxury item is essential/ desired if you are a part of the high net worth society - in order to represent, to make a statement and its a reward for the hard working individuals to collect valuable luxury items from cars and jewelry/ watches to fashion and accessories.

The label “made in France” has been known for their prime workmanship in jewelry for over than a decade. How to you deal with the rise of “made in Asia” label? We are neither using the label made in France nor made in Asia - we produce in our own factory in Valenza, Italy - the traditional capital of Italien jewelry manufactoring ! But to answer your question - today it only counts to find skilled craftsmanship, where ever they are located - most of the french jewelry brands produce in Asia as well under surveillance of french or Italian master jewellers. The label made in France / Italy is more an image/ history they use. Only a few masterpieces are really produced in France/ Italy - as most of the major jewelry brands concentrate today more and more on the mass market items - see VCA with their Alhambra collection or Cartier love bracelets, ... In your opinion, what are the main values (material & immaterial) of a branded jewelry piece? Design, craftsmanship and quality of gemstones used in the creations, but today at least one or two of these are replaced by a powerful marketing of major brands - honestly how else would you be able to sell today worthless rock crystal or Onyx for the same prices as precious gemstones.

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You, as a major jewelry house, are keen to focus on their brand’s history and heritage, why are these stories so important to the end consumers? How do you think these history could be developed by time or tell to increase sales? Everyone loves stories - they create something magic around the items you are selling. How do you conserve your patrimoine throughout the years? Invest in quality luxury - as individual as well as brand. We believe only in the best - thats why we are the only jewelry brand in the world who certifies every single diamond and precious gemstone we use in our creations ! Diamonds were in vogue for many years. Now, I see the emerald and many gemstones coming into the market with bigger and bigger size demand and a high margin. Do you follow the trend in choosing your gemstone to fit your new collections? Our brand ORLOV specialises in natural precious gemstones over 10 carats - unique rubies, emeralds and sapphires - since the first day. We use mainly diamonds to underline the beauty of our precious gemstone creations. Why people buy vintage jewelry? do you think it is an investment more than an actual purchase? Vintage jewelry is not our business, but from time to time we buy as well vintage jewelry which include an extraordinary center piece gemstone as it becomes harder every year to find high quality precious gemstones on the market/ at mines. This center piece gemstone we need then to recut and re certify before we use it in our creations.

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Internet has been around since years now and it is influencing how people purchase art pieces. Do you take internet as a potential threat to the antique market or an opportunity for open borders business? Of course the internet / social media is an opportunity - even if we rarely sell without seeing in person our pieces - its a major part of our marketing activities and has a massive impact we could never achieve through any other marketing activities How inspiration from your past is developed in recent jewelry collections? The main inspiration is the beauty of the precious gemstone by itself, but as well mother nature, architecture, ornaments, ... How do you tend to please customers after selling a high end jewelry piece in the long term? Do you think that there is a lack in this field (after-sale service)? Regular personal contact - private dinners and events all over the world is our after sales strategy - a well treated customer is a returning customer and a customer who recommends you - thats our essence of business !

Nikita Franco Singh Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? Yes our family owns a few antique jewelry pieces which we will keep and eventually sell if we find the right buyer. We will never melt it down to use the gemstones for something else.

Age: 23 Nationality: Belgian Profession title: Jewelry and Sales Executive City and company working/school studying: Richdiam, Antwerp and New York

It has been mentioned to me on more than one occasion that people buy antique jewelries more and more often than modern jewelries. Do you agree? Do you see that coming into life for the near future? I agree that there is a rise in the purchasing of antiques and I believe that customers love the history and story behind these pieces as opposed to a new creation with little to no history to it. Furthermore, there are some manufacturing techniques from the older times that isnâ&#x20AC;&#x2122;t really seen that much anymore in newer items. Also , I believe that these antiques rise in value over the years, making it often a good investment decision. What do you think people, by buying antique jewelries, invest for? Is it to wear it or just as an investment? I think most people buy it for both reasons. Do you take inspiration from antique jewelries? I wouldnâ&#x20AC;&#x2122;t say get inspired by antiques when creating my own jewelry. However I do love to admire the work and the precision that has gone into creating it. I believe that when a piece is made just to look antique, it loses its charm, if it is not authentic.

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Which époque do you prefer in jewelry inspirations? I am a big fan of the Art Deco period! Asia has been a major source for major gems across the world. Do you work with asian countries, for example China and Japan to source your gemstones and even create a business opportunity to gain more profit from sourcing from Europe and the US? We do significant business with china and mostly Hong Kong. The Chinese clients love our inventory of high end colored diamonds and we always try to maintain these relationships for future business opportunities. It has been mentioned that Asia companies buy more and more the best quality gems in the market. Do you think that Asia will be one of the major actor in the near future? Do you see HK and Singapore being a future gem hub? Yes! From my own experience I have learnt that the Asian market wants nothing but the best color, clarity and size goods. When they fall in love with an item, they will pay the price for it. They are good business people and are well educated and know what they want. They will not settle for something less than what they want. I believe that HK is already a major gem hub with many wholesalers and retailers there as well as auction houses. As for Singapore, I understand that that market is on a rise. If you would want to buy a jewelry piece for you or your wife, would you go to a department store, internet store or a jeweler you know directly? I would go to a jeweler, or try to design it myself. Do you stay in contact with your past clients? Yes, client relationships have to be maintained.

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Internet has been influencing prices and the way people sell gems. Do you see that internet is a possible threat to the market demands or rather an opportunity? I see it as a threat, the everyday people are becoming more and more “educated” on diamonds and jewelry and think they understand the pricing of goods. They often believe that 2 Fancy Yellow diamonds are the same and therefore should be priced the same way. They do not understand the in depth importance of color, clarity and make, in fancy colored diamonds at least. If you would be creating a jewelry brand based on antique jewelries, how would you market it? I would focus on exclusive antique items. Pieces that are very unique and haven’t been seen a lot. Gold has been the main metal used in jewelry in the past and even now. Do you think that would change according to the economy crisis at the moment? I believe that gold will always be used in jewelry. Diamonds are indeed forever but recently, I’ve been witnessed in very high demand in gemstones. By buying something valuable, do you follow the trend or the need ? It is very important to follow trends and follow the market, but it is also very important to stay true to yourself and your specialty. Therefore it is a good compromise to constantly adapt to the changing market yet maintaining your values and expertise, which can create a competitive advantage.

I see more often couples going for wedding rings that have a antique look. Do you design many antique wedding rings for couples seing it is a big demand recently? I design what the client wants, at the moment I haven’t gotten any demands on antique looking rings yet.

Gems and diamonds are being treated as we speak to rise quality. How do you think companies deal with this problem, or should I say opportunity? I do not see it as an opportunity, through treating diamonds, the value decreases and the rarity and charm of it disappears. I will always believe that diamonds should not be treated, and should be loved and cherished for its natural beauty. It has been mentioned to me that brands have a huge influence on the jewelry piece rather than the rarity of the stones or craft. Do you think that in antique jewelry, it is the same or a combination of both? In antique pieces it is often the brand that boosts the value of the piece. Obviously the gemstone contributes as well, but I would say the brand overpowers it. I see more often branded jewelries gain hight prices at auction houses. Do you value independent or unknown designs too? We value both. It has been mentioned more than once that auction houses influence the price and the trend of gemstones. Do you agree with this? I agree, people always follow what is happening at auctions and see this as the trend of the current market.

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Charles Edward Green Age: 23 Nationality: American Profession title: Sales City and company working/school studying: New York -Jack Abraham Diamonds are indeed forever but recently, I’ve been witnessed in very high demand in gemstones. Do you think diamonds will rise again throughout the years? I think there will need to be a very large change in our industry for both gems and diamonds to rise at all. Our industry and the economy have caused a slump where people are spending their money on vacations and houses rather than jewelry. Gems and diamonds are being treated as we speak to rise quality. How do you think companies deal with this problem, or should I say opportunity? Being in this industry since I was born I am against treatments and synthetics. But companies need to see if their clientele will buy those products if so then they need to invest in some treated products. Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? NOPE all brand new on me. The rise of smaller companies and independent designers taking over the market in Europe and the US is influencing the gemstones demand for semi-precious stones and rough diamonds. Do you think that it is influencing the prices demand? For some stones like the recently discovered aquapraise but the rest I’m sure there is some influence but I’m not aware of it.

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Internet has been influencing prices and the way people sell gems. Do you see that internet is a possible threat to the market demands or rather an opportunity? 100% because customers don’t really know what they are buying but they see it’s a 2+ carat stone for half the price of one they saw in a store so they think it’s a good deal. Asia has been a major source for major gems across the world. Do you work with asian countries, for example China and Japan to source your gemstones and even create a business opportunity to gain more profit from sourcing from Europe and the US? We show in Hong Kong at least 2 times a year so the Asian market has been good to us we see the Asian market in a better position then the US at this time. It has been mentioned that Asia companies buy more and more the best quality gems in the market. Do you think that Asia will be one of the major actor in the near future? Do you see HK and Singapore being a future gem hub? I have seen that Asians are more influenced by what a certificate says about a gem rather then what the gem actually looks like. I think Asia is already a large hub It has been mentioned more than once that auction houses influence the price and the trend of gemstones. Do you agree with this? Yes one of my jobs is to check results of the auctions and it is a good indicator for how the market will do with different stones.

Carlos Larrea Diamonds are indeed forever but recently, I’ve been witnessed in very high demand in gemstones. Do you think diamonds will rise again throughout the years? I think there will need to be a very large change in our industry for both gems and diamonds to rise at all. Our industry and the economy have caused a slump where people are spending their money on vacations and houses rather than jewelry.

Age:26 Nationality: American Profession title: Estate Buyer/ Jewelry Designer / Entrepreneur City and company working/school studying: New Jersey USA, Working at Family Jewelry store, Graduated from Johnson and Wales University with Bachelor in Science in Business Management and concentration in Entrepreneurship, Graduate Gemologist from Gemological Institute of America

Gems and diamonds are being treated as we speak to rise quality. How do you think companies deal with this problem, or should I say opportunity? Being in this industry since I was born I am against treatments and synthetics. But companies need to see if their clientele will buy those products if so then they need to invest in some treated products. Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? NOPE all brand new on me The rise of smaller companies and independent designers taking over the market in Europe and the US is influencing the gemstones demand for semi-precious stones and rough diamonds. Do you think that it is influencing the prices demand? For some stones like the recently discovered aquapraise but the rest I’m sure there is some influence but I’m not aware of it.

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Mariana Gomez & Erika Courtney

Mariana gomez, 25, Mexican Industrial designer, working at Erica Courtney inc in Los Ă ngeles. Went to design school in Mexico and then GIA in Carlsbad

Erika Coutrney, 25, Mexican Industrial designer, working at Erica Courtney inc in Los Ă ngeles. Went to design school in Mexico and then GIA in Carlsbad

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Diamonds are indeed forever but recently, I’ve been witnessed in very high demand in gemstones. Do you think diamonds will rise again throughout the years? I do think diamonds will rise, but it is true, colored gems are getting more and more popular.... although diamond is still the classic way to go, specially for bridal

Asia has been a major source for major gems across the world. Do you work with asian countries, for example China and Japan to source your gemstones and even create a business opportunity to gain more profit from sourcing from Europe and the US? We do work with Asia but not really Japan or China, mostly Thailand.

