Wealthy Consumers Flock to Jewelry as Investment Amid Volatility

Lofty gold prices and market uncertainty drive demand for rare colored gemstones over handbags

Mar. 22, 2026 at 11:34am

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Amid economic and geopolitical uncertainty, wealthy consumers are increasingly turning to jewelry, especially rare colored gemstones like rubies, sapphires, and emeralds, as a tangible asset class and store of value. This trend is driven by surging gold prices, the durability and resale value of branded jewelry compared to handbags, and the emotional appeal of unique, one-of-a-kind gemstones.

Why it matters

The shift toward jewelry investing, particularly in colored gemstones, reflects a broader flight to tangible assets as a hedge against market volatility and inflation. This trend has implications for the luxury goods industry, as consumers move away from seasonal fashion accessories like handbags toward more durable, investment-grade jewelry.

The details

Wealthy consumers are drawn to jewelry, especially rare colored gemstones, as an alternative to traditional investments like stocks and real estate. Factors driving this trend include record-high gold prices, the perceived capital preservation and resale value of branded jewelry compared to handbags, and the emotional and prestige appeal of unique gemstones. Colored stones like sapphires, rubies, and emeralds are particularly popular, as they are more difficult to replicate in a lab and each stone is unique. Auction houses have seen exceptional prices for high-quality colored gems, with some selling for 2-3 times their estimates.

  • In December, a Tiffany & Co. necklace with a blue Paraiba tourmaline sold for over $4.2 million, 10 times its low estimate.
  • Gold prices reached an all-time high of over $5,100 per ounce in January 2026, though they have since pulled back to around $4,500 per ounce.

The players

Jacqueline DiSante

Vice president and head of sales of Christie's New York jewelry division.

Thorne Perkin

President of investment management firm Papamarkou Wellner Perkin.

Mario Ortelli

Managing partner at strategic and M&A advisor Ortelli&Co.

Luca Solca

Global head of luxury goods at Bernstein.

Andrew Brown

Founder and CEO of luxury resale platform MyGemma.

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What they’re saying

“Whenever you have macroeconomic volatility … the appeal of hard asset investing goes up. Tangible assets, they tend to retain their value or even increase when inflation rises.”

— Thorne Perkin, President of investment management firm Papamarkou Wellner Perkin

“In periods of inflation, geopolitical tension, or financial market volatility, tangible assets become more attractive. Branded jewelry can function as a portable store of value.”

— Mario Ortelli, Managing partner at Ortelli&Co.

“I think the view of jewelry — gold jewelry, diamond and gemstone jewelry — being viewed as an investment is enhanced by, obviously, the almost daily increase in the gold price.”

— Andrew Brown, Founder and CEO of MyGemma

“Leather does not have a lot of inherent value. As gold is appreciating, people are understanding more and more that this is a very valuable asset.”

— Ankur Daga, Founder and CEO of Angara

“No two [colored gemstones] are exactly alike, and I think that's what makes them so interesting to today's market. In a world where we are seeing lab-grown diamonds being made, and it kind of feels like this conveyor belt ... you can't do that with a sapphire or ruby or emerald.”

— Jacqueline DiSante, Vice president and head of sales of Christie's New York jewelry division

What’s next

As the trend of jewelry investing continues, experts predict that demand for rare colored gemstones will likely increase further, potentially leading to even higher auction prices and greater appreciation in value.

The takeaway

Jewelry, especially rare and unique colored gemstones, has emerged as a preferred investment for wealthy consumers seeking a tangible asset that can preserve value amid economic uncertainty. This shift away from traditional luxury goods like handbags highlights the enduring appeal of jewelry as a store of value and a passion investment.