When Greek jewellery designer Nikos Koulis decided to relocate his main store from Athens’ chic Kolonaki area to the capital’s premier luxury shopping street, it was the most visible clue to the brand’s shift upmarket.
But the most significant changes have occurred behind the scenes, with a new strategy for the jeweller’s participation in trade fairs and an overhaul of product distribution across various price points.
In the past, the brand was present at the Couture Show in Las Vegas, jewellery fairs in Bahrain and Doha, and even the now-defunct Baselworld in Switzerland. Since 2021, however, Koulis has streamlined his efforts, opting to showcase a curated selection in Las Vegas while focusing on trunk shows, themed exhibitions with auction houses Christie’s and Sotheby’s, and bespoke events with select retail partners.
“At this stage, the brand’s DNA, craftsmanship, and narrative can only be fully expressed through direct, personal relationships in exclusive settings,” Koulis says.
Today, with a loyal base of high-spending customers, the luxury end of the market accounts for more than 50 per cent of the brand’s sales, although specific figures remain confidential.
According to Koulis, this decision to prioritise high jewellery came from a growing group of clients who are “obsessed with exclusivity”. “Owning something unique is increasingly rare,” he points out.
Yet Koulis accepts that his business still rests on two pillars. “I design collections developed around a core idea or material across a range of price points, alongside one-of-a-kind creations, but the same craftsmanship and aesthetic signature unites these two segments,” he explains.
Koulis’s pivot aligns with broader market trends, according to Joëlle Grunberg, partner at consultants McKinsey in New York. “Our State of Luxury report released this month highlights jewellery as one of the year’s most resilient categories,” she says. “Brands at all price points, from luxury to mainstream, have thrived. That said, many have embarked on a journey to elevate their positioning and price. High-net-worth individuals, whose spending power is less affected by inflation, show strong demand for exclusivity. And, as aspirational customers pause purchases, this strategic focus becomes even more vital.”
The shift towards the high-end segment has been pervasive among jewellery brands, encompassing those owned by large luxury conglomerates and founder-run independent businesses.
It has not, however, been without challenges. For example, Kering-owned Pomellato introduced its first high-jewellery collection five years ago, marking a notable entry into the upper echelons of the market by promoting unconventional gemstones, such as moonstones and grey spinels, which are unusual for the segment.
But, in a market traditionally dominated by investment-driven buyers and made more competitive by the presence of fashion houses such as Dior and Louis Vuitton, Pomellato has had to educate clients about the unique value of its creations.
Stefano Cortecci, the brand’s gem master who personally sources many stones in their rough form and has them cut to custom specifications, frequently attends high jewellery events to explain their uniqueness.
“Pomellato is especially favoured by women who buy jewellery for themselves,” he says, adding that this shields the brand from reliance on buyers who primarily seek traditional “big four” gemstones — diamonds, rubies, sapphires and emeralds — in large carat sizes.
Independent brands such as London-based Loquet are also adapting to market trends. Known for its customisable lockets, Loquet recently discontinued its 9-carat gold offerings in favour of 14-carat and 18-carat gold, raising the price point across the range. A round locket without a chain in 14-carat gold now starts at £880, roughly double the price of the previous version.
“It was a daunting decision because 9-carat gold represented a significant portion of our business,” says founder Sheherazade Goldsmith. “However, a locket is such a personal and emotional purchase that clients naturally want it crafted from materials that reflect its importance and are built to last.”
In addition to upgraded gold, the sapphire crystal is now faceted for improved shock resistance, and the charms have been redesigned to be larger and sit beside each other, rather than mixing.
These product enhancements have necessitated broader changes. “Some of our existing clients have remained loyal and embraced the elevation, but we need to attract new customers,” Goldsmith notes. “Building brand awareness from scratch will be a key focus for us.”
Some jewellers, however, are moving in the opposite direction — from high-end to the fine jewellery mid-market, typically priced between $10,000 and $100,000 — a segment going through rapid expansion. For instance, Giorgio Bulgari, a scion of the founding family of the LVMH-owned Bvlgari, launched two collections — Palma and Goccia (“drop” in Italian) — at London’s Dover Street Market two years ago, targeting this mid-market segment.
“I wanted to create something distinctive and unique in an area where everyone is competing, from big brands to independent jewellers,” he says. Branded as Giorgio B, the pieces are priced between $4,000 and $40,000, focusing particularly on the $10,000-$15,000 range. They have found a receptive audience in the US, where the brand has been stocked at department store Bergdorf Goodman since last year.
Bulgari acknowledges the challenges of producing collections, which include managing stock and navigating currency fluctuations. Most importantly, he says, the business requires a different financing strategy to support the consignment and sales models that underpin relationships with retailers. But, in spite of these hurdles, he describes the experience as rewarding — noting that it has also brought more clients to his bespoke jewellery business.
For some, seizing opportunities in a market in flux has inspired spin-offs. Busatti, a family-run jewellery house in Milan, recently launched a sister brand, Busatti 1947, led by third-generation members Lalla and Davide Busatti.
“We wanted to innovate by combining precious stones with unconventional materials like resin, carbon fibres, in-house coloured powders, titanium, and our signature floating setting,” says Lalla Busatti. She believes it shows how exploring new creative avenues for a brand can lead to an entirely new business.
