FT SPECIAL REPORT Watches & Jewellery

Monday January 19 2015 www.ft.com/reports | @ftreports

Inside Strong Swiss Cartier’s grandmaster of complications Stanislas de Quercize on his mission to maintain creative excellence franc brings Interview, Page 2 Best watches on show The pick of fine time pieces to be unveiled greater risks at SIHH this week Page 3 Red carpet jewels The brands competing for exports for the glittering rewards of awards season Page 7

Currency decision and geopolitical tensions are adding to watchmakers’ woes, writes James Shotter ‘This is not a pretty business’ ast year was difficult for Swit- Ontopofthis,Swisswatchmakerswill Wound up: as the SIHH International de la Haute Horlogerie — Some analysts reckon that, barring Jeweller Pippa Small zerland’s watchmakers. The now have to cope with a stronger cur- fair opens in Geneva, the first big watch fair of the year — further unexpected shocks, growth sees a more ethical lingering impact of China’s rency in 2015, after the Swiss National luxury brands are startsinGenevatoday. could return to its long-run average. future for goldmines clampdown on corporate gift- Bank stunned markets by scrapping its taking stock after a “The brands are comfortable, but “I am probably in the optimistic camp,” L giving, civil unrest in Hong policy of preventing the Swiss franc difficult year they are also being careful because the says Jon Cox, head of Swiss equities at Page 8 Kong — the world’s biggest market for appreciatingbeyondSFr1.20totheeuro Reuters global political and economic situation Kepler Cheuvreux, “but I think the Swisswatches—andthegyrationsofthe lastweek. is not very calm,” says Fabienne Lupo, industry will grow around 7 per cent as rouble combined to slow growth in “A strong Swiss franc has historically chairwoman and managing director of measured by exports. The high end A cabinet of curiosities exports to 2.3 per cent in the first 11 beenbadforRichemont’sprofitandloss Fondation de la Haute Horlogerie, the mightgrowfaster,around8percent.” Modern designers monthsoftheyear. account and even more so for Swatch foundation behind SIHH. “However,we He is sanguine, he says, because with refashion prehistoric Protests in Hong Kong are over for Group,” says Thomas Chauvet, an ana- still [had] growth in Swiss watch the initial impact of Beijing’s anti-graft artefacts and now, and the main impact of Beijing’s lystatCitigroup. exports of between 2 and 3 per cent in drive fading from Chinese data, the anti-graft drive has faded. But market Watchmakers are in cautious mood 2014. That is less than in previous years dynamicsofthecountry’swatchmarket antiquarian finds conditionsinRussiaremainvolatile. as, against this volatility, the Salon butitisstillpositive.” continuedonpage5 Page 9 2 ★ FINANCIALTIMES Monday 19 January 2015

Watches & Jewellery News

Stanislas de Quercize plans to be daring putatcloseto35percent,thebrandwas “Since1847wehaveseenthatthere Interview alsothoughttobethemaincontributor arecyclesthatgoupanddown,but in a difficult market, writes James Shotter tothe$2.8bnoperatingprofitpostedby thereisapositiveendtoeverycycle,”he Richemontforthesameperiod. says.“Theintentofpeopletoacquire However,duringthepast18months, thebestisstillthere.” luxurywatchmakerssuchasCartier Indeed,despitetheheadwinds, havehadtocontendwithdifficult Cartier’schiefexecutivesees marketconditions.Thegovernmentin opportunitiesforthebrandtoexploit, China—amarketwhereCartierisvery insistingthatinterestinhigh-end Cartier on a strong—hasclampeddownonthe watchesandjewelleryremains practiceofgivingwatchesascorporate undimmedamongculturedconsumers gifts.ProtestsinHongKonghaveslowed withaninterestinart.“Ihavenever theworld’slargestSwisswatchmarket. seensomanymuseumsbeingbuiltas Andthereareearlysignsthatblowsto now.Ihaveneverseensomanypeople creative mission therouble,promptedbythefalling queuingupforexhibitions,”hesays. priceofoil,maybehavinganimpacton Onesourceofopportunity,Mrde theappetiteofRussianbuyers—whom Quercizereckons,isthegrowing tanislasdeQuercizeis asthe“mission”ofthe168-year-old analystsestimateareresponsiblefor numberofpeoplewhoownnotjustone planningabusystartto2015. maison,foundedinParisin1847bythe 5-10percentofhigh-endwatch butacollectionofwatches.Anotheris “Wearegoingtoputon110 masterjewellerLouis-FrançoisCartier. purchases. thejewellerymarket,whereCartierhas newcreationsatSIHH,”says “Mypriorityhasalwaysbeentobe “IthinkCartierisdoingwellin traditionallybeenstrong. S thechiefexecutiveofCartier, daringinhowwecreate,”saysMrde jewellery.Inwatchestheyaredoingwell Atthemoment,hesays,about90per thejewellerandwatchmakerownedby Quercize. atthelowend,”saysLucaSolca,an centofjewelleryproducedgloballyis Richemont,theSwiss luxurygroup. DuringMrdeQuercize’stenure,the analystatExaneBNPParibas.“Butlike unbranded.FromMrdeQuercize’s ExhibitorsattheSalonInternational Frenchbrandhasmadesubstantial Stanislas de Quercize: oversees what oneofanumberofinvestmentsthe everyonetheyarestrugglingwithgold perspective,thismakeslittlesense,and delaHauteHorlogerie(SIHH)include investmentsinitscreativecapabilities, analysts believe to be Richemont’s brandhasmadeinrecentyears. watchesandwatcheswithprecious hebelievesthatpersuadingmore Richemont’s11watchbrandsandfive followingthecoursesetbyhis most profitable brand “Wehavealsomademajor stonesbecausedemandforthesein peopletobuybrandedjewellerycould independentwatchmakers. predecessor,BernardFornas,whomMr investmentsinhautehorlogerie—we Chinahascometoastandstill.Thehigh paydividendsforCartier. Ondisplay,MrdeQuercizesays,will deQuercizesucceededin2013. nowhave29movementswhichare endcouldbecome[still]moreofa “Peoplewouldn’tacquirepaintingsor bethemostcomplexwatchCartierhas Previouslyhehadservedforeightyears entirelymadein-house,”hesays. challengeifRussianconsumersarehit apicturethatisnotsigned.Iftheybuy evermade—agrandcomplication aschiefexecutiveofVanCleef&Arpels, ThesuccessofCartieriscrucialfor bythefallinthevalueoftherouble.” unsignedjewellery,andthenwanttosell composedof578piecesthattookmore anotherhigh-endRichemontmarque. Richemont’sfortunes.LikealltheSwiss MrdeQuercizerefusestobedrawn itatauction,itwillnotbeworthmore thanfiveyearstodevelop(seepage3). Cartier’smostrecentinvestmentwas luxurygroup’sbrands,Cartierdoesnot aboutCartier’sprogressinspecific thanthevalueofthestonesandthe Cartierwillalsounveilasettingcalled amétiersd’artworkshop,whichopened ‘Since 1847, we have seen provideinformationaboutitsprofitsor markets,butdoesacknowledgethatthe gold,”hesays. VibrantforitsBallonBleurange,and inSeptemberneartheSwisswatch- cycles go up and down. The revenues.However,analystsreckonits uncertaintyaroundtheglobe“makes “IftheybuysomethingfromCartier, launchanewmontredeforme,calledClé. makingbastionofLaChaux-de-Fonds annualsalesarecloseto$5.9bn— peoplethinktwice”beforetheybuy. theyarebuyingsomething[froma TheblazeofactivityispartofMrde (seestorybelow).MrdeQuercize intent of people to acquire almosthalfthe$12.5bnturnover However,despitesuchpressures,he company]withahistorygoingback Quercize’spushtobolsterCartier’s declinestosayhowmuchCartierspent the best is still there’ Richemontachievedlastyear. remainsconfidentaboutCartier’s morethan160years.Theyarebuying reputationforcreativity,whichhesees ontheproject,butaddsthatitwasonly Withoperatingmarginsthatanalysts prospects. somethingwithprovenance.” High-tech workshop, 18th-century setting

arrangement of work stations. Decorative techniques “Theycanseefromtheirbenchwhatthe others are doing. They are constantly In a converted farmhouse, meetingeachother,”hesays. craftspeople share expertise, Cartier’s introduction last year of its writes Nicholas Foulkes Ballon Bleu floral-marquetry parrot watch, with a dial made of tiny pieces of flower petals, is one example of the In the 1980s, Cartier watches were so brand’sdesignexpertise. popular that they were a favourite tar- “This year you will see filigree,” says get for counterfeiters. Alain Dominique Mr de Quercize. The technique of intri- Perrin, then chief executive, was photo- cateanddecorativemetalworkhasbeen graphed for the cover of Le Nouvel usedbyjewellersforthousandsofyears. Economistetakingahammertofakes. “It will be updated and innovated, The brand’s watches made at that clearly showing that there is no limit to timetendedtouseinexpensiveandreli- theaudacitytocreate.” ablestandardmovements. The watch is the Ronde Louis Cartier But about 10 years ago, Cartier XL with a design of filigree panthers, decided to become a vertically inte- perhaps not the catchiest of nomencla- grated manufacturer of timepieces. In ture, but a name intended to convey the past six years, it has launched 29 decorativeinnovation. movements and its manufacturing Cartier is not alone in facility in the Swiss watchmaking developingamétiers town of La Chaux-de-Fonds houses d’art. Vacheron stateoftheartequipment. Constantin, its Rich- This year will bring a compli- emont stablemate, cation launch that will add to haslongchampioned Cartier’s technical reputa- the use of decorative tion. But for now, the techniques old and brand is turning its new. attention to decora- Patek Philippe, tivetechniques. too, employs what At the end of it calls “rare last year, Cartier handcrafts”. In opened its maison the 1970s and des métiers d’art — 1980s when afacilitythataims many tradi- to be a centre tional skilled of both decorative jobs faced extinc- excellence and tion, the best practi- innovation. tioners of techniques The company has such as enamelling, renovated an 18th- engraving and bracelet- century farm build- makingfoundrefugeatPatek ing near La Chaux- Philippe. de-Fonds into a hub But in choosing to create a dedicated to the “think-tank of the métiers d’art”, horological applica- Cartierissignallingashiftinempha- tion of centuries-old sisacrosstheindustry. artisanal skills — such Just as, for example, mechanical asmarquetryandfiligree—andthe innovation has been fostered in spe- development of new techniques, bring- cialist subdivisions such as Audemars ing its senior craftspeople under one Piguet’s Renaud & Papi and Patek roof. Philippe’s Advanced Research depart- It aims to foster a creative environ- ment,nowtheareaofmétiersd’artisper- ment of mutual instruction, shared ceivedasincreasinglyimportant. ideasandculturalcross-pollination. Mr de Quercize says broader cultural “The idea emerged five years ago, conditions favour this approach to whenwesaiditwouldbefantastictoput watchmaking. As he sees it “there is a those artists together rather than have quest all over the world” and Cartier’s them isolated in different locations,” maisondesmétiersd’artisrespondingtoa says Stanislas de Quercize, Cartier’s global“searchforart”. chiefexecutive. “And the best way is to build a dedi- Under one roof: Cartier’s facility at cated maison where we will put all those La Chaux-de-Fonds (below) will artists together and they will have the foster skills necessary to create audacitytocreatetogether.” watches such as the Ronde Louis Much is made of the open-plan Cartier XL (above) Monday 19 January 2015 ★ FINANCIALTIMES 3

