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As global markets face ongoing turbulence, wealthy consumers are increasingly turning to high-end jewelry as a store of value. Tangible assets like gold-heavy and gemstone-driven jewelry are benefiting from strong resale markets, rising precious metal prices, and the growing appeal of colored gemstones such as rubies, sapphires, and emeralds.

Auction houses have highlighted this trend. In December, a Tiffany & Co. necklace featuring a rare blue Paraiba tourmaline and diamonds sold for more than $4.2 million — ten times its low estimate. A matching pair of earrings also fetched ten times the expected price, signaling how far private collectors are willing to go for exceptional pieces. Jacqueline DiSante, vice president and head of sales at Christie’s New York jewelry division, said the record-breaking sales underscore the growing investor appetite for rare and iconic jewelry.

Economic uncertainty is driving interest in hard assets. Thorne Perkin, president of Papamarkou Wellner Perkin, explained that during periods of macroeconomic volatility, tangible assets tend to retain or even increase in value. Mario Ortelli, managing partner at Ortelli&Co., noted that jewelry provides a defensive investment alternative, with branded pieces offering longer lifecycles and stronger resale potential than handbags or other soft luxury goods. Luca Solca of Bernstein estimated that roughly one-third of renewed interest in gold-heavy and gemstone-driven jewelry stems from a “flight to safety” mindset among investors.

Gold’s historic surge has reinforced jewelry’s appeal. Prices peaked above $5,100 per ounce in January 2025, before settling above $4,500. Andrew Brown, founder of luxury resale platform MyGemma, said these high gold prices encourage collectors to enter or re-enter the market. Luxury jewelry from brands such as Cartier, Van Cleef & Arpels, Tiffany & Co., and Bulgari remains highly sought after, representing roughly 90% of MyGemma’s sales.

Colored gemstones are experiencing exceptional growth, attracting collectors seeking alternatives to diamonds. Scarcity, natural inclusions, and the uniqueness of each stone enhance their investment appeal. Ankur Daga, CEO of Angara, said auctions consistently see colored gemstones trade at two to three times their high estimates, with the trend expected to continue. Engagement rings featuring colored stones have risen from 5% of the market a decade ago to around 15% today, fueled by celebrity influence and younger buyers.

Luxury experts also describe jewelry as a “passion investment.” Perkin highlighted the prestige and emotional satisfaction that comes with owning rare pieces, while Ortelli emphasized the long-term value retention, noting that resale often occurs at modest discounts to retail. Seasonal fashion trends currently favor colorful gemstones, particularly in Asia, where collectors seek distinctive, creative designs.

While jewelry investing has strong upside potential, experts caution about illiquidity, storage costs, and the absence of income streams compared with traditional financial assets. Ortelli noted that jewelry performs best in supportive macroeconomic conditions with rising wealth and political stability, but demand could contract in a severe downturn. Still, for many collectors, the combination of emotional appeal, rarity, and financial durability makes jewelry a uniquely attractive asset class.

DiSante summarized the sentiment: “There’s something romantic about a colored stone, something incredible knowing it formed in the Earth hundreds of thousands of years ago. A Kashmir sapphire mined for just 20 years in the early 1900s carries a history and mystique that no other investment can replicate.”

Wealthy investors are increasingly treating jewelry not just as adornment but as a strategic hedge, blending emotional satisfaction with tangible long-term value.