Gems and diamonds are being treated as we speak to rise quality. How do you think companies deal with this problem, or should I say opportunity? Companies are investing in top notch technologies to detect treatments, specially when it comes to diamonds and synthetic diamonds

It has been mentioned that Asia companies buy more and more the best quality gems in the market. Do you think that Asia will be one of the major actor in the near future? Do you see HK and Singapore being a future gem hub? I do see a lot of future for this industry in Asia.. getting better and better

Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? I own a few pieces that my grandma gave me, even though I never ever wear them, I keep them for sentimental reasons The rise of smaller companies and independent designers taking over the market in Europe and the US is influencing the gemstones demand for semi-precious stones and rough diamonds. Do you think that it is influencing the prices demand? I do think it’s influencing the prices, specially in rough diamonds Internet has been influencing prices and the way people sell gems. Do you see that internet is a possible threat to the market demands or rather an opportunity? I think the Internet is definitely the future, I think in order for business to survive you have to be online too. “If you can’t beat them, join them”

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Marc-Andre Kamel Bain & Co. Marc-Andre Kamel, Partner and Director at Bain & Company Industry specialties: retail and consumer products, luxury goods, media and tourism. - Wharton School, University of Pennsylvania - Northwestern University - Ecole spéciale des Travaux publics, du Bâtiment et de l’Industrie Meme qu’ils achètent un produit de luxe donner, l’experience que le client reçoit, que l’achat de ce produit donne et l’utilisation de ce produit a un temps donne, est aussi important que le produit lui-meme. C’est meme arriver avec l’apparition dans des clients du luxe a nouvelle generations qui donnent plus a l’experience au produit. Les clients sont en train d’évoluer avec un dévelLa definition du luxe, c’est un marche au total oppement de l’experience. représente mille milliards d’euros et dans lequel il y’a toute un tat de zone different. Pour chez Ce qui est intéressant dans le luxe est que les nous chez Bain, pour le coeur du luxe c’est ce marques les plus importantes sont des marques qu’on appel les personal luxury goods. Il y’a qui ont 100 ans, 150 et 200 ans d’experience. Ils autant de categories: Apparel (textile), Acces- ne sont pas les memes qu’il ya 150 ans biensur, sories (chaussures, la maroquinerie...), beauty mais elles font un certain nombre de chose qui (parfums et cosmetics), hard luxury, c’est-a-dire contribue a la magie, l’histoire de la marque, a la joaillerie, d’un cote, et les montres d’un autre. l’histoire de l’image de la marque donner aux Tout ca represent 250 milliards d’euros de retail clients. Personne ne doit perdre ca. Mais, quant sale dans le monde. Pour nous, c’est ca vraiment on perd ca, il y’a plus de luxe. Franchement il y le centre du luxe. A cote de ca, vous avez 750 a pas de raison de payer 5000 euros a un sac a milliards de vente qui sont dans des categories main quand on peut avoir un sac a main qui lui adjacentes, dans pleins de différents domaines, ressemble a 200 euros. La raison pour laquelle en particulier les voitures de luxe, l’hôtellerie de vous payez les 5000 euros, est tout d’abord, la luxe, et tat de choses différentes, comme les qualité et d’un autre cote l’histoire qu’il y a dervins et les spiritueux, comme les spas, bateaux, riere ce sac, derriere cette marque, l’experience comme les mobiliers de luxe, etc... de l’achat et de la vie avec le produit. Et ca c’est Pendant longtemps, on a pas considerer toutes les limites d’ou ont met le luxe, ou-est ce qu’on met le luxe dans une voiture, dans les hotels. De plus en plus, on est pousser a considerer ces categories la parce que le marche du luxe y compris dans le coeur, est en train d’évoluer des faces produits a un monde d’experience. Les clients sont de plus en plus en recherche d’experiences.

quelque chose très particuliers au luxe. Est-ce que ca peut durer, moi je pense que oui ca peut durer. Mais il y’a pleins de choses nouvelles qu’il faut prendre en compte. - Le premier, effectivement pour les nouvelles generations de clients, il faut être sure que l’experience est au rendez-vous.

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L’experience ca passe vécu en magasin ou sur internet quand vous faites contact avec la marque sur internet et au moment de recherches, d’achats et de délivrance, c’est ce que vous vivez dans des communauté qui se crée autour de ce produit, que ce soit des communauté de social media, d’utilisateur, ca fait partie de tout l’environnement. Ca n’existait pas forcement il y’a 50 ans, quand on avait pas les memes soucis de communications. C’est la façon d’interaction avec la marque. c’est normal, il y’a 20 ans, on réagissait pas comme maintenant. Ca continu a accélérer a un rythme énorme. Le second, il ‘ya des canaux différents qui ont émerger et je sais pas franchement on il irons. Le premier canal qui a immerge est le canal internet. Les marques disaient qu’ils vendraient jamais sur internet, beh c’est faux. Il y’a 3 ans, la moitié des marques de luxes n’avaient meme pas de site internet. Aujourd’hui, beaucoup de marques de luxes vendent meme sur internet. je suis pas sur qu’on ira a 100% de ventes sur internet. je pense l’experience dans un magasin, le flagship, le store, le theatre ou on va pouvoir vivre la relation physique ou sensuel avec les produits de la marque est très important. Ca ne changera pas. Mais la partie online va augmenter. Des canaux qui sont en train de monter en puissance. Le travel retail a pris beaucoup de place surtout avec le développement des cosmetics brands et perfume. Le high-tech, canal discount qui sont gérer de plus en plus scientifiquement par les marques, très limite avec les canaux traditionnels qui monte en puissance. Un tout petit phénomène qui commence a émerger, est le second hand. Estce qu’on peut vendre des produits du luxe qui a une deuxième vie. Ca a toujours exister. Il y’a sur Paris ou autre ou vous pouvez acheter des produits du luxe de très grandes qualité. Ca devient un canal en soit. Est-ce que demain, on va faire du sharing, borrowing, renting plutôt que le buying. Je n’ai pas la boule de cristal. C’est possible que ca soit le cas. Est-ce que ca sera la majorité, ca m’étonnerait. Je pense qu’on parle de canaux, pas de ventes. Le modele de vente sera et restera un modele majoritaire, qui soit dans les magasins ou a la maison. Personne ne pouvait prédire. Moi jai commencer a parler des ventes sur internet il y’a en 2005, les marques de luxes me regardait comme si j’était un extraterrestre.

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Il y’a encore 10 ans, en 2007, j’avait fait une conference et les gens me regardait en disant que je déconnais en tant que consultant. La reaction est très différentes aujourd’hui. La question de sustainability est interessante. Je pense que la population un peu plus jeune aujourd’hui, ayant le pouvoir d’achat, se prend a coeur sur le sustainable. C’est pas seulement pour les produits de luxes. Aucune marque qui vendent un produit quelconque ne s’intéresse pas a la sustainbility, la responsabilité sociale. Pourquoi? Je pense que il y’a plusieurs stakeholders. D’abord, les employers de la marque sont plus en plus engager quand la marque est socialement responsable. Dans toutes les engagements que les companies peuvent faire, on voit que cette engagement est plus fort, plus productive, plus efficace. Il y’a un intérêt économique du cote de l’engagement des employer. Pour les clients, il y’a un intérêt a la fois morale d’acheter un produit cher qui fait du bien aussi a l’économie et a l’environment. Est-ce que les clients sont prêt a payer plus cher parce que c’est sustainable, pour l’instant je suis pas complètement sure. On pourrait dire que c’est des produits de luxe qui coutent deja très cher, les clients sont peut être prêt de payer un peu plus cher encore parce que c’est sustainable. J’espère qu’on va arriver la. J’ai pas la preuve. C’est le contraire actuellement puisque les client refusent de payer 10% de plus. Ca va certainement changer. La communauté financière, le marche. C’est un engagement de responsabilité au delà de question social. Les marques le regarde de façon favorable. économiquement, c’est intéressant. Quand vous faites du sponsoring avec des fonds marketing, on fait un retour sur investissement aussi bond meme plus que le mettre en publicité. Cette somme est facilement recuperable en return of investment, a l’impact de ce sponsoring. Sur la question de sustainability, il y’a pleins de raison de le faire. Est-ce qu’on sait chiffrer l’impact de cette sustainability sur la rentabilité, sur la valorisation des marques, je pense que personne ne sait faire aujourd’hui. Il y’a pleins d’arguments logiques, réalistes, pragmatiques. En effet, les marques de luxe investissent plus. Elles ont acquis la conviction que vis-a-vis de ces stakeholders, les parties prenantes, il ya vraiment un intérêt a faire.

Jean-Baptiste Andreani IFA Paris

Jean-Baptiste Andreani Managing director of IFA Paris since 2015 Jobs: - Individual Consultant - Academic Director in Raffles Education Corporation Education: - SKEMA Business School Degree Name Masterâ&#x20AC;&#x2122;s degree Field Of Study Marketing/Marketing Management, General

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What is luxury nowadays? Is it a customer-based business? Is it a demand or an offer based? Luxury is a business based on customers, customisation and services around the consumers. Luxury = Manufacturing cost + Brand savior-faire. When it comes to value a luxury piece (jewelry), what other values would you add up in this equation? The value of luxury depends on design trends. L’esthetique personelle is the main attraction that many consumers look for. Did you hear about sustainable luxury? How do you think brands should change their strategies according to this new trend, if I can call it a trend? Sustainability is all about now and what we do now. All strategies will change eventually to adapt to this so-called and advertised as a “trend”, like when internet came out few years back and started to hit the luxury market. 90% of the strategies that are now changed are marketing purposed and customer awareness based. We have to look with an external look to understand really what is really happening with this industry.

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How do you think luxury brands conserve their patrimoine? The best luxury brands and watchmakers are keen to focus on their brand’s history and heritage, why are these stories so important to their end consumers? How do you think these history could be developed by time or tell to increase sales? Cartier is probably the only brand that I can think of that adopts the “promo de l’art” with the Foundation Cartier in Paris. Brands should look not only at a customer point of view but also in the archives to actually create a new collection based on their history of savoir-faire. Companies needs to be reorganized, without “bruler les etapes”. Advertising is a sacrifice between reality and the wall that is built between the customer and the brand. How do famous artisans/designers tend to please customers after selling a high end piece? Do you think that there is a lack in this field (after-sale service)? Individualism is the next thing in luxury. Personalization and ultra-customisation is becoming important for this field. Time and space are both values the luxury brands need to achieve. Is luxury already sustainable? Luxury is supposed to be forever. Of course, our world is based on buying more, even in luxury. Forever is not luxury unfortunately and we are suppose to build a future accordingly to build a brand that is both luxury and sustainable, and that’s a real challenge for everyone.

Thomas Faerber Antique specialist It has been mentioned to me on more than one occasion that people buy antique jewelries more and more often. Do you agree? Do you see that coming into life for the near future? Antique jewelries are obviously more affordable than modern jewelries. Antique jewelries, no matter what and how good craft skills are developed, canâ&#x20AC;&#x2122;t be reproduced with the same emotion driven out of a piece. The new emerging market is more educated and go to museums more often. This could be a reason why people have the trend to go back to the roots. Antique jewelries are already emerging and I believe it will continue to grow. Dealers are appearing in most jewelry shows. One big threat of the market is counterfeit products (Cartier and Art Deco mostly) produced by high skilled craft from Argentina and Thailand.

Thomas Faerber Antique specialist 40 years experience Geneva, Paris, NYC, HK

What do you think people, by buying antique jewelries, invest for? Is it to wear it or just as an investment? Antique Jewelries have a storage of value of tough times, unless exceptional stones and historical pieces that could be invested to be rediscovered in museum set-up. People generally come to me so I can provide antique pieces from all worldwide brands to wear it everyday. One big threat is Chinese investors that have the tendency to buy jewelries for investment rather than to wear it. Do you work with local and international Auction houses? Yes I do work with local auction houses as Druot and international bigger conglomerates such as Sothebyâ&#x20AC;&#x2122;s. It all depends on my clients wishes and their price range. Obviously, in a bigger auction house, the margins I get are lower as margins for themselves are always higher.

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Do you use internet as a tool or do you think that internet is one of these threat to your market? I personally don’t use internet, maybe I’m old fashioned but as I will be alive, I will not use internet as a tool. Once the piece is on the internet, the piece is always there and it is like it is burned alive. Everybody will know about it and this actually helps counterfeit being developed with even more precision. In private sales, it is always interesting to research through the browser to get to know more infos on what they propose, from where they come from and all the small details such as materials and price ideas. Other than this, I never use internet and I won’t !