Watches & Jewellery SIHH News Unveiled: the star timepieces of the show

Montblanc TimeWalker Urban Innovation Speed e-Strap Robin Swithinbank Thisistheyearthesmartwatchwilltake off,accordingtoAppleacolytes.Earliest selects the most signstheluxurywatchmarketagrees creative and innovative comeintheunlikelyformofuber- traditionalistMontblancandits timepieces to delight the TimeWalkerUrbanSpeede-Strap,a crowds in Switzerland smart-mechcombothecompany believeswillbeafirststeptowardslong- termrelevanceinafast-evolvingsector. he25theditionofGeneva’s Dial-sideup,itisalargelyfamiliar lavishSalonInternational timepiece,pairingamicro-blasted delaHauteHorlogerie stainlesssteelcaseandaceramicbezel (SIHH)beginstoday.The withanautomaticmechanical T showisagatheringofjust16 chronographmovement.Itssmart brands,mostofthemownedbythe credentialsaretuckedawayunder RichemontGroup—includingCartier, thewristintheclasp.Features IWCandVacheronConstantin. includean“integratedtechnology Allusetheshowasalaunchpadfor device”thatoffersanactivity unveilingtheirlatestwatchesandthe trackerandsmartnotifications, accompanyingtechnicalinnovationand fuelledbyaBluetoothconnection prowess. toaniOSorAndroidsmartphone. Hereisaselectionofthisyear’s headliners,withanexplanationofwhat Jaeger-LeCoultre Rendez- thosewatchessayaboutthestateofthe Vous Moon watchindustryin2015. Jaeger-LeCoultre’swomen’s-only Rendez-Vouslineofmechanical Panerai Luminor Submersible 1950 watches,introducedin2012,isoften Carbotech 3 Days Automatic 47mm citedasanexampleoftheshiftinthe PAM00616 luxurywatchindustrytowards Panerai’slatestbidfororiginalityis producingwatchesforfemale “carbotech”—acarbon-fibre-based consumers. compositematerialthatmakesitsfine- 349diamonds, 52850isanautomatic Thislatestautomatichasamoon watchmakingdebutatSIHHthisyearin totallingapproximately long-awaitedin-housechronograph withaformidableseven- phasethatisaccuratetoonedayevery thebrand’sfamiliardiver’swatch. 3.44carats,andcarriesthe calibre,ahand-woundmovement daypowerreserve,asindicatedonthe 972years.Itstechnicalpropertiesare Carbotechismadebycompressing PoinçondeGenève,thequality calledCalibre3300.Vacheronclaimsto dial. backedupaestheticallybyeithera thinsheetsofcarbonfibrewithahigh- seal. havebeenworkingonitsince2008.The The44.2mmwatchwillbeavailable 36mmor39mmwhitegoldcaseand endpolymercalledpolyetherether Brandssaythatonaveragea watchhastheclassicdoctor’s ineitherredgoldorstainlesssteeland sumptuousmother-of-pearl,diamond ketone,whichbindsthemtogetherto timepiecethatmeetstheseal’sexacting All change: pulsometerscalearoundtheedgeofthe willcomeonaSantonileatherstrap. andguillochéfinishes. createalightweight,ultra-strong standardsistheproductof30-40per (clockwise dial,andisstampedwiththePoinçonde materialthatisanticorrosiveand centmoremanufacturingtimethana from top left) Genèvequalityseal.Only260willbe Cartier Rotonde de Cartier Grande Audemars Piguet Millenary hypoallergenic.Themanufacturing typicalwatch.Everywatchmadeby new watches made. Complication Anotherofwatchmaking’sgrandes processgiveseachwatchanuneven, RogerDubuisqualifiesfortheseal—an by Panerai, Thisyear,Cartier’svauntedfine dameshoninginontheuntapped mattblackfinish,meaningnotwo accoladenoothercompanycanclaim. Roger Dubuis, IWC Portugieser Annual Calendar watchmakingdivisionhasproducedthe All the potentialinthewomen’swatchmarket exampleswillbethesame.Insideis Cartier, Jaeger- FormerlythePortuguese,the mostcomplicatedwatchinitshistory, exhibitors isAudemarsPiguet.Theoval-shaped Panerai’sP.9000calibre,anautomatic Vacheron Constantin Harmony LeCoultre, Portugieser,IWC’smostcelebrated the45mmplatinum-casedRotondede Millenaryhasalwayshadafeminine witha72-hourpowerreserve. Chronograph Vacheron piece,entersits75thanniversaryyear CartierGrandeComplication(see use the feel,atraitexploitedbythis2015 VacheronConstantin,oneoftheoldest Constantin, withthelaunchofeightnewreferences, interview,page2).Despitebeing5.49mm show as a launch,whichfeaturesthe Roger Dubuis Excalibur Brocéliande namesinwatchmaking,marks260 Montblanc, includingthewatchmaker’sfirstannual thick,itsautomaticcalibrepacksin watchmaker’scalibre5201,ahand- RogerDubuis’sfascinationwith yearsinthebusinessthisyearwith Audemars calendar. perpetualcalendar,flyingtourbillon launch pad woundmovementwitha54-hour medievallegendhasspawnedanother Harmony,anall-newlineinspiredby Piguet, IWC Fiveyearsindevelopment,itdisplays andminuterepeatercomplications. powerreserve. timepiece,thistimea42mmpinkgold oneofitswristwatchdesignsfromthe themonth,dateanddayinseparate, Theprojectwasfiveyearsin for technical Threeyearsindevelopment,the skeletonisedflyingtourbilloninfused 1920s. semicircularwindowsat12o’clock. development,andCartiersaysittakes innovation watchhasanoff-centre,soliddial, withasinewy,diamond-setivymotif Therewillbesevencushion-shaped Adjustmentisrequiredonceayearat 15weekstomanufacture,10weeksto leavinganopeningtotheleftthat inspiredbyFrance’sBrocéliande modelsinitially,eachlimited,including theendofFebruary,anoperationdone decorateandfiveweekstoassemble and revealsthebalance,whichvibratesata forest—saidtobewherethewizard amonopusherchronograph —thefirst viathecrown.Itstwin-barrelledin- eachofthe60examplesthatwillbe prowess stately3hz(comparedwiththe4hz Merlinisburied.Thewatchissetwith thathousestheGenevanmaison’s housemovementisnew,too—Calibre made. mechanicalwatchnorm). 4 ★ FINANCIALTIMES Monday 19 January 2015

Watches & Jewellery News

Satellite fairs Organisers seek to capitalise on the draw of Geneva’s SIHH, writes Simon de Burton Niche brands on the edge of the main event try to woo crowds

hisyearmarksthe25thedi- where an all-new show called the Swiss tion of the Salon Interna- Independent Watchmaking Pavilion tional de la Haute Horlo- hasbeensetup. gerie (SIHH), established SIWP was established by Amarildo T by Cartier in 1991 when the Pilo,founderoftheGeneva-basedwatch brand abandoned the Baselworld fair — brand Pilo & Co, following the success of which is open to the public — in favour three similar events he staged in China ofaninvitation-onlyevent. between 2012 and 2014. Fifteen brands In 2009, SIHH shifted from March to have confirmed their attendance, leav- January, moving from a slot that had ing six spaces remaining. A booth costs dovetailed conveniently for visiting SFr8,888 (about $10,000), a figure cho- buyers with Baselworld. Long-haul visi- senbyMrPilobecausethenumbereight tors were now faced with two major isthoughtluckyinChina. journeystoSwitzerland. SIWP may indeed have to be lucky to The arrangement continues to cause succeed. A similar,satellite watch show, problems for those travelling from Asia, the Geneva Time Exhibition, closed in America and Australia, but the change 2013 after three editions despite having of date has led to a mushrooming of sat- attractedmorethan60exhibitors ellite shows, designed to capitalise on But Mr Pilo remains confident. “GTE the large numbers of journalists, retail- failed for several reasons. It didn’t have ers, distributors and VIP collectors who a consistent location — it was always too attend SIHH — often at the expense of far from the site of the SIHH to be really Richemont,Cartier’sparentcompany. convenient — and I believe the brands One such show, the World Presenta- that exhibited there were mainly tion of Haute Horlogerie, was estab- medium-sized and probably more Beyond the fair: Franck Muller Watchland (top); MAD Gallery (above left); Swiss Independent Watchmaking Pavilion (above right) lished before SIHH moved to January suitedtoabigshowsuchasBaselworld. and takes place at Franck Muller’s “SIWP will showcase smaller brands, The outsiders Who is showing where in Geneva Watchland facility at Genthod, outside high-end niche-makers that distribu- Geneva. Throughout SIHH, courtesy tors, agents and collectors might not limousines waft between the Palexpo otherwisemakecontactwith.” Franck Muller Watchland Chantepoulet: 4N, A Favre & Fils, Frédéric Jouvenot, Other exhibitors in hotel suites exhibition centre and Watchland, ferry- Someofthenamesexhibiting,suchas Backes & Strauss, Barthelay, ECW, Franck Muller, Julien Coudray, Louis Moinet, Maîtres du Temps Four Seasons Hotel des Bergues: ing guests to see the latest WPHH time- DavidVanHeim,EvilardandPeterTan- Martin Braun, Pierre Kunz, Pierre Michel Golay, Breva, Christophe Claret, De Bethune, pieces, including watches by Backes & isman,arelikelytobealientoallbutthe Rodolphe, Smalto Timepieces, Cvstos Swiss Independent Watchmaking Pavilion Revelation Strauss, Pierre Kunz, Barthelay and most hardcore enthusiasts for niche Casino du Lac, Route de Pré-Bois 20, 1215 Meyrin. Hotel Beau Rivage: Bovet, Urwerk FranckMuller. brands. But the presence of better- Private ateliers and galleries, including ArtyA, 17 Rue Vianney Halter, AkriviA, Antoine Preziuso, David Van Grand Hotel Kempinski: Chaumet, Hublot, Zenith More than 40, mostly independent, known makers such as Vianney Halter, du Clos; DeWitt, 2 Rue du Pré-de-la-Fontaine; Heim, Evilard, Kari Voutilainen, Ludovic Ballouard, Mandarin Oriental: Girard-Perregaux, brands will be showing their wares in Antoine Preziuso and Kari Voutilainen FP Journe, 17 Rue de l’Arquebuse; MB & F, MAD Gallery, Moya, Peter Tanisman, Pilo & Co, Rebellion, Vianney JeanRichard hotelsuites,attheirownateliersornext is likely to prove a draw for serious 11 Rue Verdaine; Watches Art Gallery, 19 Rue de Halter, Vincent Calabrese Swissotel Metropole: Peter Speake-Marin doortothePalexpointheCasinoduLac, horophiles. How to set a value on Phillips pockets saleroom star in the world’s rarest gems direct challenge to Christie’s

