10/08/2026
Is jewellery’s value in the gold, the brand, the story?
I started with an idea borrowed from interior design
— “found luxury” —
and asked whether it could help explain what is happening in jewellery now.
The 2026 data offer an intriguing starting point: jewellery demand is falling by weight, while its value is rising.
Gold prices explain part of the gap. But not necessarily all of it.
So I looked at the other things we pay for: diamonds, rarity, brand, provenance — and the forms of value that are harder to isolate, including history and personal meaning.
What can the market actually measure? And what does it leave out?
Five slides from the analysis. The full article, with all sources, is in the link in bio for our premium members.