How do you recognize fake antique jewelries from real? Do you trust your sources where you buy them from or you have them checked by specialists? It takes more than 40 years of experience to recognize fake antique jewelries. I will never be 100% sure to recognize it at first but sometimes, I have a thing that is called “feeling” that always gives me instinct of recognition. Most of the times, bench people are more skilled are they look at the piece a bit differently than us, businessman. I always double and triple check after an Auction House certificate as mistakes are human. Generally, I have 5 years to give back the jewelries bought by auction houses. I see more often couples going for wedding rings that have a antique look. Do you sell many antique wedding rings for couples seing it is a big demand recently? No I never sell antique wedding rings to clients. It doesn’t make sense for me. I will direct them to jewelers.

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Gold has been the main metal used in jewelry in the past and even now. Do you think that would change according to the economy crisis at the moment? Gold has been used since more than 1000 years. It will remain to be used. Maybe in different quantities and techniques. Resources could be at last but recyclable materials can produce the same quality of gold, just without the label gold. Diamonds are indeed forever but recently, I’ve been witnessed in very high demand in gemstones. By buying antique jewelry, do you follow the trend or simply fulfill the client demands ? As you may notice, diamonds are forever but it is in big slowdown since few years now. The diamond business has changed a lot and is over speculated. Gemstones have higher risks when buying. Rapaport for gemstone doesn’t exist. An additional value comes in mind: appreciation varies from person to person and can’t be valued precisely.

I see more often branded jewelries gain hight prices at auction houses. Do you value independent or unknown designs too? It has been mentioned to me that brands have a huge influence on the jewelry piece rather than the rarity of the stones or craft. Do you think that in antique jewelry, it is the same or a combination of both? Branded jewelries are trusted by clients, then more important, then given the case of having the trust of the brand itself. I defend craftsmanship so I don’t like people valuing these values. The brand’s mine is directed marketed. In Auction houses, only good brands that have big heritage in jewelries such as Chanel, Dior, Cartier have success rather than an Louis Vuitton. An example I have in mind is probably Versace, which has mainly materialistic value even if it is an old piece of jewelries, specialists should sell it through private jewelers. The label “made in France” has been known for their prime workmanship in jewelry for over than a decade. How to you deal with the upcoming rise of “made in Asia” label? Made in France was booming as labels were at top priority, plus the finest makers/crafts have additional values in any piece of jewelry. Unfortunately, made in Europe label has been dying as other emerging countries learn fast and has caught up with technology and knowledge.

To sum up, you wouldn’t melt a signed piece as they can’t be reproduced as craftmanships are probably dead.

I heard that major company houses are investing on retrieving their patrimoine pieces. What do you think is the purpose of this investment? Indeed, they do invest in museums and retrieving their patrimoine but unfortunately, it is only good for their image rather than actually caring for their heritage. Good for marketing, image and themselves. This is the ugly truth of every business. Cover up damages with storytelling.

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“ Peu importe le prix d’un bijoux, cest a transmettre a tes filles donc ca doit etre pleins de valeures “ Thomas Faerber

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ISABELLE HOSSENLOPP Intervenante MBA - Journaliste

Brand Content & Storytelling Intervenante MBA - Journaliste 06 82 46 94 72 26 rue de la Tour - 75116 Paris www.isabelle-hossenlopp.com

It has been mentioned to me on more than one occasion that people don’t need luxury items (Jewelries specifically), but rather they want them. Why do you think people want them despite knowing we don’t need them? (reference: Material goods and Immaterial goods) En effet, de manière générale, les produits de luxe ne correspondent pas à un besoin, mais ils sont l’objet d’un désir fort qui pousse les gens à les acquérir. La joaillerie est un cas à part, c’est le seul secteur du luxe qui utilise des matériaux que l’homme ne produit pas et que seule la nature va donner … ou pas. Certains sont de plus en plus rares, je pense notamment aux diamants et surtout aux diamants de couleur.… Et plus ils sont rares, plus leur valeur augmente. On voit à quel prix s’arrachent les diamants de couleur aux enchères, qui peuvent approcher 2 millions de dollars le carat. Que pensez vous des diamants synthétiques? Il est encore tôt pour se prononcer sur ce nouveau marché. La clientèle sera certainement différente de la clientèle traditionnelle des diamants qui restera sensible à la valeur de ce qu’elle possède, à la rareté. En revanche, le marché des diamants synthétiques pourrait toucher une clientèle attirée par des prix plus accessibles et n’ayant pas - ou pas encore les moyens d’aller vers les grandes marques. Si les fabricants font appel à des créateurs de talent, ils peuvent vraiment tirer les fruits de cette découverte. Il y a aussi cette notion de valeur intemporelle, éternelle du diamant qui fait que leur aura reste intacte : ils peuvent être transmis, leur qualité est intangible. Même quand vous avez sur le marché des copies de Picasso, vous trouverez toujours l’esthète et le connaisseur qui achètera le vrai tableau.

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In your opinion, what are the main values of a branded jewelry piece, for example a Chaumet high-end piece? (regardless if it is old or new, branded or incognito) Je dirais qu’il y a plusieurs facteurs qui rentrent en jeux : la confiance dans la Maison, sa renommée et dans certains cas la rareté, surtout quand la Maison a disparu. Je pense aux marques de l’époque Art déco comme Jean Després qui a une forte image de qualité, de pérennité et une créativité artistique représentative d’une époque. Mais il arrive aussi qu’une marque nouvelle et encore inconnue du public enregistre un succès réel. Prenons l’exemple de Messika qui a connu rapidement un grand succès, aidé par la personnalité de Valérie Messika, sa très médiatique fondatrice. Elle est issue d’une famille de diamantaires, donc ses diamants sont de très belle qualité, ce qu’elle n’oublie jamais de rappeler. Mais surtout, elle a vraiment inventé une nouvelle joaillerie, des bijoux aux lignes très fines, des diamants sur fils, faciles à porter, tout en évoluant doucement vers la Haute Joaillerie sans renier son style. Elle est devenue la chouchoute des stars, très photographiées à Cannes cette année en Messika ! Que pensez vous de De Beers? La division joaillerie au sein de De Beers ne date que de 2005, mais elle a largement profité du prestige du nom. Tout le monde ne connaît pas les géants miniers Rio Tinto ou Alrosa mais tout le monde connaît De Beers, un nom prestigieux et ancien associé aux mines d’Afrique du Sud qui produit de superbes diamants. Le joaillier De Beers, en-dehors de ses très belles collections de bijoux en diamants, a décidé de travailler sur le diamant brut. C’est une idée nouvelle et c’est plutôt réussi. Il y aura sans doute rapidement de la concurrence, car l’idée s’inscrit bien dans la tendance à la simplicité, au côté « responsible », naturel et « brut » que l’on cherche à donner à toute chose aujourd’hui (hôtellerie, parfums, soins, cuirs, vêtements…).

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The best luxury brands and watchmakers are keen to focus on their brand’s history and heritage, why are these stories so important to their end consumers? How do you think these history could be developed by time or tell to increase sales? Toutes les grandes marques racontent une histoire liée a leur ancienneté, à leur identité et a leurs racines. C’est aussi important pour elles que pour leurs clients. Mais il faut veiller a ce que l’histoire soit véridique, vérifiable, pertinente et surtout adopter le « temps long », laisser le message infuser, le répéter, ne pas « vibrionner » en multipliant les discours différents, ce qui brouillerait le message auprès du client. C’est ce que je répète toujours à mes étudiants, vous vous en souvenez ! What about sustainable jewelries? Sur ce créneau, Chopard est en tête pour faire bouger les lignes : il accorde beaucoup d’importance à cette nouvelle approche, il est conscient de son importance auprès des jeunes et il communique dans cet esprit. L’éthique en joaillerie oblige à se préoccuper des conditions de travail des mineurs, de celle de leurs familles, de la construction d’infrastructures durables, routes, écoles et hôpitaux… ce volet social est important et l’industrie diamantaire et joaillière devra de plus en plus en tenir compte. L’aspect environnemental est important aussi, comme les rejets polluants des mines et la remise en état de la région à la fin de l’exploitation. How do you think jewelry brands conserve their patrimoine? Les grandes Maisons ont toutes leur directeur du patrimoine et des équipes dédiées à la recherche quotidienne de bijoux et d’archives dans le monde entier. Elles organisent aussi des expositions magnifiques mettant en valeur leur patrimoine, comme nous l’avons vu beaucoup des dernières années. Ces expositions sont un réel voyage au cœur de l’émotion pour le visiteur… et le client, ce dernier toujours convié dans des conditions exceptionnelles.

Do you think that Boucheron is successful in designing jewelry pieces inspired from their archives? Vous devez faire référence a leurs pièces inspirées du motif ‘serpent’ ? Boucheron a raison de le faire, même si ce n’est pas l’unique raison de son succès. Une idée tout à fait nouvelle peut aussi générer un succès : prenez le cas de leur bague Quatre. Une étude de marché à laquelle j’ai participé a montré que cette bague a redonné une véritable image de modernité à la Maison. On pourrait dire la même chose de la Maison Cartier avec les collections Clou ou Cactus. Cela donne une visibilité différente de la marque. New jewelers without a clear personality tend to not do so well, but those with a distinct “face behind the brand” (branded jewelry) fare much better. Why do you think that is? Is it trends or just faith? Je ne pense pas que la “face Bhind the brand” soit une condition nécessaire au succès d’une marque. Ce n’est même pas une condition suffisante. Il en faut davantage pour cela. Je reviens sur l’exemple de Messika : ce n’est pas la « starisation » qui a fait le succès de la marque, c’est l’innovation dans le style. Le diamant est soudain descendu de son piédestal tout en restant désirable et prestigieux. You are obviously comfortable with the internet and what internet could do to the jewelry industry. Regardless, if you would want to buy a vintage jewelry piece, would you rather buy from a trusted jeweler directly or search on the web (or go to auctions)? Would you like to know about this jewelry piece’s past? Je dirais les deux. J’irais peut-être sur Internet, du moins pour mes recherches, mais je ne suis pas sûre que j’achèterais sur Internet. Je préfère le contact physique, voir et toucher la pièce est essentiel. Surtout, je voudrai m’assurer que ce n’est pas un faux. J’exigerai un certificat d’expert et je ferai peut-être faire une contre-expertise.

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Van Cleef and Arpels Arche de NoĂŠ

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Adrien Trivier Gem specialist and dealer Diamonds are indeed forever but recently, I’ve been witnessed in very high demand in gemstones. Do you think diamonds will rise again throughout the years? Colored stones (Emerald and Sapphires) demand is increasing since few years now. If you know Gemfield, they are excelling in this field, they are among the best gemstone miners and dealers. They are investing a lot on real estate properties in a lot of countries in Africa and Asia but they are waiting for the moment of the stability of the country. I think they are going towards DeBeers old vision of diamonds with the traceability of gemstones developing a kind of “Kimberly Process” for colored stones.

Adrien Trivier Age: 38 Nationality: Belge Profession title: Gem dealer (ex- immobilier) City and company working/school studying: GIA, Gem-A

Gems and diamonds are being treated as we speak to rise quality. How do you think companies deal with this problem, or should I say opportunity? When we talk about treatments, we can talk about millions of different kind of treatments. For example, laser drill diamond treated is for a different public than real diamond depending on the budget people want. Nowadays, you can have a diamond for 100$ and another the same size for few thousands of dollars. We have a lot of different offer, it all depends to whom it is going to be directed. Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? I got multiple old pieces either from my own savings or by heritage. For the moment, I do not think I am going to use it much. For the moment, I won’t do anything but in few years, I would like to maybe recut some stones and design jewellery around it. But I hope there is a way to recut old-cutter stones because if I cut a 5.05 carat stone, I would loose money ending up with a less than 5 carat stone. I loose a lot of value and that I think most people won’t like it, so this is why they keep it that way hoping it will be trendy.