ity of each item. A particular shade of Research yellow could be rarer than a small blue. Auctioneers “Retailers asked us for such tools to Fancy diamonds now have assess the historical volatility and Man who transformed the their own price index — real demand for a stone and how it might market for collectable clarity in a colourful market, behave in the future. The index should create clarity for people who want to watches will go head to head writes Simoney Kyriakou buy inventory but are not sure which with his former employer, oneisbettertoinvestin.” writes Simon de Burton Daniela Mascetti, senior specialist in Intensely coloured — or “fancy” — dia- Sotheby’s international jewellery monds have long fetched high prices at department, is watching the new index Auction houses enjoyed a bumper year auction, but in recent years those prices with interest, because “the fancy col- in 2014. Christie’s staged a near-$20m havesoared.In1960,VanCleef&Arpels oured diamonds category is hugely sale dedicated to Patek Philippe, and bought a 300-year-old rare pink dia- nuancedandsubjective”,shesays. Sotheby’sachievedaworldrecord$24m mond, from India’s Golconda mines, at “The range of hues to be found even for the Henry Graves Patek Supercom- Sotheby’sinLondonfor$70,000(equiv- within the pink stones category is enor- plicationpocketwatch. alent to $555,000 at today’s prices). It mous, and two people examining the But for regular auction-goers, the weighed 34.64 carats and was known as samestonemaydifferinopinion.” scene appeared to be less vibrant than thePrincie.Thestonesoldagainin2013 Theindividualityofeachstonemakes usual with the absence from the ros- atauctionfor$39m. it impossible to set a dollar price for the trum of Aurel Bacs, the star auctioneer But despite headline-grabbing price whole colour category, so the FCRF and former head of Christie’s watch tags, accurately valuing coloured dia- index charts price rises in percentage department. Past success: Aurel Bacs helped make Christie’s the leading watch auctioneer monds — especially fancy stones in the terms. It collates data from more than Unique perfection: a pink diamond Having presided over a $43.9m series rarest and most valuable colours of sat- 60,000 prices in the market, and is of sales in November 2013, Mr Bacs dence and quickly return to a dominant chairman and chief executive, made urated pink, blue and green — has been weighted according to yearly surveys arecaptivatedbythisrarity. stepped down unexpectedly after position.” himanirresistibleproposition.“EdDol- difficultforjewellers. from mining companies showing the “People are looking for that individ- a decade-long career at the Phillips currently focuses on contem- man is someone I have known for many According to Eden Rachminov, an numberofstonesunearthed. ual diamond that captures their imagi- auction house, during which he took poraryart,jewelleryandphotographs— years and I consider him to be an Israeli diamond specialist and author of According to the index, pink dia- nation,” she says. “As the search for Christie’s from second-tier watch but formerly ran a watch department extraordinary chief executive,”says Mr the Fancy Color Diamond Book, highly monds outstripped other fancy colours, something bespoke continues, the auctioneer with annual sales of $8m to under the Phillips, de Pury & Luxem- Bacs. detailed information on the compara- witha360percentrisefrom2005tothe allure of fancy coloured diamonds market leader with an annual turnover bourg banner in the early 2000s. Mr “We have been told to run the busi- tive values of such stones has not been end of 2014, compared with 161.4 per increases.” of$130m. Bacs headed that department for two ness as though it were our own com- availableinoneplacebefore. centforblueand56.2percentforyellow Given this trend for what Mr Rachmi- He left to establish a private consul- years, establishing a world record for a pany, which means assuming exactly To fill the information gap, Mr Rach- overthesameperiod. nov terms“themostconcentratedform tancy in partnership with his wife. Bacs wristwatch at his first sale in November thesamelevelofdiligence. minov set up the Fancy Color Research Increasing interest among the global of wealth in the world — a portfolio in & Russo operated largely below the 2001,whenhesoldaPatekPhilippefor- “We have come to a good financial Foundation last year. Part of his mis- richinfancydiamondsisbehindtherise your pocket”, he sees the role of the radar, offering expertise to individual merly owned by Marshal Tito of Yugo- arrangement, which will ensure a bal- sion,hesays,istobolstertheconfidence in stones on the market, according to FCRFashelpingjewellersmeetdemand collectors,museumsandbrands. slaviafor$1.9m. anced, long-term future for the depart- of consumers, investors and retailers. jewellers. byenablingthemtosourcerareandval- Mr Bacs’s most notable deal was the This time, the department will oper- ment, and Bacs & Russo will continue to But he hopes that his Tel Aviv-based, The New Mexico-based designer uablediamondsmoreeasily. purchase in November of the Graves ate in partnership with Bacs & Russo, operate as before — although we will not-for-profit foundation will also help Katherine Jetter, whose collections fea- However, while data are helpful for Supercomplication on behalf of an working with a small team of specialists ensure that there is no conflict of inter- jewellers and retailers source and value ture pink diamonds, says: “Cham- pricing, designers say they are less anonymousclient. employed by Phillips. They include est. Any business outside of Phillips will theserarestonesalongfairtradingprin- swayed by objective statistics than by A few days earlier, however, it was Nathalie Monbaron, former Christie’s beconductedwithfulltransparency.” ciples. theiradmirationforindividualjewels. revealed that Mr Bacs would be return- business development director, and the MrBacs’snamewillappearonPhillips Annual membership costs between Ms Jetter says: “You cannot see a cer- ing to the rostrum, this time with watchcollectorPaulBoutros. auction catalogues, which he says $1,800 and $36,000. Leading brands ‘For every 10,000 white tificate and know what the stone will Phillips, the auction house, which has “The idea has been in the pipeline for shouldaidthattransparency. have signed up, including Tiffany, Van diamonds mined, a single look like. Personal perception and created a Geneva-based department several months,” says Mr Bacs. “I think The new Phillips watch department Cleef & Arpels and De Beers. Members appreciation comes much more into specialisingincollectablewatches. it is correct to say that such a partner- willstageitsfirstsalesinGenevaonMay —whocansignupto20peopletouse coloured one emerges’ playwhenvaluingcoloureddiamonds.” A saleroom insider, who asked not to ship between an international auction 9 and 10, in competition with annual, thesite—receivein-depthdata,analysis Hollie Bonneville Barden, head be named, believes the partnership house and a group of individuals has flagship auctions around the same time and information about auctions, as well pagnes, cognacs and yellows are less designer for De Beers, cites the house’s between Mr Bacs and Phillips could never been seen before in the watch by Antiquorum, Christie’s and as post-event commentary from rare, but pinks, blues and greens are in Swan Lake collection as an example of provetobeagame-changerintheworld industry.” Sotheby’s. One of the Phillips auctions experts. The foundation also provides a demand right now among high-end how jewellers start with a diamond and ofwatchauctions. In fact, such partnerships do exist in will comprise lots from a range of mak- price index, a stone comparison chart jewellery buyers and collectors because build a design around it. “If the design “Aurel and his team at Phillips have other auction fields — Sotheby’s, for ers at a broad spread of prices; the other and a rarity calculator for stones of oftheirrarity.” came first it would take time to find the the potential to influence the market example, has teamed with outside spe- will be dedicated to the Rolex Day-Date morethan1carat. More than 90 per cent of the world’s right colours. You have to work with within a very short space of time,” the cialists in sporting guns, coins, postage model. For Van Cleef & Arpels, the index is a pinks come from Australia’s Argyle nature’spalettes,”shesays. insidersays. stampsandmusicalinstruments. Phillips has also secured the Only meanstosecurethehighest-gradegems. mine, but even this rich seam yields MrRachminovsaystheFCRFisfilling “The watch auction scene is currently Mr Bacs adds: “We certainly have Watch charity auction, which takes “It is difficult to source stones, espe- infrequently.Areportbythetrademag- a gap, providing more information on lackingaleaderwithhisdegreeofvision some big plans, but I think it would be place every two years. Since its inaugu- cially coloured diamonds, which match azineMiningMarketsestimatedthatfor fancy coloured stones than has previ- and passion for the industry, and that naive to say at this early stage that suc- ration in 2005, it has raised more than our quality criteria. There are few every 10,000 white diamonds mined ously been available to the industry, has affected prices because those with cessisguaranteed.” €10m for research into Duchenne mus- stones in the clarity, colours, weights globally, one coloured diamond investorsandconsumers. less experience of the market do not He says the move was prompted as cular dystrophy by inviting leading andcutswedesire,” thecompanysays. emerges. But for many designers, a stone’s alwaysofferwatchesoftherightquality. much by a longing to return to the cut watchbrandstodonateuniquepieces. Mr Rachminov adds: “It’s not just Jennie Farmer, global brand director intrinsic worth lies as much in its sub- “By returning to the rostrum with and thrust of the auction room as by the Under Phillips, the event will take aboutthecolourbutthequalityandrar- for De Beers, says the world’s wealthy jectivequalitiesasinitsstatistics. Phillips, I believe he will restore confi- fact that Edward Dolman, Phillips’ placeinGenevaonNovember7. Monday 19 January 2015 ★ FINANCIALTIMES 5

