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.
Gold Price Trends: A Decade in Perspective
To understand why gold jewellery holds value, it helps to look at the numbers. In 2015, 24ct gold traded at roughly £25 per gram. By 2020, it had reached £50. As of early 2026, it is above £80 per gram. That is more than a threefold increase in a decade.
For 18ct gold (75% pure), the current value sits at approximately £62 per gram in pure gold content alone. When you factor in the alloy metals and manufacturing, a retail price of around £82 per gram for finished 18ct jewellery is standard across the UK trade. This means a solid 18ct gold ring weighing 8 grams contains roughly £500 of gold at today's prices - a meaningful proportion of its retail cost.
Historically, gold has outperformed cash savings and kept pace with or exceeded inflation over most 10-year periods. It is not immune to short-term dips, but the long-term trajectory has been consistently upward. For anyone buying gold jewellery with an eye on value retention, the metal itself is doing a lot of the heavy lifting.
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.
How GIA Certification Affects Resale Value
A diamond without a GIA (Gemological Institute of America) certificate is like a house without a survey. You might know it is beautiful, but the market needs independent proof before it will pay a fair price.
GIA grading covers the Four Cs - carat weight, colour, clarity, and cut - and assigns each stone a unique report number that can be verified online. When it comes to resale, a GIA-certified diamond will typically fetch 15-30% more than an equivalent uncertified stone. This is because buyers and dealers trust GIA's consistency. Other labs exist (IGI, HRD, AGS), but GIA remains the global benchmark.
For coloured gemstones, look for certificates from recognised gemmological laboratories such as GIA, SSEF, or Gubelin. Origin reports (confirming whether a sapphire is from Kashmir, Sri Lanka, or Madagascar, for example) can have a significant impact on value.
My advice: never buy a diamond above 0.50ct without asking for an independent grading report. The cost of certification is tiny relative to the stone's value, and it protects you if you ever need to sell or insure the piece.
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.
5. Rare Stones and Heritage Designs
Certain categories of jewellery hold value exceptionally well, and it is worth knowing what they are:
- Untreated coloured gemstones - natural, unheated rubies, sapphires, and emeralds from prestigious origins (Burma rubies, Kashmir sapphires, Colombian emeralds) command premiums that have risen steadily for decades
- Signed vintage pieces - a 1960s Cartier bracelet or a 1970s Bulgari ring is not just jewellery; it is a collectible with documented auction precedent
- One-of-a-kind bespoke designs - unique pieces from respected makers can develop their own provenance over time, especially when accompanied by design documentation and the maker's story
- Period-specific designs - Art Deco geometric rings, Edwardian filigree brooches, and Georgian paste pieces all have dedicated collector markets
The Role of Hallmarking: Why It Matters
In the UK, precious metal jewellery must be hallmarked by law if it exceeds certain weight thresholds. The hallmark is your guarantee that the metal is what it claims to be. It is applied by one of four UK assay offices, with the Birmingham Assay Office being the largest and oldest (founded 1773).
A Birmingham hallmark carries the anchor symbol - a mark recognised by jewellers and collectors worldwide. When you see that anchor on a piece of jewellery, you know the gold has been independently tested and verified to be the correct purity.
For value retention, hallmarking matters for three reasons:
- Provenance - a hallmark proves where and when a piece was assayed, creating a permanent record
- Trust - buyers in the resale market will pay more for hallmarked pieces because the metal content is guaranteed
- Legal protection - unhallmarked precious metal jewellery cannot legally be described as gold, silver, or platinum in the UK
Every piece from Silux London is hallmarked at the Birmingham Assay Office. It is not optional for us - it is fundamental to what we do.
Gold Jewellery vs Bullion vs Other Assets
People sometimes ask me whether they should buy gold jewellery or gold bullion if their goal is purely financial. Here is my honest comparison:
- Gold bullion (bars and coins) - the most efficient way to hold gold as an asset. No VAT on investment-grade coins (Sovereigns, Britannias). Minimal premium over spot price. Easy to sell through dealers. But you cannot wear it, and it sits in a safe.
- Gold jewellery - carries a higher premium because of design and making costs. On resale, you will typically recover the melt value plus a modest premium for craftsmanship (if it is well made). But you get to wear it every day. It marks a moment. It becomes part of your story.
- Gold ETFs and funds - the most liquid option. No storage needed. But entirely abstract: you own a number on a screen, not an object you can hold.
- Property - less liquid, high transaction costs, but historically strong returns. Not comparable to jewellery in practical terms.
- Equities - higher average returns over long periods, but with volatility that gold tends to counterbalance. Gold often rises when markets fall.
The honest conclusion: if you want pure financial exposure to gold, bullion or ETFs are more efficient. If you want something that holds real value and enriches your life, gold jewellery is the answer. They serve different purposes, and there is nothing wrong with choosing beauty alongside value.
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.
Emotional vs Financial: The Real Framing
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.
There is a concept in Persian culture called yadegari - something kept in memory of someone. Jewellery is perhaps the ultimate yadegari. It carries the warmth of the person who wore it. It survives moves, upheavals, even wars. When my family left Iran, the jewellery came with them. It was portable wealth, yes, but more than that - it was continuity. Proof that some things endure.
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.
Silux London's Approach to Value Retention
At Silux London, we design with longevity in mind. That is not a marketing phrase - it is a set of specific choices:
- 18ct gold as standard - higher gold content means more intrinsic metal value. We never use 9ct gold.
- Natural, certified gemstones - every diamond above 0.30ct comes with an independent grading report. We favour GIA certification because it is the most widely recognised globally.
