It turns out Marilyn Monroe was right when she said, “diamonds are a girl’s best friend”. After all, in 2026, no other luxury fashion item or accessory is enjoying such a boom time, with more and more women reportedly buying jewellery for themselves. 

At the end of January, gold and silver prices hit record highs in response to US President Donald Trump’s threat of further tariffs on EU countries, with the price of gold up 55 per cent year-on-year at its highest. While the price has since dipped in line with Trump walking back his threats to Greenland, according to GMI Research, the broader jewellery market is expected to be worth approximately $562 billion by 2031, while Carat Trade reports steady growth of mid-single-digit pace over the past few years, despite broader luxury slowdowns. 

Case in point: luxury fashion houses have been suffering, with 2025 being only the third time in three decades that global luxury revenues declined for two consecutive years, according to German investment firm Berenberg. The reasons for this are myriad, but much of it is down to a failure by luxury fashion houses to engage with new Gen Z consumers – with last year’s rash of creative director changes failing to materialise the immediate sales boost many were hoping for – while the more aspirational shopper is being shut out due to astronomical price hikes. One oft quoted example is the Chanel Flap bag, the price of which has risen from $1,475 in 2006 to $11,300 today. 

Rachel Boston

So why is jewellery, something that is essentially a largely functionless accessory, a ‘nice to have’, outperforming other luxury fashion items in a time of economic instability? Unlike the lipstick index – which posits that during times of financial concern, people are more willing to spend on little luxuries, such as lipstick – the buoyancy of jewellery sales points to something different. 

“We’re seeing jewellery outperform many luxury categories because it’s perceived as having both emotional and investment value,” says Jaana Jätyri, founder of trend forecasting agency, Trendstop. “Consumers may pause on fashion purchases that feel trend-driven, but jewellery is viewed as timeless, identity-led and always wearable. Investment in jewellery as a gift, a milestone marker, or a long-term piece enhances its value.”

It’s something that jeweller Cece Fein-Hughes has noticed with her eponymous brand, which specialises in champlevé enamel signet rings, often with custom designs. She famously made one for Taylor Swift featuring her cats and her fiancé’s football jersey number, while Margot Robbie and Jacob Elordi turned to Fein-Hughes for matching commemorative rings for their Wuthering Heights press tour. 

Cece Jewellery

“Over the past year, we have seen growing interest from clients all over the world, particularly from those drawn to the artistry of champlevé enamel and the rarity of true craftsmanship in fine jewellery,” says Fein-Hughes. “There is a real appreciation for pieces that feel considered, handmade and rich in story, rather than mass produced.

“Our diamond rings with champlevé enamel detailing anchoring the sides are really having a moment. What’s interesting is that they are not just being chosen as engagement rings. We see them gifted to celebrate new babies, anniversaries, and very often as a meaningful piece women buy for themselves.” 

Indeed, while traditionally jewellery has been something men have bought for women, there has been an uptick in women buying it for themselves. “Women are working incredibly hard, whether that is building businesses, raising families, or doing both at once,” says Fein-Hughes. “We often see women coming to us to mark achievements such as selling a business, receiving a bonus, or simply wanting to celebrate themselves or their children. Buying jewellery for yourself is a powerful act of self-recognition and appreciation and I love working with women on their dream pieces.” 

2025 was also a big year for jeweller Rachel Boston. “2025 has been our strongest year yet,” she says. “Our engagement ring business has continued its steady growth, but what’s been particularly interesting is the increase in demand for everyday fine jewellery. Clients are investing with us beyond ceremonial moments, choosing pieces they can wear regularly rather than saving fine jewellery solely for once in a lifetime milestones.”

Perhaps one of the best things to come out of the jewellery boom is that it allows designers the freedom and conviction to experiment with new designs. “It’s given me the confidence to invest more in our fine jewellery collections and purchase more stones to keep in reserves for these ready-to-wear pieces,” says Boston. “I feel freer to design for everyday wear rather than solely our ceremonial collections. This is due to a sense of trust that clients feel secure investing in jewellery for themselves, and that’s been incredibly energising creatively.”

Indeed, it is the younger designers who might stand to gain the most from the current appetite for jewellery, according to Jätyri. “In 2026, this momentum gives jewellery brands more permission to experiment, but risk-taking will be most successful when it’s anchored in clear consumer desire: modern heirlooms, beautiful sculptural silhouettes, and photogenic pieces for digital culture,” she says. 

Rachel Boston

In times of economic hardship, it is commonly held wisdom that gold will hold its price – it’s why banks stockpile it. So it’s no surprise that many are seeing fine jewellery as a wise investment in the current climate, over even an Hermès Birkin, for example. “Gold feels like a smart and reassuring place to put money at the moment,” agrees Boston. “Compared to other luxury purchases that wear quickly, such as handbags and shoes, fine jewellery holds its value and longevity far better. There’s a sense that if you’re going to invest, it should be in something tangible and intrinsically valuable.”

On a practical level, too, gold is hardwearing – it’s really quite difficult to break or damage beyond repair, unlike leather goods which can fade, tear or rip over time. It is this very quality that makes jewellery such an heirloom, giving it sentimental value too.

“Jewellery truly lasts forever,” says Fein-Hughes. “Fine jewellery is made to be worn, loved and passed down through generations. As people build their lives, they increasingly want pieces that will stand the test of time and hold meaning beyond trends. Jewellery becomes something that can outlive us which I think is the most special part about it.”  

Read more: How to invest in 2026