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Internet has been influencing prices and the way people sell gems. Do you see that internet is a possible threat to the market demands or rather an opportunity? People (clients) are informed by internet more and more on manufacturing processes, cost prices range, quality, where stones come from, etc… I think that internet is going to revolutionize the gemstone field precisely providing additional informations as the traceability of stones are required nowadays due to ethics. Due to the big groups defending this ethic matter, small dealers will have to defeat it. Taking an example with “DeBeers”, big stone providers are investing with jewelries due to their money and power they have due to their marketing strategies. There jewelries work better than there stone business that was excelling few years back. Time changes, the only road to success is to adapt. Asia has been a major source for major gems across the world. Do you work with asian countries, for example China and Japan to source your gemstones and even create a business opportunity to gain more profit from sourcing from Europe and the US? It has been mentioned that Asia companies buy more and more the best quality gems in the market. Do you think that Asia will be one of the major actor in the near future? Do you see HK and Singapore being a future gem hub? In Asia (India and China), there is the biggest percentage of goods coming in from major mining countries and coming out to most stones hubs such as Antwerp, NY, Dubai, etc… Singapore and Thailand is among these countries that have a lot of money to invest. Bangkok and HK also are both big hubs for gems education such as NY, London and Geneva a long time ago. Bangkok is a big hub where the best stones found in mining countries are found and can be bought in auction houses or in a earlier stage, cut into wonderful gems. There is sometimes a shortage of time between the findings and the sale. Everything is faster now. One thing for sure is that the US is booming too with the highest new designers coming in investing a lot on the sustainability and ethics.

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What is the most important in nowadays business? The most important nowadays are the traceability and the ethics (sustainability) such as gold fair trade and stones mining. Marketing also plays a big role. Look at DeBeers, they created few years ago the marketing of “diamond is forever” and for few years, they had the copyright of engagement rings and now you can see every couple in the world having a diamond ring to commemorate their relationship. Would you sell your old Cartier ring you don’t wear or keep it? If you have a Van Cleef or Cartier jewel, if money is important to you of course, you have a better chance to actually sell it and make more money than actually use the stones for something else. Buying them as second-hand jewelries have a better chance of living longer than smaller designers. Signature of a big brand and a representation of an important époque in history is much important. Everything is surrounded with the brand and what the brand stands for among consumers. Values of stones are generally lower than the brand identity even if the stone is the rarest stone ever found. Even the value of the stone sold by big companies are way higher than the real price of the diamond. It is called “copy-paste margin” in my business. But, if you had an old piece of jewelry, you could sell it or just melt down the gold and reuse the stones for something else. That won’t change much the value of the jewelry and what you had. But if you have something from a big brand, it is more interesting to keep it that way.

Anonym X Messika - Director of sales Diamonds are indeed forever and Messikaâ&#x20AC;&#x2122;s main value is based on this moto, but recently, Iâ&#x20AC;&#x2122;ve been witnessed in very high demand in gemstones. Do you think diamonds will rise again throughout the years? Diamondsâ&#x20AC;&#x2122; demand has been through many years but with the increase of gemstones, unlike diamonds, it has trends. It comes and goes by time, short and long term trends. In messika, we also value colorless gemstones that could replace diamonds in a further storytelling. A stone has a story, a story that has a value. Maybe not a physical value that is quantitative but when the stones are unique, we do value a price for it. The rise of synthetic diamonds is happening now, how Messika is thinking of working against it (or with it) ? We also support the idea of synthetic diamonds as everybody is talking about it nowadays and our business is going against it. We built a strategy few years back expecting the growth of synthetic diamonds throughout many years to come. We eventually came up with few business plans to save the company in case of emergencies come. We basically will deal with the problem when time comes.

Eden Losange by Messika

I see more and more people seeking for another life of their vintage jewelry. Why do you think customers seeks another life for their jewelry? Jewelries are made to be worn forever. I mean this is what we aim to do. Sometimes, jewelry gets old, broken or way out of fashion, we tend to believe that satisfactory clients will eventually come back to us to give a bit of shine to it. Long term customers tend to believe that it is cheaper to fix your old jewelry at a local jeweler instead of sending it to the company. Indeed, price is different but quality matters and in high jewelry, we value quality in the work and its life cycle.

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I heard that major company houses such as Van Cleef or Messika are investing on retrieving their patrimoine pieces. What do you think is the purpose of this investment? Would it just be for museum and archives purposes? Why should companies invest more on vintage inventory? Messika is not doing that. It has a history of just few years now. But thinking long term, we should start thinking a strategy that could lead us to using this archives of “memory” and build a more sustainable future. Investment is money but the problem is not only spending the money, it is finding the pieces from the 7 billions people in the world that would take enormously time and resources. Messika can’t afford this now. But indeed, Van Cleef is planning to do that and it builds credibility and a heritage. Companies will eventually have to invest Did you previously owned or do you currently own an antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? Yes, I do collection a lot of jewelries that could eventually be worn by my future wife. I do love gemstones and I do think we are about to run out of gems. I did multiple pieces through the process of melting down. It all depends on trends, quality and time. I bought myself vintage pieces from auction houses such as Bonhams but I would never sell any piece of jewelry to them. Auction houses ruins the price of the beauty.

Move Iconic collection by Messika

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As a customer, if you own a old broken Cartier jewelry, would you go back to Cartier and fix it OR go to a family jeweler and fix it for cheaper OR sell it at auction house and gain whatever you could get for it? Explain your choice. Yes, I would go to Cartier and fix it. Unless, for me, I don’t personally like Cartier and I think that Cartier lost its heritage. This is not the question indeed but eventually, if I were a client of Cartier, I would notice the different quality, branding of its jewelry and won’t step a foot in their establishment. Rather, I would probably melt it and use it for another jewelry at Cartier itself as quality of their stones and gold was probably the best in the world at times of crisis.

Anonym X Operational Marketing and Communication North America / EMEA at Boucheron ( KERING Luxury Group ) What is Luxury for you today? Luxury is and will always be the prime quality or products, prime materials and experience. It is a bulb that surrounds a service and a products and makes it luxurious for many customers. At Boucheron, we value the quality of the service we provide for our customers. What are the threat to luxury today? Asia is a big threat to our european market. But we may take Asia as a strength as Asian countries are more open to foreign brands and this could lead to our expansion to our market to a far more interesting civilisation and culture than ours. Internet is also a strength because it gives us a reach far more to the limit we could get 20 and 50 years ago. How brands stay in contact with past clients (long term and short term)? Boucheron has many way of staying in contacts with clients. We organise events for past clients and sometimes potential new clients. We organise competitions that sometimes take part a large number of our clients that owns companies that could help us in our service.

Quatre iconic collection by Boucheron

In your opinion, what are the main values of a branded jewelry piece, for example a Boucheron high-end piece? (regardless if it is old or new) Boucheron values the most, the quality of the stones, the craftsmanship and the brand too. I think we can add the value of the gold and the trends but that never changes much of the initial price put in hold.

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The best luxury brands and watchmakers are keen to focus on their brand’s history and heritage, why are these stories so important to their end consumers? How do you think these history could be developed by time or tell to increase sales? Our heritage is our savoir-faire, that means our prime quality and proof that this quality will continu to sustain. Consumers want to hear more stories behind the jewelry but the problem is that designers get inspired by archives and past jewelries instead of using their imagination. And this brakes the dream of the jewelry sale. We may create jewelry for the future generation but the experience comes always first of any product. Boucheron has been known to be inspired from their archives drawings. Do you think that Boucheron is successful in designing jewelry pieces inspired from their archives? I am afraid that we are not quite successful in reaching to the best quality coming from our archives. We copy the designs and we change it adapting the colors to the trends, the materials to the current technologies and techniques without really valuing the jewelry piece. To sum up, we use our archives and history in our communication more than in our designs. Could you predict trends to predict the future of the luxury business (as fashion do nowadays)? Indeed we can but nobody is doing it.

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Did you hear about sustainable luxury? Do you think that the idea of sustainable luxury is just in the storytelling or in the whole strategy (restructure) of the brand ? Kering is investing lots of money to be an ultimate sustainable brand. Personally, it is just marketing bullshit but somewhere, Kering is doing pretty good as sales increased in that “communication failure”. Luxury goes against the laws of sustainable so luxury will never be sustainable.

Marine Life by Boucheron

Anynonym X ex Comite Colbert Currently at Collector Square

Place Vendome’s jewelry houses has been around for a while now. How do the houses still remain in trend? They are old but they may not be dated. Client still comes to jewelry houses to still have the same perfect service they have every time a client comes into the store. When a client walks into Mellerio’s jewelry house, people love their welcoming salon, there Wonderfull jazz music and incredible presentation of the pieces. They may be appreciated by meeting the CEO himself. How to Place Vendome’s jewelry houses keep recreating the magic throughout the years? A house is there for that long for a reason. Their work is a work of art and certainly was before. Each piece was studied carefully to be sold that many items. People trust’s is the will they try to achieve. Archiving their designs is best when you need them back for something. Designers can use them and get access to every client’s file. It is a way to gain inspiration and not do the same thing twice. To be special is their achievable.

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In your opinion, what are the main values (material & immaterial) of a branded jewelry piece? It is not anymore about the product, it is more than this: it is the experience the jewelry brings you. It is like if you had a toy for a long time, you have attachment to it. Memories are brought up to it. Well it is the same with jewelry but the only difference is that it took a while to choose this product and it “suppose to” never old. Also, the brand count a lot nowadays. Due to their success or their heritage or even their branding, customer choose a brand versus another one and this is not only for jewelry. Brands compete with prices, branding and storytelling. It tries to win customers over that and that increases the price or decreases it. The label made in france has been known for their prime workmanship in jewelry for over than a decade. How do you deal with the rise of made in Asia label? We do work with Asia. We recently welcomed the house of Queelin and even it is owned by a European conglomerate, French its origin. This blend of cultures is successful and was successful when made in Italy came into competition with French made. We partnered with them as they do better at something that we don’t. We shared their strength and built successful brands each special. Van Cleef is a French brand but may have best Swiss watchmakers or jade carving directly from China.

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Internet has been around since years now, and it is influencing how people purchase luxury pieces. Do luxury brands take internet as a potential threat to the antique jewelry market or an opportunity? Internet is a good platform but may not just be the apocalypse. Internet need to be incorporated within the company but acknowledging that internet has limitations. The visit of a store is just incredibly better when you are actually in Place Vendome, not on Google maps. You ever preferred getting information from Wikipedia than just asking a staff professionals from the jewelry house? I doubt it. Internet is good to communicate, to sell maybe but never to get the experience out of a specific product. Can you hold a Gucci bag virtually, smell the pure leather, from an Hermes bag, smell a perfect Givenchy perfume? Do most jewellers value after-sale services? If yes, how do they do? Customers do want change. But the question is that can they? Can customers come back to the jewelry house and get a new jewelry out of your old “junk”. Well now, no, they can’t and that will slow down the cycle of a jewelry house. Customers won’t get the full experience, from 0 to 200%. Now, Cartier pioneers with cleaning the old jewelries but imagine if get a whole car polish on your jewelry. Would that be nice to change some things in your jewelry? Customise it to your wearings? Get a fresh start and get it back in trend? That is a lot of investment but would it be worth?

George Smith Manager of Muzo Emerald Many researchers predict that Emerald could be the next wedding gift. Do you think that Emerald could be the next DeBeers campaign for the next forever stone ? Diamonds were indeed forever but recently, Iâ&#x20AC;&#x2122;ve been witnessed in very high demand in gemstones specially Emerald and pearls. I personally think Emerald demand could increase but not to a point where people wonâ&#x20AC;&#x2122;t buy diamonds. Do you see an opportunity of the rising synthetic gems demand for mining investors as yourself? Yes, and personally I would invest all my money on synthetic gems such as synthetic emeralds. Emerald are hard to synthetise but still real emerald would still be better quality wise. Emerald price will be hard to control over time due to technology but also will help us find more quality stones in this vast continent.

Unique quality Emerald

Gem Cutter

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George Smith, Rory Muzo , Stephane Boghossian in the Muzo valley.

In Emerald pricing, do you think that the origin of the stone is more important than the quality ? (Take exemple of Muzo emerald vs Madagascar, taking the same grams or colors or quality) Yes of course. Muzo emeralds are known for their quality and color. Madagascar are different but certainly also very good for many good reasons. Emerald has been very pricy due to the rarity of quality and will remain this pricy. Internet has been good to Muzo Emerald so far communicating to customers through social media campaigns and online free showroom. But internet has been influencing prices and the way people sell gems. Do you see that internet is a possible threat to the market demands or rather an opportunity? We sell online indeed or in distance by rendez-vous. We need to use internet as a strength instead of a threat and use it to develop our business internationally. It has been mentioned by you that Asian companies become potential clients of yours and buy more and more the best quality Emerald in the market. Do you think that Asia will be one of the major actor in the near future? Do you see HK and Singapore being a future gem hub? Yes. We work a lot with Asian consumers and it is probably the country that sells the most. Asian consumers are the current consumers but Africans will be the future consumers that we need to target even though that they would want stones from their own countries. HK is already a gem hub, every gems are passing through the borders to be sent further everywhere in Asia.

