Every week, someone asks me some version of this question. Usually it's a partner considering an engagement ring, or someone thinking about a significant birthday gift. They want permission to spend - and they're hoping I'll tell them jewellery is a safe bet.
So let me give you the honest answer I give in-store: it depends - and most jewellery is not a financial investment, but that doesn't mean it's not worth buying.
What 'Investment' Actually Means for Jewellery
In the traditional financial sense, an investment is something that retains or grows in monetary value. By that strict definition, most jewellery - even expensive jewellery - is not a good investment.
If you buy a �5,000 diamond ring today and try to sell it tomorrow, you'll likely recover 30-50% of what you paid. That's not because the diamond is worthless - it's because retail jewellery carries significant markups for design, craftsmanship, brand, and retailer margin. The resale market for second-hand jewellery is simply not set up to reflect those same values.
But there are exceptions - and they matter.
When Jewellery Can Hold or Grow in Value
1. High-Karat Gold
Gold is the closest jewellery comes to a true financial asset. 18ct and 22ct gold pieces track the gold spot price, which has risen dramatically over the past decade. In early 2026, gold is trading at record highs - over �80 per gram for 24ct. A heavy 18ct gold bangle or chain bought in 2015 for its melt value would be worth considerably more today in raw material terms alone.
The key: the higher the gold content and the simpler the design, the more its value tracks the metal price. Complex designs with labour-intensive craftsmanship don't recover that labour cost on resale.
2. Certified Natural Diamonds (Larger Stones)
For significant stones - say, a GIA-certified natural round brilliant above 1.5ct in excellent cut, VS2 or better - the resale market is more liquid than people think. Stones like this have global buyers. They're not liquid like gold, but a well-chosen diamond from a reputable source holds value better than most assume.
The critical word here is natural. Lab-grown diamonds have crashed in price - down 60-80% from their 2021 peak. They're beautiful stones and excellent value for wearing, but if resale matters to you, natural diamonds remain the more defensible choice.
3. Signed Pieces and Heritage Brands
Cartier, Van Cleef & Arpels, Bulgari - these names carry premiums at auction that go well beyond the metal and stone value. Vintage signed pieces from the right houses can appreciate significantly. But this is a specialist market. You need to know what you're buying, condition matters enormously, and provenance (original boxes, receipts, certificates) makes a real difference.
4. Antique and Estate Jewellery
Georgian, Victorian, Edwardian, and Art Deco pieces with genuine age and craftsmanship have performed well as a category. Supply is finite - they're not making more of them. If you have an eye for quality and can distinguish the real from the reproduction, antique jewellery is one of the more interesting alternative asset categories.
What Won't Hold Its Value
To be direct:
- Fashion jewellery, even from premium retailers, depreciates quickly.
- Heavily branded modern pieces (logo-heavy, trend-driven) lose their premium the moment they leave the shop.
- Lab-grown diamond jewellery bought at 2022 prices - the market has moved dramatically.
- Silver jewellery - beautiful, accessible, but silver's spot price is low enough that even heavy pieces have limited melt value.
- Plated jewellery - no resale value at all.
The Real Argument for Fine Jewellery
Here's where I'll push back on the pure financial framing: jewellery is one of the only purchases in life that combines material value, emotional significance, and permanence in the same object.
A well-made piece - designed with intention, crafted properly, in the right materials - doesn't depreciate the way a car or a phone or a piece of furniture does. It doesn't go out of service. It can outlast you and become something you pass on. The engagement ring my grandmother wore in Tehran is worth infinitely more to my family than its market value.
When I work with clients on bespoke pieces at Silux London, I'm not selling them a financial instrument. I'm helping them create something that marks a moment, tells a story, and endures. That's a different kind of value - and for most people, it's the more meaningful one.
How to Buy Jewellery Wisely
If financial value matters to you alongside emotional value, here's what I'd suggest:
- Prioritise metal weight and purity. 18ct gold over 9ct. More metal is better.
- Choose certified natural stones. GIA or IGI certification for diamonds. Origin certificates for coloured stones.
- Buy classic cuts. Round brilliants and ovals for diamonds. These have the deepest resale markets.
- Avoid fashion-forward designs unless you're buying purely to wear. Classic settings (four-claw solitaires, simple bands) have broader appeal to future buyers.
- Keep your paperwork. Valuations, certificates, receipts - they matter for insurance, resale, and provenance.
- Buy from reputable sources with transparent pricing and proper certification.
The Bottom Line
Fine jewellery, bought well, won't make you rich - but it also won't make you poor. The right piece, in the right materials, holds a kind of value that financial spreadsheets struggle to capture.
If you're looking for a pure financial return, buy gold bullion. If you're looking for something that means something - and holds a quiet, real value across generations - fine jewellery is very hard to beat.
Hamed Arab is a jewellery designer and founder of Silux London, a bespoke fine jewellery studio inspired by Persian heritage. If you have questions about a piece you're considering, get in touch.