Watches & Jewellery

Speedmeter extrudes by 6mm in use

Red pointer provides speed reading

Push piece at the two o'clock position activates the Speedmeter

Speedmeter mechanism of 27 components, including a tiny set of Robinson Cups made from titanium Dial a sliver of smoked sapphire crystal applied with indexes made from white gold

The G5 titanium case, 45.20mm in diameter and 15.7 mm thick

FT graphic Source: Breva

Deconstructed Simon de Burton on the Breva Génie 03 Speedmeter

This week, Breva unveils the world’s first Cups — the device used on anemometers for Accounting for 27 of the watch’s 360 6mm proud of the dial, which exposes the Speed calculators are nothing new on mechanical watch to boast the deliciously measuring wind speed. The difference, of components, the mechanism is stored in the mechanism to the air and allows the tiny mechanical wristwatches, but the whimsical addition of an integral course, is that the cups have been closed position, virtually flush with the Robinson Cups to revolve. Speedmeter is the first to provide an instant speedometer. The patented “instant speed miniaturised to wristwatch size and asymmetrical crystal that covers the main The spinning cups drive the red needle to reading. Who will buy one at €50,000 a piece measurement” mechanism takes the incorporated into a somewhat eccentric dial. Activating the push piece at two o’clock indicate the speed of travel in kilometres or is anyone’s guess. But they will need to be relatively simple form of a set of Robinson “extrusion mechanism”. on the case causes the “speedmeter” to rise miles up to a maximum of 200kmh/125mph. members of the fast set.

Imminent: the Apple Watch is expected to be on sale within months

demand, this is probably manageable fortheindustryasawhole. Strong Swiss However, individual brands could suffer acutely,particularly at the higher franc brings end of the market, where Russians accountforbetween5and10percentof demand,accordingtoMrSolca. greater risk With growth harder to find than in recent years, another trend is likely to be diversification, says Mr Solca. “We for exports saw this last year with Cartier’s sports watch [the Calibre de Cartier Diver]. continuedfrompage1 Otherbrandscouldbranchoutbytrying willonceagainreflectthecontinuedrise to make their products more attractive of the Chinese middle class. towomen,forexample.” And as civil unrest in Hong Kong A second question is how significant recedes, tourists should return to its the impact of smartwatches will be on glitzyboutiques. traditionalmanufacturers. But most analysts are more pessimis- Givenrenewedimpetusbytheunveil- tic. “I think growth will be below 7 per ing last year of the Apple Watch, cent.HongKongisstillanissue,Chinais expected to launch in the coming stillaconcern,”saysLucaSolcaatExane months, the Swiss brands most exposed BNPParibas.“Overall,Ithinktheglobal are likely to be those at the lower end of luxury industry will grow between 4 the market, such as Swatch, Tissot and and 6 per cent this year, and that is the TagHeuer,analystsbelieve. shape of things to come in watches, rather than the double-digit growth rateswehaveseeninthepast.” 2.3% 16.7% AcrossAsia,accordingtoRenéWeber, Growth in global Share of Swiss an analyst at Bank Vontobel in Zurich, Swiss watch watch exports to thepictureismixed.“InHongKongand exports, January- Hong Kong in China, growth is likely to be in the low November 2014 November 2014 single digits. Japan and South Korea should see good growth, driven by Chi- Swiss watchmakers are beginning to nesetourists,”hesays. react. Swatch Group and Tag Heuer are Mr Weber says he expects growth exploring their own smartwatch devel- rates in Europe to reach low single dig- opment, and Montblanc, owned by its, but with domestic demand still slug- Richemont, will unveil the TimeWalker gish, this will mainly be driven by tour- Urban Speed e-Strap — which can con- ists. “There will be fewer Russian tour- necttosmartphonesviaBluetoothtech- ists, but the Chinese will still be there, nology—atSIHH(seeround-up,page3). andtheweaknessoftheeuroagainstthe Montblanc says its e-Strap is a devel- dollar and Asian currencies will mean opment of its move into digital writing thatitremainsanattractiveplacetobuy implements. The company launched a watches,”hesays. digitalpenforusewithSamsungdevices Thebiggestquestionmarkhangsover last year. Nevertheless, it represents a Russian demand. The precipitous significant development in Swiss-made decline of the rouble prompted some finewatches. brands to put up prices in Russia by as “These may not be watches with app much as 40 per cent towards the end of ecosystems like Apple’s, but they are last year — a move expected to slow likely to have things like biometric sen- sales in the country. As Russian buyers sors,” says Mr Solca. “I expect smart- account for about 4 per cent of global watchestobeabigthemethisyear.”

Contributors

James Shotter Steven Bird Switzerland correspondent Designer

Simon de Burton, Nicholas Foulkes Andy Mears Contributing editors, How to Spend It Picture editor

Simoney Kyriakou For advertising details, contact: News editor, Financial Adviser, an FT Charlotte Williamson, +44 (0)20 7873 publication 4038, email [email protected], or your usual FT representative. Elisa Anniss, Rachel Felder, Rachel Garrahan, Hettie Judah, All FT reports are available on FT.com at Robin Swithinbank, Kate Youde, ft.com/reports Freelance journalists Follow us on Twitter: @ftreports Tracey Beresford Subeditor All editorial content in this report is produced by the FT. Our advertisers have Helen Barrett no influence over or prior sight of the Commissioning editor articles. 6 ★ † FINANCIALTIMES Monday 19 January 2015 Watches & Jewellery

Boom time for London’s fine watch boutiques Competition Number of openings 2013 2014 Oxford Street 1 2 intensifies for Newburgh Hour Passion Tissot Street 5 Omega New Bond Street Heathrow 1 1 Royal Terminal 5 Exchange West End Regent Street Shinola Breitling Breguet Bovet (in Aspreys) 1 Patek Philippe 1 Montblanc (relocation) IWC retail spaces Rolex 1 Bremont

Bond Street 2 Watches of Switzerland Mount Street 1 (with 12 shop-in-shop boutiques) Vacheron Blancpain 1 1 Constantin Jaeger- LeCoultre Brands are rushing to open outlets, but is Parmigiani Richard (move to larger London Mille premises, 2015) FT graphic the market saturated? By Robin Swithinbank Source: FT research t the end of 2014, barely a of wealthy people living in the capital is claim their interest in London is based participatingwatchbrandsplantoopen Street, home to luxury fashion brands week passed in London growing. “In the absence of policy that’s on opportunities to raise brand aware- boutiques in 2015 — 85 per cent of those Louis Vuitton, Dior and Brunello without the opening of a going to reverse the trend, that’s only ness in a world-class city,and also to the are looking to open in Asia, while 55 per Cucinelli. luxury watch boutique. goingtocontinue,”hesays. capital’s tourist business. cent are considering Europe and 30 per Not all are convinced by the spread. A Ten high-end stores In this light, competition for space in According to the Mastercard Global Cit- centNorthAmerica. “Yes,MountStreetgivesafractionofthe devoted to fine watches opened in the London’s traditional luxury shopping ies Index 2014, London was forecast to RogerDubuis,whichhasyettoopena rentofBondStreet,butverylittleturno- West End alone between July and destinations is at an all-time high. Party time: receive 18.69m visitors in 2014, an monobrand boutique in London, ver,” says Marcus Margulies, owner of December, altering the capital’s watch According to Colliers International, a Abbey Clancy increaseof8percenton2013,makingit already has four of its own stores in the exclusive Bond Street watch retailer retaillandscapedramatically. commercial property adviser, Bond and Daisy Lowe themostvisitedcityintheworld. HongKongandthreeinMacau,andwill Marcus. “People go there to have lunch, Yet despite signs of London’s increas- Street rents have reached £838 per sq ft at Watches of This year, VisitBritain, the national openthreeintheUSthisyear.“First,we nottoshop.” ing significance to watch brands, the — more than double the price for space Switzerland’s tourism agency, estimates visitors will made Hong Kong a priority, then Can London sustain the growing city still lags behind Asian markets, on Geneva’s prestigious Rue du Rhône launch spendarecord£22bnintheUK.And Macau,” says Jean-Marc Pontroué, the number of watch outlets, or is the clock where according to new research by andthemostexpensiveinEurope. a recent report on tourism pub- young company’s chief executive. “Last tickingonaspectaculardecline? Deloitte, brands will focus their retail Despite the spiralling cost, watch lished by Barclays predicts that year it was Korea and Taiwan, now the Not everyone is convinced. Mark resources in 2015. And some experts companies say investment in prime Chinese visitors will spend more US,andthenonedayLondon.” Hearn, managing director of Rhône believe the London watch retail market real estate is worth it. Omega opened than £1bn a year in the UK by The study also found luxury consum- Products, which distributes Patek isapproachingsaturation. its sixth London boutique on Oxford 2017—upfrom£549min2013. ers still prefer to buy in person rather Philippe in the UK, believes the trend Patek Philippe, IWC and Richard Street, the capital’s premier shop- But despite the rash of new than online, and in specialist watch will soon reverse. “We may find the Mille were among brands that opened, ping street, in December, one luxury watch outlets in Lon- stores, backing brands’ decisions to demand flattens for these own-brand expandedorrelocatedtheirmonobrand of more than 350 operated by don, activity in the city pales invest in bricks and mortar. “If you ask ‘Chinese boutiques,” he says. “I think in the UK, boutiquesinLondonin2014.Theywere the brand and its partners next to other international high-earning consumers where they and in London particularly, we are not joined by Watches of Switzerland, the worldwide. destinations. Hong Kong purchaseluxurygoods,you’llseethat95 visitors will farawayfromsaturationpoint.” multipleretailer,whichopeneda17,000 “Our standalone Omega remains the world’s biggest percentwillpurchasein-store,”saysMr spend more But others are sanguine. “London is sq ft watch store on Regent Street, stores make up 50 per cent single market for the Swiss Pope. “In watches and jewellery, 60 per becoming the world’s major shopping claimed by the company to be the larg- of our sales,” says Stephen watch industry, which centofthosecustomerswillengagewith than £1bn a destination,”says Brian Duffy, Watches estofitskindinEurope. Urquhart, the company’s reportedexportsofSFr343.8m the watch and jewellery category year in the of Switzerland’s chief executive, who Nick Pope, co-lead of fashion and lux- president. “They’re what ($337m) to the country in through monobrand stores or speciality reports the company’s Regent Street ury goods at Deloitte UK, which pub- the customer wants. Fewer November, almost SFr100m stores,ratherthandepartmentstores.” UK by 2017 flagshipisturningovermorethan£1ma lished its third annual Swiss Watch and fewer people are more than to the US in second With competition on Bond Street so — up from week and on schedule to exceed its Industry study last month, believes two browsing for a watch — place, despite a drop of 13.5 per high, brands are being forced to look to £50myear-onetarget.“TheEnglishlan- factors are driving the rash of openings: they have a particular centyear-on-year. new locations for space. Richard Mille £549m in guage helps the UK, and specifically overseasconsumersarevisitingLondon modelinmind.” According to Deloitte opened on Mayfair’s Mount Street, and 2013’ London, conduct business,” he says. in increasing numbers, and the number Watch company bosses UK’s study, 63 per cent of brands are now eyeing Chelsea’s Sloane “There’safeel-goodfactorhere.” Small brands take on mighty names

