As gold and silver prices hit a record high this year, the global jewelry industry is turning to non-precious metals such as steel and aluminum, spreading a "de-precious metal" trend.
On the 13th, the Financial Times (FT) said signs are emerging of a structural shift in the high-end jewelry market, which has traditionally centered on gold. By using non-precious materials, brands can cut expense while pursuing originality and attracting younger consumers at the same time.
Italian luxury brand Bulgari is a prime example of this trend. For the first time since the 1970s, Bulgari unveiled new products that combine gold and steel: two designs in the "B.zero1" collection that add yellow gold to the outer edge of a steel ring, and, in the "Tubogas" line, necklaces and bracelets that pair steel coils with gold studs.
Jean-Christophe Babin, CEO of Bulgari Group and LVMH Watches, sees the launch as carrying on the brand's tradition of mixing metals while extending to jewelry the appeal of the gold-and-steel combination proven in watches. In fact, gold-and-steel models are also the best-selling products in the Serpenti watch line.
Price competitiveness is one of the key trendsetters. The new rings are priced at 1,580 pounds (about 3.16 million won), lower than ceramic pieces (1,860 pounds) or solid gold pieces (2,590 pounds). Babin said, "As gold usage has decreased, we can sell at a more reasonable price point," adding, "It gives younger consumers access to the fine jewelry market." Early this year, gold, silver and platinum all hit a record high.
The shift is spreading across the industry. U.S. jewelry brand Eden Presley plans to unveil its first non-precious metal collection combining steel coated with diamond-like carbon and 14-carat gold. Founder Gwen Myers said she named the collection "In the Black (흑자 상태)," aiming at the black coating of diamond-like carbon as well as the meaning of being financially sustainable.
Non-precious metals are also gaining recognition in design and craftsmanship. German high jewelry brand Hemmerle recently unveiled works using a range of metals, including aluminum, copper and iron. Scotland-based jewelry designer Eva Goering said, "In an oversaturated jewelry market, new materials and concepts have become important for differentiation," adding, "Shifts in consumer preferences toward originality and storytelling are supporting the trend."
There are challenges in production. Even if metal prices are low, production difficulty can vary widely depending on material and properties. For example, aluminum's light weight favors large-scale pieces, but its extreme softness makes it a difficult material to work.
Christiane Hemmerle, co-CEO of Hemmerle, said, "Even if gold and silver prices have risen sharply, making aluminum can actually be more expensive," adding, "Given the production difficulty of bronze and aluminum, the expense will be priced higher."
Experts say the de-precious metal trend has recurred throughout history. Helen Molesworth, senior curator at the Victoria and Albert Museum (V&A) in London, said, "The definition of what is 'precious' has constantly changed with the times and advances in technology," adding, "Today's diversification of materials is the result of technological progress combined with consumer demand for originality."