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Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? I own lots of old jewelry that my mom herite from my grandparents. They are real objects of art, different from the pieces we see here, there stones are incredible and so pricy and unique BUT they have old designs past on vogue. I would melt down the gold and use the stones for future designs. These stones we donâ&#x20AC;&#x2122;t find anymore anywhere in the world neither in Auction houses, or jewelry empire french, english, italian or american. Melting down the gold would create an update for my collection.

Mohammad X Investor - Collector

When an auction house sell a vintage jewelry piece that was previously owned by someone, is the immaterial price influencing in the real price? No not in auction sales. They donâ&#x20AC;&#x2122;t say where it come from or from whom theyâ&#x20AC;&#x2122;ve acquired it. I personally would love to know from where my jewels are coming from but it is impossible to know. Why people buy vintage jewelry? do you think it is an investment more than an actual purchase? Investment and because we love jewelry. I personally buy jewelry that I would keep for long time. Internet has been around since years now and it is influencing how people purchase art pieces. Do you take internet as a potential threat to the antique market or an opportunity for open borders business? I love internet and I use it for social media, online purchases and search anything. My news are constantly on my phone too. I read emails online even if I knew the letter age. I think any business should develop their internet. I recently witnessed the biggest pink diamond being sold for multiple millions of $ in HK. What do you think that stone will be used for? The stone is a piece of art, hopefully to be worn but the person who is going to wear it is going to pay attention and care when worn a bit too much. It becomes a headache to wear it.

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What are the major jewelry houses that have been in your stock these few years? do you think that Cartier is overflown by upcoming companies? I heard that major company houses are investing on retrieving their patrimoine pieces. What do you think is the purpose of this investment? Cartier, Van Cleef, Bulgari, Chaumet, designers jewelry, ... Cartier is investing into their heritage pieces but not selling them, only exposing them like most companies are doing. They are building their cultural heritage physically. It becomes a museum instead of a jewelry house that wants to make a sale. Do you see Place Vendome image influencing the sales in Paris? Place Vendome has been a highlight for the jewelry industry around the world. Yes any jewelry house that has a shop in Vendome is known to be upper quality but indeed it influences prices.

How do you recognize fake antique jewelries from real? Do you trust your sources where you buy them from or you have them checked by specialists? I don’t. I trust the houses that sells them. I would love to have a proof of quality and real but indeed, I don’t know who owned it or the story behind the piece, and that I would like to change but to what extend would I go to know the quality of the piece. What is luxury for you? Luxury is everything I love. Private pieces are amazing specially that they are pieces you would have and only you can look at it or would wear it.

Centaur-shaped pearl, named Danat How to you deal with the upcoming rise of Shaikha Fatima Bint Mubarak “made in Asia” label? The label “made in France” has been known for their prime workmanship in jewelry for over than a decade. Made in Asia is new and still a concept to be studied. I like asian art and jewelry pieces but they are still too artistics and crazy than just beautiful. The craftmanship is very interesting to be practiced abroad and this is what most luxury jewelry and watches brands are doing.

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Vadim Osta Jewelry Designer and Gem lover

As a designer, what is the most important in nowadays jewelry business? Is it the jewelry design, the targets, the campaign or the money you make or save by it? Explain if possible The most important tool you’ll need in this industry is a belief in yourself, an inner strength and a dedication. The work is rewarding and extremely fulfilling for those who stick with it so don’t let rejection devastate you. Continue to put your work out there and share it with others. If people say it’s not the right vision or the perfect fit, that’s okay. You have to be prepared for that. Practice your craft and channel your creative vision as a part of your daily life. I heard that major company houses such as Van Cleef or Cartier are investing on retrieving their patrimonies pieces. What do you think is the purpose of this investment? Would it just be for museum and archives purposes? Why should companies invest more on vintage inventory? I have no idea and or an input honestly. As a designer, when you design a piece of jewelry, do you look at history? Archives? Existing designs? Explain When designing a piece, I make a plan of what I will make depending on who I am making something for. For inspiration I use visual design ideas of actual jewelry, and research popular fashion. With these methods this is how I go into developing a design.

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I see more and more people seeking for another life of their vintage jewelry. Why do you think customers seeks another life for their jewelry? We all have those pieces of jewelry, whether inherited or purchased, that are outdated. From your grandmotherâ&#x20AC;&#x2122;s antique brooch to that pearl bracelet you received at graduation to the lavish chandelier earrings you bought for yourself 10 years ago, these items are often highly valuable, but out of style. The labor involved in salvaging and refashioning the original materials is more extensive than people would imagine. So, itâ&#x20AC;&#x2122;s recommended to repurpose those pieces of real worth or true sentimental value. So if something you possess is sentimental you would want to repurpose it into something that is more to your liking. Now day people do not buy jewelry like they used to and so now millennials are beginning to inherit more and more jewelry. That piece that means so much to them reminds them of the loved one and so for this reason people are beginning to repurpose jewelry to keep a memory close to them. As a customer, if you own an old broken Cartier jewelry, would you go back to Cartier and fix it OR go to a family jeweler and fix it for cheaper OR sell it at auction house and gain whatever you could get for it? Explain your choice. From my years of experience in the jewelry world I have come to learn many things when it comes to jewelry. In my opinion most everything is fixable and does not necessarily need to be sent to the original manufacturer to repair their product. If so I had a Cartier piece I would first go to my family jeweler. I have a repour with my family jeweler and so I feel familiar and comfortable with them to give me an honest opinion. From this point if my family jeweler is unable to fix it I would seek out Cartier to attempt repair. If then it is not to work out still then yes, I would sell it for as much as possible to get somewhat of a return.

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Bernard - Anonym X Social media strategist at The Louvre des Antiquaires Diamonds are indeed forever but recently, Iâ&#x20AC;&#x2122;ve been witnessed in very high demand in gemstones. Do you think diamonds will rise again throughout the years? Diamonds is still in vogue but indeed could disappear due to substitutes. I believe that gemstones are the future. But if diamond jewelries disappear one day, diamonds will be rarer and so more pricy.

Gems and diamonds are being treated as we speak to rise quality. How do you think companies deal with this problem, or should I say opportunity? Diamonds are real scared of the problem and may never try to fix the threat. They will loose the clients but will compensate with people who still believes in diamonds and non-treated gems. Did you previously owned or do you currently own a antique piece of jewelry? Are you thinking of actually melting it down and use the gemstones for something else, selling it or even keep it for some other occasions? I do like antique jewelries but I refurbish them, clean them from time to time by a professional jeweller. The rise of smaller companies and independent designers taking over the market in Europe and the US is influencing the gemstones demand for semi-precious stones and rough diamonds. Do you think that it is influencing the prices demand? Of course but small companies have taking most markets but their market is smaller. If you calculate, so many companies nowadays have few clients and they sustain themselves with that small number trying to keep them trusting.

Internet has been influencing prices and the way people sell gems. Do you see that internet is a possible threat to the market demands or rather an opportunity? Internet is an opportunity to our market but it may also be a threat. Us, customers of luxury we donâ&#x20AC;&#x2122;t trust much internet for an online shopping tool that much and it may never be an online shopping platform for luxury goods. So for jewelry, it is even harder, taking in consideration that jewelries are meant to be touched, seen closer, â&#x20AC;Ś Asia has been a major source for major gems across the world. Do you work with asian countries, for example China and Japan to source your gemstones and even create a business opportunity to gain more profit from sourcing from Europe and the US? Asia has been source for pearl and many interesting gems. Also, interesting techniques have been introduced by Asian and this may also occur in other countries. What we do about it? Well we adapt and hire asian crafts in our own establishment, train to blend into our culture and savoir-faire. It has been mentioned that Asia companies buy more and more the best quality gems in the market. Do you think that Asia will be one of the major actor in the near future? Do you see HK and Singapore being a future gem hub? Singapore is becoming the new hub. HK was for a while and Antwerp before that. LA will never be as US is hard to import and export gems. In these asian countries, it is easy to import and export as the government is willing to help businessman.

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It has been mentioned more than once that auction houses influence the price and the trend of gemstones. Do you agree with this? I personally love spending time in auction sales as you may see the most beautiful jewels and gems but I hate their functionings. Indeed, it affects in prices and now auction houses are becoming a brand’s new store without taking interests. It has been mentioned to me on more than one occasion that people don’t need luxury items (Jewelries specifically), but rather they want them. Why do you think people want them despite knowing we don’t need them? (reference: Material goods and Immaterial goods) Jewelry is meant to make you dream, discover travel through time. It has values you can’t imagine. A watch has a purpose. A luxury watch has the same purpose, just aesthetics change. In jewelries, the piece may be unique, the gem could be rare, the technique excellent, the jewelry still is a jewelry itself that last forever, well suppose to ;) In your opinion, what are the main values of a branded jewelry piece, for example a Chaumet high-end piece? (regardless if it is old or new, branded or incognito) There is an immaterialistic value and materialistic value. I am not fan of materialistic value as the brand overcomes the price. The best luxury brands and watchmakers are keen to focus on their brand’s history and heritage, why are these stories so important to their end consumers? How do you think these history could be developed by time or tell to increase sales? Heritage is important not to be forgotten. How do you think jewelry brands conserve their patrimoine? They don’t. Unfortunately, brands seek to look forward nowadays with all future techniques such as 3D printing but instead, brands should blend these technique adapting them.

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Do you think that Boucheron is successful in designing jewelry pieces inspired from their archives? Do you have other suggestions for antique inspirational jewelries? Boucheron is not good in preserving their archives. Mellerio in the other hand proposes their archives for everyone to see. New jewelers without a clear personality tend to not do so well, but those with a distinct “face behind the brand” (branded jewelry) fare much better. Why do you think that is? Is it trends or just faith? Trend of course ! It may change as any fashion trend. How do famous jewelers tend to please customers after selling a high end jewelry piece? Do you think that there is a lack in this field (after-sale service)? Oh yes. There is a huge lack in the aftersale service in the jewelry products. You are obviously comfortable with the internet and what internet could do to the jewelry industry. Regardless, if you would want to buy a vintage jewelry piece or not, would you rather buy from a trusted jeweler directly or search on the web (or go to auctions)? Would you like to know about this jewelry piece’s past? Of course I would :) I always use internet as a trusted source. Books are old fashioned.

Ioannis Alexandris Antique dealer in Greece

When an auction house sells a vintage jewelry piece that was previously owned by someone, is the immaterial price influencing in the real price? No. Indeed this piece is sold for money so, price is calculated by metal ounce price, stone quality and weight, style and etc.. No immaterial cost is added for the price. It is ashamed indeed if I think about it.

Famous emerald sold by Ioannis Alexandris in France.

Why people buy vintage jewelry? do you think it is an investment more than an actual purchase? It is most of the time an investment. It can also be a purchase for a need meaning for example for a wifeâ&#x20AC;&#x2122;s gift. It can also be for a collection completion. It can be also to retrieve this piece that makes you think about somebody, something or some time. Internet has been around since years now and it is influencing how people purchase art pieces. Do you take internet as a potential threat to the antique market or an opportunity for open borders business? I personally use internet for the basis. But it is impossible that a person is going to buy a million dollars jewelry piece online. They need to touch it, wear it and try it. Paying that much of money would mean a lot for them.

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What are the major jewelry houses that have been in your stock these few years? do you think that Cartier is overflown by upcoming companies? All the big houses are famous. In my opinion, even individual designers are rising in the scene, such as Grima Jewelry. Cartier has succeeded in the past but now, it is all about mass luxury products. It is hard to fix an idea that they are trying to fix for long time without succeeding. Place Vendome has been a highlight for the jewelry industry around the world. Do you see that image influencing the sales in Paris? Place vendome is famous but indeed it influences the sales. The label “made in France” has been known for their prime workmanship in jewelry for over than a decade. How to you deal with the upcoming rise of “made in Asia” label? Made in Asia is famous but made in Europe has been famous for its craftmanship and perfection everywhere and still remain on top of the list.