New entrants Watchmaker Moritz Grossmann and relaunched classic brand Waltham do not lack expertise, but can they compete with the marketing prowess of the big houses, asks Syl Tang

When Christine Hutter set up her own company in 2008, industry observers were surprised. She was an elite watch- maker who had worked at A Lange & Söhne, one of the leading handcrafted watch companies. Like many entrepre- neurially minded employees, though, MsHutterwantedmore. The first watches from her start-up, Moritz Grossmann, are about to hit the market.Butcanherrangesucceed? “People are looking for something completely unheard of,” says Karen Giberson, president of the Accessories Eye for precision: a watchmaker employed by Moritz Grossmann in Glashütte Council, the US trade organisation. “However, she’s up against companies flood. But such setbacks have not Waltham. In the 1980s, the brand was with giant marketing budgets. It’s one deterred Ms Hutter,who is now focused soldtoaJapanesecompany. thing if you’re showing me something on distribution. Moritz Grossmann Mr DiBenedetto is hoping to restore cool if it’s $500, but if it’s [above] watches are carried at four multibrand some of Waltham’s lustre, in part $5,000, why would I choose to make a retailers in Germany, three in Switzer- by making his watches in Switzerland purchasewithanunknowncompany?” land, one in Dubai and one in Hong withwell-respectedpartsmakerDubois Ms Hutter started Moritz Grossmann Kong, and will reach Japan at the end of Dépraz, which also manufactures for at her kitchen table in Dresden in 2008, January. The company intends to find Rolex,OmegaandPatekPhilippe. naming it after Karl Moritz Grossmann, distributors in New York and London in Three models have been released, the 19th-century watchmaker who 2015. priced from $5,500 to $9,400: the founded the German School of Watch- MoritzGrossmannisnottheonlynew Waltham XA, with a small seconds makinginGlashütte,Saxony. challenger. In 2011 Antonio DiBene- sub-dial at 12 o’clock; the Waltham CDI, After three months, she rented an old detto, whose family company Tanagro a GMT, or 24-hour, watch; and shop premises in Glashütte — a small is a jeweller to the large luxury houses, the Waltham ETC, a chronograph. Aes- town, about 20 miles from Dresden, boughttheWalthamwatchbrand. thetically they are a gamble, however. that is the centre of German watchmak- Waltham, established in Massachu- While the XA, for example, is inspired ing.By2010,shehadpurchasedaplotof by the Lindbergh model, the look of the landforafactory,ormanufacture,which watchesisdecidedlymodern. opened in June 2013. Today, she has 46 “Itwouldhavebeenobvioustodovin- employees. ‘We are a niche product. tage but I wanted to continue the spirit In September 2010, the company There’s a good chance to of the company, but to do it completely announced one model, the Benu, in a new in terms of design and technology,” limitededitionof100timepieces,which sell because we’re not says Mr DiBenedetto. Waltham is took two years to produce. It started making many [watches]’ making 1,500 of the first three models shipping directly from the factory in with three variations of each, with 2012. The Benu Power Reserve, the setts in 1850, had made not only wrist- the intention of expanding production BenuTourbillonandtheAtumfollowed watches but also aviation and marine to 8,000-10,000 watches within five in 2013. The watches retail for $25,000- chronometers. The US president Abra- years. $50,000, with the tourbillon costing ham Lincoln wore a Waltham pocket Despite the challenge of taking on morethan$200,000. watch, while the company manufac- much bigger names, both Moritz Gross- “We are a niche product — with this tured the first air-friction automobile mann and Waltham seem prepared for [small] quantity there’s a good chance speedometer, invented by the electron- the long haul. “Weneed two more years to sell because we’re not making many,” icspioneerNikolaTesla. to break even,” says Ms Hutter. “You saysMsHutter. Robert Peary, an early claimant for can’trushit.Yousetitupstepbystep.” The start-up has faced challenges: the title of first to reach the North Pole, Mr DiBenedetto concurs. “The best one day, Ms Hutter woke to discover carried a Waltham as did Sir Ernest thing to do is not to change just because rainwater pouring into the factory. Shackleton on his expedition to the of the economy. We could weather the Workers had accidentally destroyed the South Pole. The aviator Charles Lind- storm for five years in our current pro- waterproofing, causing the building to bergh crossed the Atlantic with a ductionranges.” Monday 19 January 2015 ★ FINANCIALTIMES 7

FT SPECIAL REPORT Jewellery Lights, camera — and fine antique earrings

alsomysisters,wealllivedthatway nowex-husband,JamesKeach,gaveto My favourite pieces andwereabletoprocesschange. me.Itismadeofquitelargepearlsinthe Actress Jane Seymour Mymotherprocessedahuge shapeofflowers,withdiamonds.It’s change,havinggonethrougha reallyabsolutelyexquisite.Iworeit has marked her film Japaneseconcentrationcampin recentlywhenIwasplayingthe career with unique and Indonesiaforthree-and-a-half QueenofCordiniainaHallmark years. moviecalledARoyalChristmas. vintage items from Recentlymymotherhada Ibought[anotherofmy around the globe. As stroke,andIhadbeenaskedtodo favouritepieces]inBathin DancingwiththeStars,the Englandwhenmydaughter, told to Kate Youde equivalentoftheUK’sStrictly theactressKatherine ComeDancing,whichwas Flynn,wasborn,soit fellinlovewithjewellerywhenI mymother’sfavourite was32yearsago. startedmakingmoviesand show.Sotocopewith It’slikea playingdifferentcharacterswho theagonyof Victorian woreextraordinaryitems. knowingI’dhaveto locket(left)but ‘I IneversawthemoneyIearned saygoodbyetomy what’sgreat —itallwentstraightthroughtheagent motheratthesame aboutitisit’s intoabankaccount,intoan time,Ihadasingle glass,Ithink, accountant’shands.AndsothatIcould platinum and soyoucansee feelmyhardworkhadpaidoff,Iwould diamondnecklace throughit.And givemyselfapieceofjewelleryorapiece (worninmain insideit ofartattheendofeverymovie— picture)made,based containsacurl usuallyfromthemoneythatwasgiven onmyopenheart ofmydaughter’s tousforfood,theperdiem. design. redhairfromherfirst Forexample,Ididthe1982TVfilm IworeitonDancingwiththe haircut.It’sgotagold TheScarletPimpernel,andIworethis Starsin2007,fornootherreasonthan filigreearoundit. amazingcut-steelset—anecklace, thatIwantedtotouchandfeelit,and I’mthinkingofputtingmy earringsandastomacher[adecorated feelthatmymother’sinspirationwould granddaughterWilla’shairinitaswell. triangularpanelforabodiceorgown]. carrymethrough. Itwouldbenicetohaveboth Iboughtitfromthecostumierafter Atoneoftheevents,some generationsinthesame filmingandIabsolutelyloveit.I’ve businessmenasked,‘What’sthat locket.” wornitmanytimessince.Eventhough you’rewearing?’Iexplained, OpenHeartsbyJane itwasusedaspartofthecostume,I’ve thentheysaid ‘We’rethe SeymourissoldbyKay foundawaytowearitinreallifeanditis IwasplayingMariaCallasinthe1988 short.IwassogratefultobealivethatI numberonejewellersin JewelersintheUSandH unique. TVfilmOnassis:TheRichestManinthe wantedtomarkthatmoment. Americaandwethinkyou SamuelintheUK AnotherpieceIboughtata World.Ihadfluandtheygavemean I’mapainter,andIdidsomepaintings havesomething.Whodo specialmomentwasa pair of injectionofantibiotics.Theygave forgreetingscards,aspartofaheart wespeakto?’Andthat’s earrings(farright).Theyare mefivetimesthedoseandithita healthcampaignbytheCalifornia howmyOpenHearts A life in jewellery: Limogesporcelain,Ithink— veinoranartery.Iwentinto PistachioCommissionandthe ‘I used to jewellerycollectioncame Jane Seymour at littlerectanglesofporcelain anaphylacticshockandhadto AmericanHeartAssociation. about.Myoriginal her home in portraitsofwomen.Oneis beresuscitated. WheneverIpaintedaheart,Ialways give myself necklacewasmadebyan California (main differentfromtheother, Afewdayslater,awomanI leftitopen,andIkeptthinkingofmy a piece of Americanfinejeweller, picture); pearl and buttheygotogetherand metinthehotel,who mother’sadvice:inlifetherewouldbe JackKelege.Idohave diamond necklace theyhangasearrings. happenedtobeacountess challenges,andthatifyourheartisopen jewellery at quiteacollectionofhis (far left); antique IboughtthoseinSeville, fromSeville,tookmetoan youcangiveandreceivelove. the end of a jewellery. porcelain earrings inSpainin1987,twoor antiquejewellerandIfellinlove Peoplehaveoftensaidtome,‘How Anotherpieceisan (left); and threedaysafteranear-death withtheseearrings.EverytimeI didyougetthroughthisandthat?’ movie’ absolutelybeautifulpearl Victorian locket experience. wearthem,itremindsmelifeisvery andI’verealisedthatnotjustme,but necklace(farleft),thatmy (above) — Koury Angelo And the award for best brand on the red carpet goes to . . .

