Men’s Jewelry and the State of the Jewelry Economy
Men’s Jewelry and the State of the Jewelry Economy
By: Rodney Rahmani
January 2022
We have seen an incredible rise in high-end jewelry sales in 2021. Many mature retailers that have been in business for decades are seeing 25% to even 50% increase in sales. There are several factors contributing to these staggering numbers:
-?????????Most luxury consumers have a substantial US stock market portfolio. Segments of the stock market have done very well.
-?????????Almost all luxury consumers are also luxury travelers. As the pandemic has hampered travel, even more money has shifted to luxury purchases.
-?????????Luxury consumers are well informed and educated. With very strong inflationary pressures in the general economy, such consumers recognize that postponing such purchases would mean paying more for the same jewel later.
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-?????????Governments have flooded the economy with enormous amounts of financial stimulus. Much of this “gift” money makes its way into the luxury sector.
What is even more amazing is the increase in men’s jewelry sales. Brilliant Stars has seen increases of over 50% in this segment alone. Others are reporting similar trends but the reason for the jaw dropping increase in sales in this segment is much more nuanced.
?Brilliant Stars has been making jewelry for men since it’s inception in 1935. Distinguished men would approach us for ultra-high-end custom pieces. But it wasn’t until the year 2000 that Brilliant Stars started to design comprehensive collections for men. In general, this segment is still in its infancy and has a lot of growth potential- Most male luxury consumers don’t have a vast collection of jewels. Huge potential for sale and growth.
For the keen observer, the secret hero for the men’s jewelry market has been the watch industry. The watch industry, with all it’s marketing might, has been able to make men comfortable with high-end, oversized, rare and collectible watches. Once a man appreciates such watches, it’s exclusivity and the attention it may get from admirers, then to wear a stunning ring is a small further step to take. This step is even easier when the ring contains an exotic, rare, masculine precious color gemstone. While a sparkling white diamond may be perceived as more feminine or at the very least more inline with someone getting married, exotic, darker, unusual gemstones have a particular attraction for the male consumer. Think cat’s eye chrysoberyl, star sapphires, gorgeous cabochons that are more subdued, deep green/ teal sapphires from rare African mines.
No one knows if work from home or the extra time men might be on the internet during the pandemic may have sped up the process, but we have reached a point of critical mass for the male consumer. A man may take great pride in owning an exclusive watch. A watch that is one of a 1000 made. Perhaps even more exclusive and one of only 100 made. In contrast, many rare gems are, by definition, one of a kind and no two are truly alike. This rarity and exclusivity are exactly what the male, high end consumer has learned to appreciate and chase. There’s an innate collector’s instinct that many men possess. Even if this instinct is seasoned with a small dose of vanity in wanting to show off “to the boys,” the men’s high end jewelry market has experienced a seismic shift- And it’s here to stay!
Rodney Rahmani is President of Brilliant Stars and a 3rd generation International Gemstone Merchant. He is considered a leading authority in the subjects of gemstones, jewelry, mineral economics, and the global luxury consumer market. He is a noted speaker and author of many articles on these subjects. He may be reached at [email protected]