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Is Vintage considered luxury? Yes of course. It is the art of luxury ! How do you recognize fake antique jewelries from real? Do you trust your sources where you buy them from or you have them checked by specialists? I am a gem and jewelry specialist so it is my job. Copies are harder than ever to notice and differenciate. I usually trust my sources, it all depends from where my sources come from. I see more and more people seeking for another life of their vintage jewelry. Why do you think customers seeks another life for their jewelry? Jewelry are meant to relive forever. If it is not the jewelry, it is the stone itself.

Bubenicek Michelle Director of the Ă&#x2030;cole Nationale des Chartes Is Vintage luxury? Vintage could relate to everything from art to an old of fourure dress or a old jewelry box including its jewels. It can also relate to a vintage furniture that is too old to be utilised in the 21st century world. Our history is fast enough but people want to be confuse of what is luxury for some people.

Galerie Vivienne . Paris 2e

What is luxury for me is not necessary luxury for me. I love to go on saturday night in a nice restaurant with a view of Paris and a good white wine and a rare cook steak. For you, it could be a normal thing to do that. The same would be for the vintage world. I love to go to the museum and enjoy art in the most basic form. Indeed it is hard to say vintage is luxurry but if we define vintage as an artist piece of art, an old jewelry from a famous designer or iconic design from a most known french house, or even a swiss art deco watch from the 1950s. So, yes. it is luxury.

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Olivier Mellerio Mellerio & Mellerio old CEO

Place Vendome has been a highlight for the jewelry industry around the world. Do you see that image influencing the sales in Paris? We are the oldest jewelry house in France and probaly one of the first to be in Place Vendome. We’ve been here and the name became a symbol for any jewelry house. If you want to be on the spotlight of Paris jewelry, you have to be in Vendome. I do understand it became a standard but still, it doesn’t influence the price of the pieces we sell here or neither the design of our jewelry line. Mellerio exists for many year and many years are coming too. Do you think that the heritage keeps the company alive? Yes. It certainly helps. Our clients believe in our craftmanship and that’s for sure. We believe also in it as we are the oldest in France to work with silver and gold alloys and specially, the oldest house that works with stones and big clients. Our price doesn’t reflect the price of our jewelry but still it reflects a confirmation of our high quality.

Bouquet de boutons de rose en argent sur or, diamants - Vers 1864

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I see more and more people seeking for another life of their vintage jewelry. Why do you think customers seeks another life for their jewelry? Jewelry are meant to live forever. We believe in Mellerio that the client doesn’t have to come back to us to make it live again, the jewelry is suppose to live forever always. But still, jewelry is not something you are going to keep forever to yourself, it is meant to be given to future generations...

Anonym X Sales Manager at Tajan Auctions Paris

When an auction house sells a vintage jewelry piece that was previously owned by someone, is the immaterial price influencing in the real price? Any piece of jewelry or art is sold for money here in auction houses. Tajan also provides the clientele with privacy as demanded and develops into the request of the client. The past client knows about the future client but not the other way around. Why people buy vintage jewelry? do you think it is an investment more than an actual purchase? It can be for both. It is an investment for some clients, an investment for their future generation to wear or even to be collected and keep for museum purposes later on. It can also be for a single purchase, it all depends the client profile sold to.

Lâ&#x20AC;&#x2122;espace Tajan in Paris.

Internet has been around since years now and it is influencing how people purchase art pieces. Do you take internet as a potential threat to the antique market or an opportunity for open borders business? Internet is an opportunity for any business but we have to experiment with its power to reach out to more people, the power of marketing etc... in order to say fully how to use it and how we want to use it. Internet is a revolution but revolutions of things keep happening and we canâ&#x20AC;&#x2122;t be up to date with technology and keep changing our concept of our selling place. It is hard but to answer your question, internet is not a threat to our business.

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Anonym X 1st Bids Sales Assitant GIA Certified 7.00 Carat Asscher Cut Diamond Platinum Classic Ring €115.754,18 What are the major jewelry houses that have been in your stock these few years? do you think that Cartier is overflown by upcoming companies? Some of the most common jewelry companies selling on our website is certainly french jewelers such as van cleef or Cartier or even Chaumet. There are small pieces though not the ones you see at auction houses with big stones and valuing to 1 million dollars. Our customers squeem is a bit different. Cartier is doing alright in my opinion on our website, it is selling at good prices but of course, other houses are less famous but prices go up further due to more people bidding on them. That’s ashame though. Place Vendome has been a highlight for the jewelry industry around the world. Do you see that image influencing the sales in Paris? I live in the US. Place Vendome is not a highligh for my life. The same is for lots of our client that buy a Cartier piece while on their couch at home on our website. It is different for us who do not see Place Vedome everyday from our balcony. The label “made in France” has been known for their prime workmanship in jewelry for over than a decade. How to you deal with the upcoming rise of “made in Asia” label? We didn’t enter the Asian design pieces of jewelry, we only sell Asian art. The jewelry asian pieces are not on our website or any auction house as they were not famous for that, they are famous for their craft.

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How do you recognize fake antique jewelries from real? Do you trust your sources where you buy them from or you have them checked by specialists? We have specialists that we trust and we have to trust. Estimation is key to our success. We only sold few fakes these few years in the past on our website due to mistakes we’ve made in the past trusting souces we shouldn’t have trusted. I see more and more people seeking for another life of their vintage jewelry. Why do you think customers seeks another life for their jewelry? Because jewelry is forever. Jewelry is meant to last generations of people and be worn by different people for different occasions or ways.

Carved Emerald Tanzanite Diamond Drop Earrings 48.143,22 euros

Survey Typeform 23 questions 223 people reached https://sboghossian.typeform.com/to/yTs7Dq

Welcome message: Welcome, My name is Stephane Boghossian. I am a student at IFA Paris. I am currently ending my MBA in Luxury Brand Management by a thesis project. The Afterlife of Branded Jewelry This is a survey I am conducting in order to get more feedbacks and support my research. Do not hesitate to contact me by phone on +33 6 51 78 78 91 or by email (stephane.boghossian@ifaparis.com) for further details. Thank you.

Introduction Are you? How old are you? Sexe? Please enter your email if you want Where do you live? Luxury What is luxury for you? Where do you buy luxury products? How often to you buy a new jewelry ? What is your favourite jewelry era? What is your favourite French jewelry brand? Internet How much time to you spend on Social Media or other online research tools per day? How much often do you buy luxury items online? When buying online, are you afraid of counterfeit products?

Art and antiques Which art form do you prefer? How often to you go to the museum? Are you interested in the antique field? In an antique piece, what characteristics do you value most? As a customer, if you own an old broken Cartier jewelry, what would you do? Would you seek another life for your jewelry? Trend Are you a trend follower? Which trends attracts you most? Are you ready to save the planet? Any recommendations? Thank you message: Thank you for your time. Your answers will be studied carefully.

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171

Are you? 73 out of 73 people answered this question 1

Student

46 / 63%

Other

14 / 19%

Designer

11 / 15%

Consultant

Marketer

6 / 8%

Gemologist

5 / 7%

Architect

4 / 5%

Engineer

4 / 5%

Teacher

3 / 4%

Antique dealer

0 / 0%

7 / 10%

Sexe 73 out of 73 people answered this question 1

Female

50 / 68%

Male

23 / 32%

prefer not say

0 / 0%

Where do you live? 73 out of 73 people answered this question 1

France

35 / 48%

Asia (India, China, Japan, Korea, ...)

16 / 22%

Europe (apart from France & UK)

5 / 7%

Middle East (Lebanon, UAE, Egypt,...)

5 / 7%

Middle East (Lebanon, UAE, Pakistan, Egypt,...)

4 / 5%

Other

4 / 5%

2 / 3%

USA

2 / 3%

Canada

0 / 0%

South America (Colombia, Brasil, Argentina, ...)

0 / 0%

172

What is Luxury for you? 71 out of 73 people answered this question 1

Craftsmanship & Quality

47 / 66%

Canada

0 / 0%

South America (Colombia, Brasil, Argentina, ...)

0 / 0%

What is Luxury for you? 71 out of 73 people answered this question 1

Craftsmanship & Quality

47 / 66%

Experience

43 / 61%

Brand Image

34 / 48%

Timelessness

25 / 35%

Aftersale services

17 / 24%

Social Status

16 / 23%

Other

5 / 7%

Where do you buy luxury products? 70 out of 73 people answered this question 1

Retail (Flagships)

40 / 57%

Shopping centers (BHV, LaFayette)

27 / 39%

Wholesale (boutiques)

26 / 37%

Specialty stores (Colette, Sephora)

24 / 34%

Vintage shops

20 / 29%

Online (Netaporter)

14 / 20%

Fairs (Who's Next)

5 / 7%

Garage sales

2 / 3%

Auction Houses (Drouot, Christie's)

1 / 1%

How often do you buy a new jewelry?

173

72 out of 73 people answered this question

Average: 2.89

1 / 1%

Auction Houses (Drouot, Christie's)

How often do you buy a new jewelry? 72 out of 73 people answered this question

Average: 2.89

Occasionally

5 Yearly

10 Weekly

18 / 25%

13 / 18%

11 / 15%

7 / 10%

4 / 6%

3 / 4%

2 / 3%

1 / 1%

What is your favourite jewelry era? 73 out of 73 people answered this question

Minimalist Jewelry (Cartier, Harry Winston)

39 / 53%

Art Deco Jewelry

21 / 29%

Geometric Jewelry (Coco Chanel)

19 / 26%

60's Contemporary Jewelry (Tiffany)

18 / 25%

Arts and Crafts Jewlery (Faberge)

14 / 19%

Renaissance Jewelry

13 / 18%

21st century Jewelry (3d printed)

11 / 15%

Art Nouveau Jewelry (Lalique)

11 / 15%

Egyptian & African Jewelry

11 / 15%

Semiprecious (Swarovski, Pandora)

10 / 14%

Baroque & bold Jewelry (Versace)

9 / 12%

Mainstream jewelry (Van Cleef)

8 / 11%

What is your favourite French jewelry brand? 73 out of 73 people answered this question

174

8 / 11%

Mainstream jewelry (Van Cleef)

What is your favourite French jewelry brand? 73 out of 73 people answered this question

Cartier

23 / 32%

Dior

12 / 16%

Van Cleef & Arpels

11 / 15%

"Private jeweler"

Chaumet

5 / 7%

Piaget

5 / 7%

Other

3 / 4%

Boucheron

2 / 3%

Brands that have disappeared: Lalique, Fouquet

2 / 3%

Brands that have disappeared: Grima, Fouquet,

1 / 1%

Messika

1 / 1%

Mellerio & Mellerio

0 / 0%

8 / 11%

How much time do you spend on Social Media or other online research tools per day? 71 out of 73 people answered this question

0 1 hour

Average: 4.62

5 +/ 5 hours

10 +10 hours

14 / 20%

13 / 18%

8 / 11%

7 / 10%

6 / 8%

5 / 7%

175

1 / 1%

How often do you buy Luxury Items online? 71 out of 73 people answered this question

Average: 1.79

Yearly

5 Monthly

10 Everyday

27 / 38%

14 / 20%

10 / 14%

7 / 10%

5 / 7%

4 / 6%

3 / 4%

1 / 1%

When buying online, are you afraid of counterfeit products? 71 out of 73 people answered this question 1

Yes

58 / 82%

13 / 18%

Which Art form do you prefer? 72 out of 73 people answered this question 1

Photography

42 / 58%

Painting & Drawings

39 / 54%

Cinema & visual art

34 / 47%

Jewelry & Watches (includes coins, medals, silver)

32 / 44%

Graphics & Illustrations

21 / 29%

176

Yes

58 / 82%

13 / 18%

Which Art form do you prefer? 72 out of 73 people answered this question 1

Photography

42 / 58%

Painting & Drawings

39 / 54%

Cinema & visual art

34 / 47%

Jewelry & Watches (includes coins, medals, silver)