secured Lupita Nyong’o, the eventual not just during awards season. “It’s a Awards season winner of the Academy Award for best very long-term networking job within supporting actress, following the 2013 the cinema industry at different levels,” Placement with the right TorontoFilmFestival. says Ms Scheufele. Ms D’Orazio agrees: film star at an important “No one could have predicted what a “You have to be consistent on a 24/7 fantasticphenomenonLupitawasgoing basisthroughouttheyear.” ceremony is worth paying to be. The movie [12 Years a Slave] was But marketing strategies vary, and for, writes Rachel Garrahan great, she looked great, and we got huge Graff, the London-based diamond social media engagement as a result,” house, takes a different approach. It says Sally Morrison, managing director, conveys its own message of exclusivity Consumers’fascinationwiththeGolden jewellery,attheWGC. by choosing neither to pay stars nor to Globes and the Academy Awards shows While the WGC does not enter into lenditsjewels. no sign of abating, and many jewellers financial arrangements with celebrities, “Our clients love us for this, as they have found red carpet placements to be its red carpet campaigns do bear a sig- feel we’re protecting their devotion to a more efficient way of attracting atten- nificant cost. “Ayoung ingénue in their the brand,” says Henri Barguirdjian, tionthantraditionaladvertising. first awards season has a stylist, but Graff’schiefexecutive,Americas. “It’s very effective. Rather than both are strapped for time and they He adds that a company’s decision investing in separate adverts in publica- need ensembles for at least 50 events,” depends on its business model: “If tions around the world, the red carpet saysMsMorrison. you’re a brand that carries aspirational goes global immediately,” says Cindy The organisation makes life easier for pieces for a few hundred dollars, a Krupp, founder of Krupp Group, the stars and their stylists by offering jewel- young woman will buy them if she iden- New York luxury PR firm, which lery from a wide range of designers, tifies herself with the star. Our clients recently opened a Los Angeles office arranging for insurance as well as daily are coming at it from a completely dif- dedicatedtocelebrityplacements. deliveries of new pieces, and occasion- ferent point of view.A piece of jewellery This is not to say such placements ally they commission specific pieces. “It at our level is one-of-a-kind [They] come for free. Many leading houses pay is a cost that is worth it, but which is not want something that’s never been worn actresses to wear their jewellery, while insubstantial,”shesays. before.” smallercompaniesinvestinotherways. WGC’s LoveGold campaign, which Graff nevertheless acknowledges the For the past 11 years, Chopard fine promotes gold jewellery to young, fash- allure of awards season. At this month’s jewellery has adorned at least one win- ion-conscious consumers, has more Screen Actors Guild awards it will host ner of a major category at the Academy than 74,000 Instagram followers, for the Green Room for the fourth consecu- Awards. whom Ms Nyong’o was an ideal fit, Ms tive year. “It’s a fabulous way to get Carolyn Scheufele, co-president and Morrisonsays. exclusive brand exposure within the creativedirector,acknowledgesthatthe Ms Nyong’o and her stylist, Micaela movie industry . . . and it’s a fun way to housemakesagreementswithactorsfor Erlanger, chose gold jewellery from entertainourclients,”saysMrBarguird- red carpet appearances. “As with many Fred Leighton at three of the big cere- jian. It also has a direct financial return: luxury brands, we have certain con- monies last year, including the Acad- “Sales with both existing and new cli- tractswithsomecelebritiesforadvertis- emyAwards. entsdocomeoutofit.” ing and other marketing campaigns,” The New York vintage jeweller While the red carpet’s long- shesays. is one of the most recognised red term financial impact on a Many smaller brands, lacking the carpetbrands,havingbuiltrela- brand may be hard to international marketing budget of a big tionships with stylists and assess, Mr Kwiat and Ms house, rely on showrooms such as starsoverthepast25years. Scheufele agree that place- D’Orazio & Associates in Los Angeles to As well as raising brand ments can result in sales of securesuccessfulplacements. awareness, Greg Kwiat, Fred the pieces worn. “You would Founder Ginnina D’Orazio says that Leighton’s managing direc- be surprised how often this bylendingjewelsfromherwiderangeof tor, believes that by lending happens,” says Ms clients, including Sutra, Le Vian and its pieces on such high- Scheufele. However, Ms Amrapali, she can give time-pressured glamour occasions the jewel- Krupp believes the red carpet is stars and their stylists countless options ler succeeds in communicat- just one piece of the puzzle that in one location. “Weare basically a one- ing “that vintage jewellery is brands need to deliver real stop shop.”While the company charges relevant and fashionable results. “I don’t think any its clients a fee for year-round represen- today”. one channel translates to tation, “it is a fraction of the price a There is consensus sales...The con- celebrity might be paid by a major jew- that strong relation- sumer is no longer ellerycompany”. ships are key to red driven to buy by a Whatever the arrangement, brands carpet success, and magazine advert. She keep track of awards buzz and fashion also needs to see the reviewsallyearinthesearchforaceleb- Lupita brand on a celebrity, ritywhowilldelivertherightmessageto Nyong’o she needs to follow wears Fred the widest possible audience. Last year, Leighton it on Instagram, the World Gold Council scored an early headband and then she’ll victory in the red carpet race after it and earrings buy.” 8 ★ FINANCIALTIMES Monday 19 January 2015

Watches & Jewellery Ethics ‘This is not a pretty business — the process is vile’

