JNA Sep/ Oct 2021

SPECIAL FEATURES 22 | JNA Sep/Oct 2021 The enduring allure of More than a year into a pandemic that changed the world and the way business is done, industry stakeholders take a hard look at the high-end jewellery sector and its resilient nature. Here are the post-lockdown changes that are reshaping the luxury jewellery landscape. 超過一年的疫情，改變了整個世界和商業的運作模式，業界持份者仔細審視高端珠寶 行業及其韌性。以下是疫情封鎖後，奢侈珠寶所經歷的重塑與改變。 | Bernardette Sto. Domingo 杜明高 | 奢華珠寶的永恒魅力 W hy do we buy luxury items? The answer is as simple as it can get: Enjoyment. And this inherent quest for bliss is made even more pronounced by the coronavirus pandemic, which has altered and impeded life as we know it. In the face of lockdowns and travel restrictions, consumers’ pent-up demand and redirected vacation funds have supported sales of high-end jewellery as world markets gradually reopen. According to the World Gold Council, demand for gold jewellery was up 60 per cent year on year in the second quarter of 2021 on the back of global economic recovery and improved consumption sentiment. At international auction houses, exceptional, premium- quality gems and jewellery continued to find favour among collectors and traders – a glittering indication that appetite for luxury items remains intact. Buyers are also becoming more accepting of digital platforms when purchasing big-ticket items. Sustained improvements were likewise felt by fashion conglomerates who reported strong rebound in quarterly jewellery sales. Luxury jewellers such as Bulgari, Tiffany, Cartier and Van Cleef & Arpels, among others, saw solid growth in key markets, especially China. In a separate study, US business consulting firm McKinsey & Co said the fine jewellery market, worth luxury jewellery