32 / 44%

Graphics & Illustrations

21 / 29%

Furniture

20 / 28%

Sculpture

16 / 22%

Textile & Tapestries

13 / 18%

Other

5 / 7%

How often do you go to the museum? 72 out of 73 people answered this question

Average: 3.47

Never

5 Once a month

10 Every week

16 / 22%

12 / 17%

11 / 15%

9 / 13%

6 / 8%

5 / 7%

4 / 6%

2 / 3%

Are you interested in the antique field? 73 out of 73 people answered this question 1

Yes

61 / 84%

12 / 16%

177In a antique piece, what characteristics do you value most? 73 out of 73 people answered this question

Average: 6.40

73 out of 73 people answered this question 1

Yes

61 / 84%

12 / 16%

In a antique piece, what characteristics do you value most? 73 out of 73 people answered this question

Average: 6.40

Materialistic

Brand

10 Immaterial

14 / 19%

11 / 15%

10 / 14%

6 / 8%

5 / 7%

3 / 4%

2 / 3%

As a customer, if you own an old broken Cartier jewelry, what would you do? 73 out of 73 people answered this question 1

Go back to Cartier and fix it

44 / 60%

Go to a family jeweler and fix it for cheaper

14 / 19%

Keep it for some other occasions: give it to your children

8 / 11%

Melt it down and use the gemstones for something else

7 / 10%

Sell it to auction house and gain whatever you could get for it

0 / 0%

Would you seek another life for their jewelry? 73 out of 73 people answered this question 1

Yes

54 / 74%

19 / 26%

Are you a trend follower? 70 out of 73 people answered this question

178

Keep it for some other occasions: give it to your children

8 / 11%

Melt it down and use the gemstones for something else

7 / 10%

Sell it to auction house and gain whatever you could get for it

0 / 0%

Would you seek another life for their jewelry? 73 out of 73 people answered this question 1

Yes

54 / 74%

19 / 26%

Are you a trend follower? 70 out of 73 people answered this question

37 / 53%

Yes

33 / 47%

Which Trends attracts most? 68 out of 73 people answered this question 1

Sustainability

32 / 47%

Vintage

32 / 47%

Neuromarketing

26 / 38%

Fashion Technology & 3D Printing

24 / 35%

Pearls

14 / 21%

Guerilla Marketing

11 / 16%

Synthetic Diamonds

5 / 7%

Are you ready to save the planet? 73 out of 73 people answered this question

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Green Matters !

50 / 68%

I recycle everyday !

17 / 23%

I don't care about this environmental problems !

11 / 15%

I wear old jewelry only !

I prefer synthetic/fake/Swarovski diamonds !

7 / 10% 4 / 5%

Movies Cafe Society by Woody Allen (2016) Costume designer Suzy Benzinger worked exclusively with Chanel to create custom looks for Kristen Stewart — a face of the brand who plays a 1930s secretary — and a slew of glittering retro-style diamonds for Blake Lively, who portrays a Manhattan socialite. Benzinger, a seven-time Allen alum (who could not be reached for comment about the controversy at press time), pored over Chanel archives to find pieces for Stewart. “In the 20th century, Chanel was the epitome of style, luxury and glamour,” says Benzinger, who chose two period dresses in cream and pink-peach to be re-created by the luxury brand’s Paris studio. “The job was easy: Put an elegant, simple dress on an actress, accessorize with a brooch or earrings — instant glamour! That’s the genius of Coco Chanel.”

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Coco before Chanel by Anne Fontaine (2009) A century ago, a 30-something up-andcomer with a hat shop on the Rue Cambon, a seasonal pop-up in Deauville, a budding business in Biarritz, and a way with jersey was mulling opening a couture house in Paris. That materialized a year later, in 1918, and the rest is history. With its new Coco Before Chanel high jewelry collection, the Place Vendôme powerhouse pays tribute to Gabrielle Chanel’s early days, before the famous friends and furious socializing. The designer’s first signatures—a no-fuss obsession with ribbons, lace, camellias, and pearls; the innocent allure of soft pink and gray—come together in 49 haute joaillerie pieces named after the first friends to wear Chanel’s fashions.

The Great Gatsby by Baz Luhrmann (2013) A century ago, a 30-something up-andcomer with a hat shop on the Rue Cambon, a seasonal pop-up in Deauville, a budding business in Biarritz, and a way with jersey was mulling opening a couture house in Paris. That materialized a year later, in 1918, and the rest is history.

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With its new Coco Before Chanel high jewelry collection, the Place Vendôme powerhouse pays tribute to Gabrielle Chanel’s early days, before the famous friends and furious socializing. The designer’s first signatures—a no-fuss obsession with ribbons, lace, camellias, and pearls; the innocent allure of soft pink and gray—come together in 49 haute joaillerie pieces named after the first friends to wear Chanel’s fashions.

Online case studies Boucheron “I give the past a creative twist to make it contemporary, which creates the emotion”.

The keeper of archives at Boucheron Place Vendome points out the bridge between past and present inspiring themselves by nature, architecture and couture. Set up in 1921 by Louis Boucheron, the archives are an integral part of the maison, a source of pride in its past and an inspiration for new creations. Many pieces are rare – several for this display have been borrowed, for example from Japan’s Albion Art jewellery institute and from the personal collection of Alain Boucheron, great grandson of Frédéric. Although four or five pieces are bought for the historical collection every year, it’s becoming harder to acquire older items. The ‘glory years’ of Frédéric Boucheron, end of the second Empire to the early Third Republic years of 1870-1902, and his son Louis Boucheron, the Art nouveau and Art-Deco years of 1902-1940, are better represented. But “There’s increasing competition from museums – the Decorative Arts museum [in Paris] has a few pieces – and from collectors and antique dealers in the US and Japan, who buy at auction,” says Claudine Sablier.

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De Beers “Diamonds are forever”

Diamonds might be forever, but their ownership is not. Death, divorce and financial distress can all part an owner from the precious stones. And if that happens, De Beers is now ready to step in. “There are situations where people need to sell — and if they need cash they have not had many options,” said Tom Montgomery, De Beers’ senior vice-president for strategic initiatives. “It becomes an issue because it might impact customers’ desire to purchase more diamonds in the future. We are trying to improve the customer experience — we want people to feel confident that the diamonds they have are a store of value.” Buyers of old diamonds also tend to value stones without taking them from the jewellery in which they are set, which leads to lower prices to compensate for any hidden flaws in the gems. Des Kilalea, an analyst at RBC Capital Markets in London, said De Beers, owned by Anglo American, believed the low second-hand prices hit the image of diamonds. “If this programme leads to better understanding of value and better resale prices, it will be helpful to prices of polished diamonds,” he said.

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Bulgari

“Diamonds Are a Girl’s Best Friend,” - made famous by Marilyn Monroe in Gentlemen Prefer Blondes

In the 1950s, Bulgari debuted its colored gems revolution, energizing its creations with the jubilant shades of Italy that show a passion for life in audacious juxtapositions of various stones. Bulgari, the master of colored gemstones and voluptuous proportions, calls its new high jewelry collection “The Magnificent Inspirations”, symbolic of its deep and lifelong love for Italy, as witnessed in its never-ending attempts to connect its work with its Roman and Italian roots. Divided into three distinct chapters – Italian Extravaganza, Mediterranean Eden and Roman Heritage – this new collection sparkles with Roman elegance and Italian glamor, translated into the Maison’s signature style of multihued gemstone combinations, geometrical shapes, daring volumes, mix of precious, semi-precious and hard stones, strong character, sensuality and suppleness, which reflect the country’s colors, light, boldness and romanticism. Bulgari’s Jewelry Creative Director Lucia Silvestri has designed her creations to be highly tactile and engage all five senses at once, encouraging the Bulgari woman to play with her jewels as they are soft to touch and to listen to the sound that they make as the large gems knock against each other.

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Al-Thani

“The quality of gold and precious gems, the cut of stones, and technique of stone setting, the enamel work, are all significant in determining the quality of a piece of Indian jewelry,”

Indian jewelry has been gaining traction in the United States, both at institutions and on the red carpet. The Metropolitan Museum of Modern Art in New York recently exhibited Treasures from India: Jewels from the AlThani Collection, which features sixty prized pieces from the private collection of Sheikh Hamad bin Abdullah Al-Thani. Highlights included a number of sarpesh, or turban ornaments, originating from North and South India. Produced during the 19th century, the pieces are crafted with gold and set with diamonds, emeralds, rubies, and spinels, a deep blue and red colored gemstone that was long mistaken for rubies until the late 16th century. Also featured in the Al-Thani collection exhibit are examples of Indian jewelry’s influence on the West. Not only in style, although the exotic, spontaneous effect of Indian jewelry has inspired countless Western designers. Jewelry also played a role in navigating the tempestuous waters of world politics. One does not have to travel to India to find a well-crafted vintage piece. Jewelry auctions, like those at Auctionata, offer one-of-a-kind finds at accessible prices.

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START UP SQUARE Collector square Collector Square invites customer to value their pieces of vintage luxury items such as watches and accessories (bags). It is based on trends and PESTEL calculations and reports released publically. The prices are automatically decreased depending on their trends and retail price originally priced by the brands.&nbsp;

Vife.co Vife aims to deliver a trustful and fast service for people who wants to reuse their stones and would like to have a new design for their jewelry. They value the stone. Basically, the client orders a pack where she/he puts the old jewelry. The jewelry is sent to their facility and the stone is detached and used on a design selected from the wide range of designs Vife proposes.&nbsp;

Tradee Tradee app is a app serviced to deliver an online marketplace of vintage jewelry items such as Watches and cars. Anybody can buy from anybody, without limitation. &nbsp;

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STORYTELLING

Jessie Yeager Artist and metalsmith Jessie Yeager said she tells stories through her jewelry. Her label, I Like It Here Club, is named in honor of her grandfather Fred Yeager, who was held captive at a Japanese POW camp in WWII. Jessie Yeager value storytelling based for her company. From the name of the brand to the collection designs, everything is inspired from stories told from her grand father.

I Like It Here Club is named after Yeagerâ&#x20AC;&#x2122;s grandfather, Fred, who maintained his positive attitude and learned fluent Russian while in a POW camp during World War II.

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Case studies Van Cleef and Arpels “It’s not that surprising, but I think one of the most important things is desirability, not just in terms of millennials but for everyone,” Mr. Fraser said. “One of my greatest challenges when I first joined was that there was this history and tradition of the brand’s story that needs to be told, but sometimes what comes with that is ‘old and stodgy, that’s my grandfather’s drink.’

Heritage brands have been successful for decades or centuries because within the heritage is a history of innovation around a core group of principles. While touting history could suggest to younger consumers that a brand is “old and stodgy” or the brand of their grandparents, focusing on innovating with products that appeal to today’s consumers will let the puzzle pieces fall into place. When telling a heritage story, brands must remember to keep the history on the present. The goal is not to sell consumers on a past success but rather on a tradition of quality still visible today.

“Telling that story today is quite difficult but we really need to bring it to life,” he said. For Van Cleef & Arpels, a museum exhibition

must build a bridge between past and present. “We go to a museum, we organize an exhibition, but the whole point is to prove craftsmanship is a living art and it doesn’t stay stuck in time,” said Alain Bernard, president and CEO of Van Cleef & Arpels Americas. “Many people, many brands organize exhibitions in museums where they show pieces without any connection to what’s happening now. “We need that heritage – the branches of a tree are never longer than the roots, so you need to have strong, deep, long roots before branching out – but the whole point of the exhibition is to show the evolution,” he said. “What we do today, what we do everyday, is inspired by what we have done before, and the exhibition shows that.”

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My classmate Isabel and I decided to experience the luxury service that Van Cleef & Arpels can offer. The result was outstanding, from excellent service to good staff communication. There, we met Ji Zhang, a sales associate at the Van Cleef shop in Place Vendome taking care for the heritage pieces. Below is an interview with him.

