Audience in the hall, afternoon appearances by local and international stars in favor of photographers and fans, press conferences as if it were raining. Then charity dinners and of course red carpet, or parades on the red carpets of the great occasions, for each screening. The Cannes festival, which closed a week ago, gave an interlude of normality and worldliness like nothing had been seen for a year and a half. At the center of all the films and their protagonists and directors, of course, but also clothes and accessories and above all jewels: it is difficult to remember another edition of the French festival with such a display of unique pieces on the faces and décolleté of the stars, not only in the evening, but also in the light of the sun, perhaps to underline how even in jewelry the boundaries between day and night and probably between genders are increasingly blurred, given that the lines designed for men or in any case unisex are growing.
The jewels protagonists of the luxury events
The confirmation of the rediscovered centrality of jewels, from the red carpet and beyond, came from Montecarlo, where on July 2 Vuitton presented the Bravery high jewelery collection, inspired by the codes and the DNA of the brand and which anticipates the start of the celebrations for the 200th anniversary of the birth of the founder of the maison, Louis Vuitton himself, who saw the light on August 4, 1821. Further confirmation will almost certainly come from the Venice film festival, scheduled for September 1 and which will be anticipated by the three days (28-30 August) in which Dolce & Gabbana will present, again in the Lagoon, the high fashion, haute couture and, indeed, high jewelery collections.
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The prospects for the entire segment are excellent, especially for what the Americans call fine jewellery, the collections in metals and precious stones, positioned just before high jewelery and which stand out from the custom jewellery (which we call, more modestly, costume jewelery). The engine of growth – as for the entire luxury goods market – is China (see the piece on the page), where Chanel, not surprisingly, premiered part of the high jewelery inspired by the hundred years of the N ° 5, the perfume born in 1921.
“Branded” jewelry will grow more than “unbranded”
But the signs are also positive from other areas of the world, online and offline. According to McKinsey’s latest report, State of Fashion: Watches&Jewellery, Asia already accounts for 45% of global jewelery sales (and 50% for watches) and further growth is expected, from 10% to 14%, for fine jewelery and up to 4% for watches, with China in the lead. For jewels, McKinsey analysts imagine a greater presence of brands, also because today about 80% of the jewels sold in the world are unbranded. From now until 2025, the end of branded jewelery, as it was once said, is set to grow at an annual rate (CAGR) of 8-12%, a pace three times faster than the total market. The second change concerns the entry of new players in the fine jewelery segment, where fashion and luxury, from the aforementioned Vuitton to Gucci, from Prada to Celine, are investing more and more, and where there is room for outsiders and even startups. up, thanks to online word of mouth.
Online sales up between 13 and 21%
As in any other sector, digitalization will dominate strategies and developments, starting with e-commerce. Global sales on the web could increase from 13% to 21%, according to McKinsey, but he warns: the move to online hides risks and digital experiences must be “humanized”, because consumers expect to have the same level of online customer service and attention to detail they experience in stores. With around 80% of purchases in 2025 still made in physical stores, a seamless experience across channels will be essential.