This is an expanded and serialised version of the article that first appeared in the JNA January-February 2023 issue.
 
As JNA enters its fourth decade, it examines the market-shaping developments that will influence the course of the gem and jewellery industry moving forward. This seventh  instalment looks at the impact of culture and new tech on jewellery design and auctions. 

31. Cultural elements

In the Guochao trend that has been sweeping China, elements of traditional Chinese culture are given a modern twist and incorporated in present-day products, jewellery included. Millennials and Gen Zs are among the trend’s strongest supporters, fuelled by a strong wave of national pride. Such close-to-home themes increasingly appeal to consumers. International players must however be careful not to cross the line into cultural appropriation.

In JNA’s March/April 2023 issue, Chinese jewellery designers said Guochao served as a bridge between tradition and modernity. The trend stemmed from Chinese celebrities who started wearing clothes incorporating Chinese cultural elements with modern design concepts. As their fans followed suit, traditional culture rose in popularity among younger consumers. 

Grace Tang, founder and art director of Grace Tang Fine Jewelry, explained that Guochao is a comprehensive manifestation of national confidence and creative strength. She noted that younger consumers favoured luxury Guochao jewellery that is lighter in weight, affordable and easier to match with their outfits.

Erdong Jewellery Founder Chen Weiyang added that Guochao allows the simplification of complex styles to appeal to a modern audience.

A market report by Daxue Consulting noted that 75 per cent of Chinese consumers in 2021 incorporated Guochao elements into their everyday style. This interest in cultural symbols and design elements is poised to increase as national pride deepens among consumers.

32. Online auctions

Auction houses took to the Internet when the Covid lockdowns shuttered physical sales. This new business model proved effective and, by all accounts, will remain part of their business strategies. 

Christie’s continues to invest heavily in its digital initiatives. The auction house allows clients to bid online through the Christie’s Live mobile app and it also accepts bids directly through its WeChat mini program. Sales events are also livestreamed across multiple platforms.

Sotheby’s Buy Now online platform allows collectors to buy and sell beyond the traditional auction calendar, while Phillips Jewels reports unprecedented online bidding activity at its auctions. For more details, see JNA’s January/February 2023 report on auction houses’ initiatives.

33. Cryptocurrency payments at auctions

In June 2021, an anonymous buyer bought a 100-carat pear-shaped D-colour flawless diamond for US$12.3 million at Sotheby’s. This was the highest price achieved for any jewellery or gemstone purchased with cryptocurrency –something worth keeping an eye on. At press time, Sotheby’s and Christie’s accepted cryptocurrency payments only for specified items.

View the earlier instalments of this series here.