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Date: Tuesday 28 February Model: Isabel Lopez - Portugal Shop: Place Vendome

Ji ZHANG Sales Assosicate Van Cleef & Arpels Van Cleef & Arpels has been around for a while now. How do the house still remain in trend? We base our new jewelries according to what we find as stones. Here in Van Cleef, we value the stone and the design. For the animal collection, we love crecreating old designs we manufactured, that we couldn’t do before due to technology non-advancements. We still get inspired from old designs, but of course, making it more young if our target customers is. If not, we still continu doing so. How do you incorporate your heritage in your current company? How to you conserve your patrimoine throughout the years? We value heritage. The house is old enough that it built enough coverage to build trust among customers. We get inspired from our client’s stories too. We invest in quality. We created knowledge centers (as the school and museum) which reflects the storytelling of the house. Here at our headquarter, we conserve all archives, past drawings and books. We also dedicate most of our time retrieving some of our old jewelries to showcase them in a 3-month period. It takes centuries of design to produce what we have, but it takes even more to conserve them, well ! Do Van Cleef & Apels value after-sale services? Yes of course. We accompany customer’s need “almost” forever. We provide repairs only if the purchases are done in 10 years windows. If it is an old piece of jewelry, we do offer redesign purposes but of course with a high cost. Sometimes, we can buy the jewelry piece in exchange of money. But this method is against our will as jewelry is suppose to be timeless.

The label made in france has been known for their prime workmanship in jewelry for over than a decade. How do you deal with the rise of made in Asia label? Van Cleef & Arpels has been manufacturing jewlery with the best craftman workship of the world, maybe not the best, but the best possible. We work with important Asian customers which value french craftmanship and that appreciate our hands. It is better to work with them than compete with them. We do sometimes use Ancient Asian craftmanship method to produce some of our pieces and the made in France plus China seems to work very well and bond together. In your pinion, what are the main values (material & immaterial) of a branded jewelry piece? Design, craft touches and of course the material weight & stone weight comes into materialistic values. The storytelling of any piece of jewelry is of course considered when we try to sell the piece. We sell a dream of ideal world. Everybody love stories. The immaterial value of a jewelry is valued when the piece is old enough and was lived next to the customer for a while. Otherwise, the piece has not experienced worn feelings. Internet has been around since years now, and it is influencing how people purchase luxury products. Do you take internet as a potential threat to the antique jewelry market or an opportunity? Internet is a source of informations not a tool to use to buy high jewelry, otherwise we draw back to premium products and we are against this feeling. We use internet in our day-to-day activities. Customers can have informations of any piece online. We advertise early generation customers through instagram and facebook. We also partner with visual artists to create interaction with different houses.

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Do you dedicate a department for antique jewelry ? We do not have a service where the company revives an old jewelry. We do have a lot of client but not enough to cherish each one of them. It takes a lot of time to deliver this service with a small department of 1 or 2 people. We can’t afford this creation of a division specialised in this. We do have a department of archive that works in the Richemont headquarter which is responsible for few houses in the same time and keep the archives accessible for designers, researchers etc...

Dove and Hummingbird Van Cleef and Arpels clips

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Exhibition Cartier in the Forbidden City In 2009, Cartier gathered around almost than 346 historical pieces from their vault and showcased it to the public in the Forbidden City in China, historical location for asian culture. Taken from the 1300-plus piece Cartier Collection and displayed in the galleries of the Meridian Gate, the show is being billed as the French jeweler’s largest exhibition ever. (The Cartier Collection has previously shown off their goods in London’s British Museum, the Hermitage in Saint Petersburg, Russia, and the Metropolitan Museum of Art in New York, among other venues). Being in China, the show also highlights a number of pieces that prompt the inevitable East-meets-West storyline. Indeed, the history of Western fine and decorative arts is filled with episodes of fascination with the exotic East. But China recently surpassed the United States to become the world’s second-largest luxury goods market. And perhaps more than anything, what this Cartier-sponsored exhibition reinforces is how it is Western brands who are dreaming of China these days. Cartier have also participated in an exhibition in Madrid and “JADE” exhibition showcased in the Musee Guimet showcasing jewelry pieces inpired from China. [NY Times, 2009]

The art of Bulgari showcased in Tokyo In 2015, for their 130 years of craftmanships, Bulgari with the partnership of the Japanese newspaper, Yomiuri Shiumbun, gathered around 250 unique pieces. This exhibition, which settled in the heart of Hyokeikan, in the Tokyo National Museum, retraced the main chapters of the Italian house highlighting its eclectic creativity and style evolution, that reveal a fascination intersection of celebrity, deign and fine craftsmanship. A special tribute to Japan was illustrated throughout an impactful selection of jewels influenced of Japanese art. Film costumes and original dresses of the movie “Cleopatra“ featuring Elizabeth Taylor’s incredible jewels were enriching the set up of the showcase. [Bulgari, 2015]

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L’arche de Noe of Van Cleef Showcased in the heart of Paris’ jewelry hub of Place Vendome, la Maison Van Cleef gathered around multiple exquisite jewelry sets inspired of animals, both modern and past jewelry. From the early 20th century, this distinguished French maison has been crafting bejeweled clips in the form of flowers and animals in its own inimitable way – from the elegant birds and feathers of the 1920s and 30s to the playful, almost cartoonish puppies, winking cats and tweety-birds of the La Boutique range created in the 1950s. And since then, it has continued to craft extraordinary jewels utilising the same theme. Planet earth is obviously teeming with more species of flora and fauna than we can count, but the more jewellery I see, the more I wonder whether there is any animal, flower, or insect that hasn’t been interpreted as a jewel. From pomegranates to partridges to porcupines, they’ve all been reinterpreted at some point or another in precious metal, diamonds and gemstones. [Telegraph , 2016]

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Tiffany & co exhibits in London! Two coinciding jewelry exhibitions “The legendary diamonds collection” and “A brilliant Legacy” at Tiffany’s London boutique were on display in the London boutique. Known for their exceptional yellow diamonds, the first exhibition celebrates the brand’s legacy in selling the most extraordinary and rare-colored diamonds by presenting these spectacular stones in special one-off pieces of jewelry created by Tiffany’s in-house artisans. Alongside these modern designs, a selection of antique jewelry from Tiffany’s impressive archives, many of which have never been seen before in the UK. The historic jewels on display include a few pieces acquired by Tiffany from the French Crown Jewels, specially commissioned pieces for notable clients Elizabeth Taylor and Diana Vreeland, and several creations by famed French jewelry designer Jean Schlumberger. [Jewels du jour, 2013]

Whatâ&#x20AC;&#x2122;s in VOGUE for 2018 BASELWORLD The Baselworld dust is soon to be settled and the show is officially over. Thousands of new watches and jewelries were shown, in basically every size, color, shape, and price, and theyâ&#x20AC;&#x2122;ll slowly be making their way to retailers and wrists over the coming months.

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The come back of the duet rings: Emerald and diamond, Blue and pearl Companies: Lancon Geneva Fairy tales jewelry using incredible colors Companies: Theodoros, Venyx, Nana Fink, Liverino, Tamara Comolli, Giovannis ferraris, Magerit, Ole lynggaard Copenhague, Shirley Zhang, Lydia Courteille, Jewelerâ&#x20AC;&#x2122;s choice, Alessio Boschi, Dawn, Gaelle Khori Leather & Diamonds / Pearls Companies: Jovannes Hundt, Liliana guerreiro, Les georgettes, Majorica, Nesper pearls, Carbon Companies: Diadâ&#x20AC;&#x2122;oro, Fabio Salini GOLD Companies: Liza Belotserkovskaya, Mattioli, Misa Rosa Geometry and simplicity Companies: Tannis Sergakis, Polina Sapouna Ellis, Deefine, Marco Bicego, Georg hensen

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Swarovski in high jewelry! Companies: Porcher Interesting mix of metals from emerging designers Companies: EVS Eva stone, Zaremski Pearl all year long! Companies: M&M germany, Corinna Heller Jewels, Yvel, Schreiner, Autore, Gucci, Bernd Wolf Come back of ancient cultures designs Companies:Roberto Demeglio Modular Jewels Companies: Georg Spreng, Choices by DL, One more, Dinh van Enamel is back in Vogue! Companies: Barbara Haas, Victor Mayer Pink is the new black! Companies: Brumani

T E FA F Maastricht The European Fine Art Fair, held in Maastricht, Netherlands is starting welcoming few jewelry brands that has long history in jewelry making and satisfying clients with their sparkles.

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Otto Jakob Hand with Chameleon, 2006 Artisan Craftsman of Baroque Aesthetics Enameled and gold painted hand pendant in yellow gold, wearing two tiny diamond rings and holding an enameled chameleon

Among them, the father and son team of Ward and Nico Landrigan, who successfully revived the Verdura brand and is now doing the same for Belperron, is a first-time exhibitor at TEFAF, bringing new jewels recreated from original drawings and original vintage jewelry highlighting each house’s signature design. Alexandre Reza is among the luckiest French jeweler showcasing new pieces revivals from old archives. Hemmerle is previewing The [AL] Project; a new series of 15 jewels (earrings and a brooch) exploring the unique properties of aluminum through innovative design and fine craftsmanship. The self-taught German goldsmith, Otto Jakob will be bringing a number of his unique Renaissance-inspired pieces made of rare and natural materials.

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Van Cleef & Arpels and Chopard are among the famous brands bringing to life new collection of their fine jewelry collection. The British firm Hancocks will bring 88 pieces to the fair, including the “highly collectible” diamond ribbon necklace, circa 1960, by French jeweller Pierre Sterlé. The French antique jewelry specialist, Véronique Bamps, will have a display of her own group of highly collectible jewels for the event.

DROUOT Survey conducted with the accordance of Druot Associates (in French)

Duration: 5 months (January - May 2017)

Total People watched ~450

Total Auctions visited: 27 among them: Binoche et giquello Ader nordmann Thierry de Maigret Philippe fromentin & associee Druot estimations Audap & Mirabaud Artvalorem Villanfray & associes

Staffs: 1 speak 1 show 1 put out the jewelleries 1 live chat 2 organisation / direct payments 1 follow the auction 2 phone orders

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Visitors: • 55% old people (70% woman) • 15% families (80% owners of jewelry companies, descendants) • 5% couples • 20% Investors / conaisseurs • 5% young • 3% Private auction houses • 2% Jewelry companies How often do they come? • 25% first time • 25% conaisseurs • 20% usual commers • 10% knows what they want • 20% visitors / interested Why people come? • Old people wealthy • Renew their jewelry box • Buy the things they never had the money to buy • Heard about Druot and heard it was open for public • Meet competitors • They may have nothing else to do. • Buy things for their shops, resell it through other platforms • Rendez vous of the friday afternoon

Noticed: • Marques --> prix ehorbitants 5% (occasion) • Modernes --> 20% prix abordables non connu • Anciens out of mode --> 50% prix abordables • Pieces de collection --> 25% Frais acheteurs 24% High demand: • perles • broches • Diamond = people understand diamonds • marquises • modern touch • Big pieces • Nature/ Animal • Not branded - designer inconnu • tank bagues • Italian design houses: Bulgari, Pomellato • Broches Bass demand: • Branded Cartier, Chaumet, Chopard • Bracelets • Simple and expensive • Love motif

Druout was one of the most famous place to resell antique furnitures, objects and accessories in Paris. Today, Druot is a place that holds auction space for major french antiques private local companies and take profits from them. Unfortunetly, the auction house play a cheap role facing the rest of the competitors that privatise the auctions to certain restricted people. From time to time, some incredible pieces of jewelry are sold here but most of the time, it is acquire by even bigger auction houses to sell it themselves to investors making even more margin. Positive • Target: Familiar Event • French target • Competitive price and quality • Fast service • Efficient (on-time, online availability)

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Negative • Family not willing to go price fast • Druot = not a brand --> No marketing action

Flee market Duration: 1 month (mid May - mid June 2017) Time visited: 5 in different times Saturday - Sunday - Monday Total People watched ~550

Who comes? • 15% old people • 75% families • 5% couples • 5% others (younger generations) Why people come? • Buy something to wear it • Look around • Take inspiration • Their sunday trip with the family

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