Independent jewellery brands that often struggle to get out from under the shadow of giants like Cartier and Tiffany are discovering there are benefits to being the underdog.
Luxury is being rocked by economic uncertainty, cultural oversaturation and, of course, the Trump administration’s mercurial trade policy. For big brands, China’s sluggish recovery from the pandemic and fluctuating US tariff levels are thorny problems without obvious solutions.
Those global forces affect tiny emerging jewellers too. But when you’re making one-of-a-kind pieces for ultra-wealthy clients, or visiting your supplier means a short taxi ride rather than an international flight, it can be easier to adapt your approach.
“We’re lucky because we control every part of our supply chain,” said New York-based artist and jewellery designer Ana Khouri, who designs unique pieces under her eponymous high jewellery line. “We’re not outsourcing across continents. We know every person who touches our jewellery.”
To be sure, jewellery is proving to be luxury’s most resilient category, with Cartier and Van Cleef & Arpels owner Richemont and other hard luxury giants reporting strong results even as handbag and ready-to-wear brands struggle.
To ride that wave, indie brands still need to find their niche in a market that’s still largely split between big, well-known names and unbranded retailers. According to McKinsey, branded jewellery accounts for just 20 percent of the global fine jewellery market.
Rather than try to invent the next Love bracelet, small brands are striving to meet a demand for uniqueness that legacy houses can struggle to fulfill.
“Customers today are looking for something unique, more of a personal statement,” said Takeshi Yokota, co-founder of Japan and LA-based jewellery brand Kimitake, which for one recent collection of necklaces used traditional Japanese braided samurai cords. “Legacy brands have long histories and incorporate traditions. As a newer brand we don’t have these elements.”
This same approach can help small brands navigate a turbulent market. Companies already known for using alternative materials can lean deeper into those experiments to dodge skyrocketing gold and silver prices, for instance.
“Conglomerates depend on stable trade relations and global demand,” said Fflur Roberts, Euromonitor’s head of luxury goods. “But smaller, independent brands – especially those who work within single markets or source locally – are often more resilient.”
A Distinct Point of View
Ana Khouri’s sculptural high jewellery offers a meditative counterpoint to traditional luxury. Her pieces are extremely limited or one of a kind – the only exception being small capsule editions sold exclusively at The Row boutiques, with a maximum of 100 pieces per design.
This level of exclusivity further enhances two central pillars of luxury that have gotten lost in many fast-paced fashion houses: longevity and quality.
“For high jewellery, the key is to have the best quality, materials and unique designs,” Khouri said. “Since I’ve kept it small, I can be very discerning and trust my instincts – I don’t have to go through dozens of approvals before realising my ideas.”
The growing diversification of the jewellery customer – including more men buying for themselves – goes hand in hand with the possibilities for new, distinct jewellery brands. Many consumers are looking for niche alternatives as they become more decisive in their personal style.
Emotional expression is at the heart of jewellery’s strengths – especially with the unique point of view a small brand can offer. Jewellery is often purchased as a milestone commemoration, but as Gen-Z aspirational shoppers appear to be increasingly looking to jewellery – not handbags – as their first luxury purchase, the emotional weight of jewellery is infused into its everyday wearability.
“This isn’t a trend,” said Katia de Lasteyrie, former LVMH innovation lead for watches and jewellery. “People are more informed, more curious, and more hungry for creativity than ever before. Jewellery is where they’re finding it.”
Word of Mouth and Personal Connections
Small fine jewellery brands can build a sustainable business off of a few devoted clients. For Jessica McCormack, it helped that one of those early customers was Zoe Kravitz. The actress befriended McCormack, then agreed to become a paid ambassador,” said Leonie Brantberg, chief executive at London-based Jessica McCormack, known for its distinctive approach to diamond jewellery.
“We were very fortunate with Zoe. As an unknown brand you have less than a second to capture the consumer’s imagination,” she said. “Zoe with her tattoos and urban style stands for the modern woman who buys herself jewellery.”
The brand, founded in 2008, now has two stores in London and opened a New York flagship in May. About half of its customers buy pieces at least yearly.
“Our average order is $20,000,” said Brantberg, “We don’t need to acquire tons of new clients to grow.”
For Kimitake, buzz is built through experiences, and Hollywood connections.
“Events like sushi omakase let us invite people to experience the jewellery intimately,” Yokota said. “Creating a buzz locally is key. Taylor Swift’s stylist came to one of our events – that’s how we get celebrity exposure.”
Skyrocketing Material Prices
Small brands have to deal with rising production costs like their bigger competitors, only with fewer resources. That can be turned to their advantage, however.
“We are keeping a close eye on tariffs, but we’re not as affected as the bigger brands – we can pivot quicker and are keeping operations lean,” Yokota said. “With a team of six between the US and Japan, our operations are very cost-efficient.”
In addition to tariffs raising the cost of selling in the US, gold prices have shot up more than 40 percent in the last year (the two are related; uncertainty about the direction of the US economy has led many investors to buy gold as a theoretically more stable asset than stocks or currency).
Some brands have raised prices, including Kimitake in February. “Clients who bought before feel like they got in early,” Yokota said.
New materials are a way to circumvent price pressures.
London-based brand Completedworks uses plenty of silver and gold, which plated its viral “Scrunch earrings” worn by celebrities like Rosie Huntington-Whiteley and Maya Rudolph. However, the brand also incorporates creative materials, like resin.
As a small brand, we have the freedom to continue experimenting with new materials,” said creative director Anna Jewsbury.
The growth of small jewellery brands points to a value shift among luxury consumers, refocusing on heirlooms that have deep, personal meaning.
“There’s a reason it’s called hard luxury,” said de Lasteyrie, “It will last and can be shared with the next generation, it has more emotional value. A bag can last for decades, a good piece of jewellery for centuries.”
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