Interview WhatsetsSmallapartisthatsocialand MsSmall’sethicalpositionwas madeadhoccommissionsforfriends. Pippa Small environmentalprojectsarecentralto initiallylonely,shesays.Buttoday, “Peoplekeptaskingforanotherpiece. Owner and founder of Pippa Small herbrand. consumersaremorelikelytoaskwhat Inmymid-to-late20sIjustthought, Finejewellery,shesays,“isnota shecalls“thosedifficultquestions” OK,I’mgoingtocommittothis.Isaw Social and environmental prettybusiness.Theresultispretty,but thankstochangesintheindustry. thispotentialtoworkwith theprocessisvile—contamination, In2000theUNattemptedtotackle communities,andthattheycouldgeta projects are central to human-rights-wise.Butnowit’s theproblemofb looddiamonds— betterincomefromit.”Herrole,she the designer’s brand, changingandpeoplearetryingtomake stonesusedtofinancearmedconflicts— says,wassimplytomakethedesigns thingstransparentandsustainable.” withtheKimberleyProcess,an marketable. writes Helen Barrett Shecutsanimposingfigureonagrey, internationalcertificationscheme. Shefoundedherbusiness“onestepat westLondonmorning,tallandgraceful. Meanwhile,Gemfields,theAim-listed atime,hand-to-mouth”in1995, orafinejewellerbasedin Herclothesareariotofcolourandsheis miningcompanysetupin2005,has openingaLondonboutiquein2007, London’selegantNottingHill, ladenwithjewels—thesignificanceof turnedtheresponsibleproductionof quicklyfollowedbyLosAngelesin PippaSmallspendsmuchof eachpieceshedescribesindetail. colouredgemstonesintoabusinessthat 2008.Shehascollaboratedwith hertimeinremote—and Butwhatshereallywantstotalk madeapre-taxprofitof$36mforthe designersincludingTomFordatGucci. F sometimesperilous—partsof aboutareartisangoldmines.Whilein yeartoend-June2014.Andthe PippaSmalljewelleryistheantithesis theworld. Uganda,shesaw “quasi-legal” FairtradeFoundationispushingfor ofsparklingandprecisefinejewellery. TwiceayeartheBritishdesigner, operationsanddescribeshowtheir greaterunderstandingofthehazardous Ondisplayareuncutgreyandblack ownerandfounderofhereponymous extractionprocesses—wastemercuryis methodsofgoldproductionfacedby diamonds,unevenshapeswithflaws company,visitsKabul,wheresmall- tippedintorivers—havehadappalling Accidental jeweller: Pippa Small in her Notting Hill boutique — Rosie Hallam manyartisanminers. andimperfections,andwithhandmade scalejewelleryworkshops,runbyan consequencesforpublichealth. MsSmall’senthusiasmforFairtrade settings.Thelookhasconsistently NGO,supplypiecestoherboutiques. “Miscarriageisverycommon— TheminesintheUgandanFairtrade 20yearsbuildingherbrand,with minesandherotherethicalprojectsis appealedtoBritishandUSwomen,and Shehasjustreturnedfromrural blindness,kidneyfailure,death,”she projectares upportedbytheFairtrade boutiquesinLondonandLosAngeles. suchthatthejewellery—cascading Japanhasbecomeoneofherbiggest Uganda,whereshevisitedartisan says.“Peoplewithterribleshakes.” Foundation,theUKNGO,saysMs Itissoldgloballybymulti-brandand diamondnecklaces,chunkyemerald markets.Shewouldliketocrackthe goldminesworkingtowardsFairtrade Theshakingisasymptomof Small.Itishopedthesemineswillbe onlineretailers,includingNet-a-Porter. ringsandlapislazulibracelets—is Chinesemarketaswell,andsalesin certification—alengthyprocessthat Minamatadisease,aneurological mercury-freewithinsixyears.Inthe Thecompanyiswithoutshareholders almostanaside. Chinaaregrowing. encouragessafeproductionmethods— syndromecausedbymercury interim,theyundertaketohandle orinvestorsandwhereverpossibleher Atrainedanthropologist,witha “Jewelleryhasahistoryof fromwhichshehopestobuygold poisoning.TheUN2013Minamata mercurymoresafely. suppliescomefromminersandartisan mastersdegreeinmedical exploitationanddirepoverty . . . but suppliesoncetheminesareaccredited. Conventiononmercury,aglobaltreaty MsSmall’swillingnesstoseebeyond jewellersindevelopingcountries.Her anthropology,shehadintendedto therecouldbeanotherway,”shesays. Manyfinejewellerybrandstakean toprotecthumanhealthandthe theglamourofjewellery,andinvolve mainlinecollectionismadeinher workforahumanrightsorganisation. “Itcouldbeaboutempowering interestin,andpromote,theethicsand environmentfromtheeffectsofthe herselfinthedifficultiesanddangersof workshopsinIndia,whilespecialised Butsheneverquiteabandonedher communities,abouttraditionaldesign, theprovenanceofthestonesand metal,seekstobannewmercurymines itsproduction,hasservedherbusiness collectionsaremadeinAfghanistan, childhoodhobbyofjewellerymaking, andtheycanmakemoneyaswellasthe preciousmetalsintheircollections. andphaseoutexistingones. well.The46-year-oldhasspentthepast Bolivia,Brazilandelsewhere. and,despitealackofformaltraining, restofus.” Mammoth ivory jewellery Costly material Prices for mammoth ivory vary, heading for explains Esmond Martin, a Kenya- based conservationist and wildlife trade expert, who has recently extinction carried out research on the subject in China with co-author Lucy Vigne. He says that mammoth ivory fetches an average price of $1,900 Materials per kilo in Beijing, paid by factories or carvers. However, jeweller Bibi New York State has van der Velden says that she pays extended a US-wide ban on much more for good-quality raw mammoth ivory — approximately the sale of elephant ivory to $1,000 for 500 grammes. include prehistoric horn, Only the core of a tusk is used for jewellery, she adds. Other parts writes Elisa Anniss are unsuitable because they are damaged or discoloured — due to contact with air after thousands of Ivoryfromthelong-extinctwoollymam- years preserved under ice. mothisacultphenomenoninfinejewel- Ms van der Velden’s mammoth lery,favouredbyindependentdesigners ivory sea snake (pictured below) suchasBibivanderVelden,JessicaCush- ring retails at $3,560, but was manandDerrickCruzofBlackSheep& withdrawn from sale at a leading ProdigalSons. US department store as a result of Notonlyisitanovelty,withitsprehis- the New York State ban. toricprovenance,butitisalsoregarded as“ethical”and“cruelty-free”.When sheworeamammothivorypieceby LikeMsCushman,NewYorkCity- MoniquePéanin2010, MichelleObama basedjewellerDerrickCruzusesmam- wasconsideredprincipledbycommen- mothivoryforhisscrimshawjewellery, tators. whichsellsunderhislabelBlackSheep& However,inrecentmonths,andin ProdigalSons.“Ilikeitwhenmammoth NewYorkStateinparticular,suchsenti- piecesfeaturebrownorgreenoxide, menthaschanged.Elephantpoachingin whichissomethingthatyoudon’tget Africaisthreateningthespeciesandlast withelephantivory.Plusthere’sasoft- year the US federal government nesstothematerialfromithavingbeen strengthenedexistinglawsonthesaleof under ice,”hesays.Thesedetailsand ivory—althoughitchosenottoban othersmakethematerialdistinguisha- mammothivory.TheNewYorkState blefromelephantivory. governmentdecidedthatthefederalban ItisnotonlyUSjewellerswhoare didnotgofarenough,andaccordinglyit affected.BibivanderVelden,whois includedmammothivoryinthestate basedinAmsterdam,foundoutabout ban. ThestateofNewJerseyhasalso thebanwhenshewasaskedtoremove implementedaban. herpiecesfromtherangesoftwoleading Theproblemisthat,intheory,ele- retailersinNorthAmerica. phantivorycouldbepassedoffasmam- Whenshelaunchedherfinejewellery moth.Inastatement,theNewYorkState collectionin2009,mammothivorywas DepartmentofEnvironmentalConser- rarelyseenandtherewassomeconfu- vationsays:“Itisdifficulttodistinguish sion.ButshebelievesthatUScustoms mammothivoryfromelephantivory, staffareadeptatdistinguishingbetween andrequiresrigorousanalysis.Inaddi- thetwo. tion,articlesfashionedfromelephant However,MrSweeneyoftheNewYork ivorycanbealteredtoresemblemam- StateAssemblysaysthat,beforethebill mothivory.Becauseofthesefactors, becamelaw,thehearingwastoldbyenvi- mammothivorywasincludedtopro- ronmental organisations of elephant moteeffectiveenforcementofthenew ivorythathadbeenpassedoffas law’sprovisions.” mammothivorybysmugglers. However,jewellersarguethatthetwo Herejectstheassertionthatthetwo ivoriesareverydifferentandthere ivoriesareeasilydistinguishable,point- shouldbenoriskofconfusion.Beforethe ingoutthat aseniorofficerfromtheUS legislationwasenacted,MsPéan’schief FishandWildlifeService,theUSconser- operatingofficercontactedtheauthorof vationagency,toldthehearingthatthe thebill,RobertSweeneyoftheNewYork onlywaytodeterminedefinitivelythe State Assembly, expressing concern differencebetweenmammothandele- abouttheinclusionofmammothivoryas phantivorywasthroughlaboratory abannedmaterial.ButinAugust,thelaw analysis. “Conversations with law tocombattheillegalivorytradeandpro- enforcementofficersindicatedthediffi- tectendangeredspecieswaspassed. cultyofenforcementwhenmammoth Thebillamendstheenvironmental ivorywouldstillbepermittedtobesold,” conservationlawtoprohibitthesale, hesays. purchase,trade,barteranddistribution Bibi van der ofivoryandrhinohornarticles,withthe Velden ring in definitionof“ivoryarticles”including mammoth elephantandmammothivory. ivory Los Angeles-based jeweller SylvaYepremian,whousesthe ivoryinherSylva&Ciecollec- tion,saysshehasnotyetwith- drawnthematerialfromall thestoresthatcarryherwork, butfearsitwillsoonbebanned throughouttheUS. JessicaCushman,aUS jewellerwhousesmammoth ivoryfromAlaskaforherscrim- shaw—orengravedivory—brace- lets,believesonlyherNewYorkbusi- nesswillbeaffected. Shesays:“Makingmammothivory availablecanonlyhelpreducethe demandforelephantivoryasitprovides aviablealternative.” Monday 19 January 2015 ★ FINANCIALTIMES 9

Watches & Jewellery Retail and Trends Mastermind behind Bergdorf's ambitious plan

Buying Elizabeth von der Goltz plans an overhaul of the store’s fine jewellery. By Rachel Garrahan

ighabovethedazzlingwin- probablythehighestlevelofluxurycus- end, high-concept diamond body pieces Two into one: The new gallery will also allow Berg- dow displays at Bergdorf tomer in the world. She is buying shoes, and sold in New York exclusively Elizabeth von der dorf's to host high-jewellery trunk GoodmanonFifthAvenue, bags and clothes from us — and we want through Bergdorf's, she says has also Goltz has shows from leading independent Manhattan, Elizabeth von to make sure she is buying her jewellery sold well. “Yeprem has been a huge brought together designers,suchasMichelleOng. H der Goltz is plotting major fromustoo,”shesays. success, totally surpassing our Bergdorf’s “Wedon’t carry [such designers now] changes to the luxury department Bergdorf's personal shoppers, who expectations.” personal because they tend to focus on private store’sjewellerydepartment. have longstanding and lucrative rela- But Bergdorf's long-established pre- shoppers and clients and have such limited product, “We’re having a huge push in tionships with well-heeled New York cious jewellery brands are also integral jewellery but we want to have the ability to show 2015 . . . we want to be the true jewel- customers, now work more closely with to the air of exclusivity. Outside their advisers things our customers are never going to lerydestinationintheworld,”shesays. thestore’sexperiencedjewellerysellers. own salons, De Grisogono, Verdura and Pascal Perich findelsewhere,”MsvonderGoltzsays. New York women are renowned for “[Sellersandcustomers]haveatrust- Lorraine Schwartz are available only in Her jewellery buyers, she adds, are on their polish and style, and Ms von der ing relationship, which is important for NewYorkatBergdorf's. the lookout for original jewellery Goltz, the store’s senior vice-president special occasions or a really high price- “Our customers have very special design.Totheirregular,coreitineraryof of women’sready-to-wear and jewellery point piece,” says Ms von der Goltz. By access to the designers, who will come SIHH and Baselworld in Switzerland and one of New York’s most influential working together, the personal shop- withspecialproductstothestore.Fawaz and the Couture Show in the US, Ms von The CV buyers,isnoexception. pers and jewellery sellers can dress an [Gruosi of De Grisogono] takes our cus- der Goltz has added the Hong Kong jew- Elizabeth In the elegant surroundings of her entireweddingparty,jewelleryandall. tomerstolunch,andsoon,”saysMsvon ellery show and the ready-to-wear fifth floor office, she is dressed in Ms von der Goltz is also responsible derGoltz. shows, where many of today’s young von der Goltz designer black, with a fashionably out- for introducing new brands. “We have This rarefied approach to retail is designersdisplaytheirwares. sized Lanvin pendant and her most been modernising our jewellery world,” likely to continue with the jewellery While there are plans also to build the Age treasured possession, her engagement she says, pointing to designers intro- floor’s redesign. It will remain on the store’s online jewellery business, some 41 ring,designedbyEdmondChinofEtcet- duced in 2014, including Noor Fares, groundfloorbutrelocatetoitsownded- technologicaladvancesareasteptoofar 2012 eraLtd,theHongKongjeweller. Nikos Koulis and Sabine G — all, she icated 57th Street entrance, sharing forMsvonderGoltz. Senior vice-president and The executive, who has spent the says, are aimed at attracting young, prime luxury real estate with Tiffany, She does not believe her buyers’ general merchandise manager of greater part of her career as a fashion trend-drivencustomers. BulgariandVanCleef&Arpels. expertise can ever be replaced by that women’s ready-to-wear and buyer for Bergdorf's, added jewellery to The new designers, she says, also InadditiontoagrandPlaceVendôme- newretailobsession:bigdata.“Ourbuy- jewellery, Bergdorf Goodman her women’s ready-to-wear remit reflectthechallengeofretainingtheloy- style entrance, the new space will fea- ers are editors as well as discoverers of 2000 shortly after Joshua Schulman became alty of long-term clients. “It’simportant ture a private viewing gallery allowing newfashion. Joins Bergdorf Goodman as presidentofthecompanyin2012. to move the customer forward. You ‘A trusting the store to display the high-end pieces “It’s different maybe if you’re buying designerwear buyer, rising to vice- She focused on ambitious plans for want to be the store that shows them relationship which, for insurance reasons, are cur- for a supermarket, but when you’re president, divisional merchandise the jewellery department that will cul- somethingnew.” rently brought out of the store’s safe talking about luxury, and especially manager of advanced and couture minate this year in a floor redesign and Last year’strend for earrings in many is important onlyonrequest. jewellery,you have to know why a piece collections, in 2011 an overhaul of precious and designer guises,fromjacketstocuffstostuds,was for special Special events and trunk shows, is going to retail at $85,000 from its 1999 jewellery offerings — changes she hopes astrongseller,andoneMsvonderGoltz where designers travel to present new weight, its feel, to the quality of the Joins Henri Bendel as will give Bergdorf's the edge in a expectstocontinuein2015. occasions or and special products at temporary in- stonesused.” designerwear buyer crowdedluxuryretailmarket. Another robust trend in 2014 was a really high store showcases, have always played an Big data analysis also lacks that basic 1997 The project began when the store hand jewellery — elaborate fine pieces important part in US retail in driving human element required in a luxury Joins Barneys New York as an brought fine apparel and jewellery that adorn the length of fingers, or the price-point interest and sales at key times of the investment. “Jewellery is an emotional assistant buyer, rising to under the same umbrella for the first backofthehand.Yeprem,thecultLeba- piece’ year.Trunkshowsarecentraltotheway purchase,”she says. “You have to get in sportswear buyer time.“Ourcorefineapparelcustomeris nese jeweller that specialises in high- US stores sell jewellery. piecesthatyouthinkwillmovepeople.” Cross-cultural curiosities ‘Just a little flash’: barely there tell a story all their own designs add the finishing touch