- Birmingham Assay Office hallmarking - every piece carries the anchor hallmark, providing permanent proof of metal purity and origin.
- Classic design foundations - our designs reference timeless forms (Persian garden geometry, natural motifs) rather than fashion trends. A piece from the Bahar Collection will look as relevant in 20 years as it does today.
- Full documentation - every Silux London piece comes with a certificate of authenticity, stone grading reports where applicable, and care instructions. This paperwork matters for insurance and future resale.
We also offer a lifetime cleaning and inspection service for all Silux London pieces. Keeping your jewellery in good condition is the simplest thing you can do to protect its value over time.
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.
Bespoke vs Ready-to-Wear: Investment Considerations
This is a question I hear regularly from clients weighing up their options: is a bespoke piece a better investment than buying ready-to-wear from a collection? The answer is more nuanced than a simple yes or no.
The Case for Bespoke
A bespoke piece offers several advantages from a value perspective. First, you control the materials. You can specify a heavier gold weight, a higher-quality diamond, or a specific gemstone origin. Every one of those choices affects the intrinsic value of the finished piece. When I design a bespoke ring, the client and I discuss not just what looks beautiful but what will hold value over time. That conversation does not happen when you pick something from a display case.
Second, bespoke pieces come with comprehensive documentation. At Silux London, every bespoke commission includes detailed CAD renderings, material specifications, stone grading reports, and a certificate of authenticity. This paperwork creates a provenance trail that benefits you for insurance, for inheritance, and for any future resale. A piece with full documentation is always worth more than an identical piece without it.
Third, uniqueness itself can become a value driver over time. One-of-a-kind pieces from respected makers develop their own provenance. A bespoke Silux London ring, designed around a client's personal story and made with documented materials, becomes an object with a narrative that adds to its worth beyond the metal and stones.
The Case for Collection Pieces
Ready-to-wear collection pieces have their own investment logic. They benefit from brand recognition. A piece from a named collection, produced in limited numbers, can develop collector interest, particularly if the collection becomes iconic or is discontinued. The Bahar Collection, for example, produces pieces in limited runs per material and stone combination. Once a particular variant is sold, it may not be repeated.
Collection pieces also carry the designer's full creative vision. A bespoke piece is a collaboration between maker and client, which is wonderful, but a collection piece represents the designer's uncompromised artistic statement. For some collectors, that purity of vision has its own value.
What I Recommend
If your primary concern is maximising intrinsic material value, bespoke gives you the most control. You choose the gold weight, the stone quality, and the construction. If your concern is acquiring a piece with brand and design provenance, a collection piece from a limited run has its own appeal. In practice, many of my clients do both. They might buy a Bahar pendant from the collection and then commission a bespoke ring for a significant anniversary. The two approaches complement each other.
What I always advise against is buying jewellery purely as a financial instrument. Buy something you love, in materials that hold their value, from a maker who documents everything properly. If you do that, the financial side takes care of itself over time. The piece that gives you joy every time you wear it is, in every meaningful sense, the best investment you can make.
If you are considering a bespoke commission and want to understand the value implications, start with our bespoke enquiry page and I will walk you through the options honestly.
Frequently Asked Questions
Is 18ct gold better than 9ct for holding value?
Yes. 18ct gold contains 75% pure gold compared to 37.5% in 9ct. The higher gold content means more intrinsic metal value, and 18ct pieces command higher prices on the resale market. The difference is significant: an 18ct ring contains twice the gold of a 9ct ring of the same weight.
Do lab-grown diamonds have any resale value?
Currently, very little. The production cost of lab-grown diamonds has fallen so sharply that resale prices have followed. They are excellent value for wearing, but if you are thinking about future resale, natural diamonds with GIA certification are the stronger choice.
How do I get my jewellery valued for insurance?
Visit a qualified jewellery valuer (look for membership of the National Association of Jewellers or the Institute of Registered Valuers). They will assess your piece based on current replacement cost. Update your valuation every 3-5 years, as gold and stone prices change.
Does the brand name on jewellery affect resale value?
For heritage luxury brands (Cartier, Van Cleef & Arpels, Bulgari, Tiffany), yes - significantly. Signed pieces from these houses regularly sell at auction for multiples of their material value. For high-street and fashion brands, the brand name adds little to nothing at resale.
What is the best type of jewellery to buy as a store of value?
Heavy 18ct or 22ct gold pieces with minimal gemstone content - bangles, chains, and simple bands. These track the gold price most closely. If you want both beauty and value, look for well-made 18ct gold pieces with certified natural diamonds in classic settings.
Should I buy jewellery or gold coins for investment?
If pure financial return is your goal, gold coins (UK Sovereigns, Britannias) are more efficient - they carry lower premiums and are VAT-exempt. If you want something you can wear, enjoy, and pass down, jewellery offers a kind of value that coins cannot match. Many of my clients do both.
How does Silux London price its pieces?
Our pricing reflects the actual cost of materials (18ct gold at current market rates, certified gemstones), skilled labour, Birmingham Assay Office hallmarking, and a fair margin. We do not inflate prices with brand premiums or middlemen. Every piece comes with full transparency on materials and 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.
If you would like to discuss a piece - whether from our existing collections or something bespoke - get in touch through our bespoke enquiry page. I am always happy to talk through the options honestly.
Hamed Arab is a jewellery designer and founder of Silux London, a bespoke fine jewellery studio inspired by Persian heritage, based in Birmingham's Jewellery Quarter. He is a three-time Goldsmiths' Craft & Design Council Award winner and holds a UK Global Talent Visa for exceptional ability in the jewellery arts.