sourcesupplies.“Thisfuelsmyimagina- to that tiny, second-skin type feel.” wearing a precious ring small enough to Antiquarian tion. It could be the colour or patina of Midi rings AS29, a Hong Kong-based brand sold fit a child is not likely to appeal to the antique alabaster carving, or the at London stores including Harvey everyone. Jewellers are refashioning dynastic Egyptian faience, that dictates Delicate gold bands made Nichols, Liberty and Harrods, offers a “It’s[best suited to] the person who is ancient and modern tomewhatwillhavetohappenwithit.” to fit mid-finger subtly range of midis, including a knuckle ring more confident in terms of styling and artefacts into covetable new For Monique Péan, a New York-based complement conventional of18-caratwhitegoldwithcurvesofdia- putting things together,” says Tomoko jeweller, ancient treasures add reso- mond pavé punctuated by white ovals Ogura, senior fashion director at Bar- pieces, writes Hettie Judah nance. “My favourite part of being a rings, writes Rachel Felder for $2,243, and a ladylike white gold neysNewYork.“Inthebeginning,itwas designer is being able to find rare mate- band with a cluster of black and white about wearing multiple rings across dif- rialstoworkwiththathaven’tbeenused diamonds for $1,966. Although midi ferent fingers, and now it’s about wear- Beneath an elegant street in Mayfair, in in, or widely incorporated into, jewel- If fashion-forward fine jewellers were to rings have been part of the line for a few ingmultipleringsonasinglefinger.” central London, the basement of Julia lerybefore,”shesays. adopt a motto for 2015, it might be “less years, sales are up by nearly a third over While the dominant trend is towards Muggenburg’s Belmacz gallery hides a Herpiecesincludefragmentsofmete- History repeating: work by Lucia is more”. So-called midi rings — slim thepastsixmonths. understated pieces, large or “state- cabinet of curiosities — a small room orite and 150m-year-old agatised dino- Massei (above) and Monique Péan bands designed to fit between the mid- “It really finishes the look,” says ment”midisarealsoindemand,suchas packed with items ranging from baleen saur bone from the Colorado Plateau. dle knuckles of a finger and worn in Audrey Savransky, AS29’s founder and Elise Dray’s seven-tiered rose gold ring, from the mouths of whales, to Hellenic Priced between $1,500 and $85,000, jewellery is unique and has a history to multiples—aremuchindemand. creativedirector.“That’sthewayIsellit encrusted with 145 brown diamonds artefacts, from Victorian bone dice to these designs are characterised by ele- it,” says Lesley Schiff of the Talisman The concept might sound edgy, more to stores and that’s the way we’ve been andagothiccrossof33blackdiamonds, contemporaryartworks. gant geometry as much as unusual contemporary jewellery gallery at Har- suited to a youthful hipster than a marketing it in our advertising and Daniela Villegas’s blue and yellow The pieces in this shifting collection materials. veyNicholsinLondon. sophisticated shopper, but most midis campaign.” sapphireAtum. eventuallymaketheirwayintoMsMug- “Duetoimpuritiesinthesurrounding Amongtheselectionofcontemporary are notably subdued. Intended to be Most midis, even those crafted from Many of Anita Ko’s midis, such as a genburg’s jewellery. Art and natural sediment, the fossils range in colour jewellery, Ms Schiff carries work by worn alongside conventionally fitting diamonds and gold, have a compara- snakelike curve of graduated pavé dia- curiosities might become sources of from lavender to black with red, yellow, Gurhan Orhan, a Turkish-born, US- rings for a layered look, they are usually tively affordable price point that suits monds in rose gold, are simply smaller inspiration,buttheartefacts—betheya brown and blue,” she says. “The intri- based designer who reworks elements subtleandslender. impulse purchases. Still, buying and versions of rings originally designed Roman pin, a medieval bronze ring cate patterns in the fossilised dinosaur ranging from Byzantine ornamentation Midis capture two trends, according with a traditional fit, to be worn at the found in the Thames mud or a mother- boneremindmeofabstractart.” toVictorianmicro-mosaics. to buyers: a resurgence of delicate baseofthefinger. of-pearl Chinese gaming chip — become Ms Muggenburg and Ms Péan each Prices reflect the rarity of the materi- pieces and a taste for the unconven- Whether designs are demure or bold, the foundations of her bold, culturally describe their clients as intelligent, cos- als: the Gurhan Antiquities collection tional, such as multi-finger rings and consumers are finding midis easy to perspicaciousdesigns. mopolitan and global — cul- ranges from $2,000 to $200,000. Mr mismatchedearrings. wear. Collections of artefacts such as Ms turally literate aes- Orhan says he collaborates closely with Finn, the US jeweller, for example, “The beauty of it, which some people Muggenburg’s have become a recent thetes who his clients for custom pieces made with offers a thin pavé diamond gold band, don’t realise, is that you really have free preoccupation in art and design. appreciate such fragments, often culminating in essentially a take on a simple wedding rein of your finger,”says Paige Novick, a Now, quite independently of the history him setting the central element in front band, for $1,600. Sara Weinstock, New York-based designer whose spring one another,a handful of and value of ofthecollector.Otherjewellersproduce another US jeweller, sells knuckle rings collectionoffinejewelleryincludesatri- designers around materials. such pieces on an intimate scale, which with a vintage feel. Pieces include a tiny ple-tiered midi ring pavéd with dia- the world are With their own reflects their personal connections to stretchof18-caratgoldlaceembellished monds (£1,182) or rubies (£1,024). “It’s using ancient distinct styles, theirmaterials. withpavédiamonds,at$3,000. almost like you’re not wearing any- materials to both produce what Lucia Massei, a Florentine jeweller, AmongtheDezsocollectionbytheUS thing.” reflect diverse Ms Muggenburg designspiecesaroundelementsrescued designer Sara Beltrán is an extra-small “Once you realise how comfortable cultural inter- calls “hybrid gems” from antique rosaries, military epau- rose gold ring, for $644, detailed with a they are and that they are not actually ests. — fusions of ancient lettes, lenses and fragments of old silk, diamond and a metal mini-shark tooth, cumbersome,thenitbecomesanevery- “When I travel to andmodern,precious which she hopes connect the pieces to whichisbarelyperceptiblewhenworn. daypiece,”saysMsOgura. places like Byblos, Syra- metals and stones, the Italian city’shistory.“I feel a respect The trend “works really well when it’s “Atfirstitfeelsalittlebitintimidating cuse, Rome, Copenhagen, with the stranger tro- towardsthepeoplewho,alongtimeago, just a little flash or something you can —‘Isitgoingtofalloff?’Butonceon,you Seville and Tangier I tend to pick up phiesofhumanandnaturalhistory. fabricatedthemwithsomuchcare,”she delicately see”, says Ruby Chadwick, realise that it is actually quite wearable. interesting artefacts myself,” says Ms Such works appeal to collectors look- says. “Those materials have their story, jewellery and accessories buyer at The small scale of these pieces is Muggenburg, who also uses a network ing for highly individual works. which makes them so much more inter- Liberty, the London department store. what makes them more versatile and of specialised dealers in London to “My customers love the fact that the estingthannewones.” “We’re definitely seeing a response Stacked: midis by Sara Weinstock appealing.” 10 ★ FINANCIALTIMES Monday 19 January 2015