Jewellery as “wearable wealth” – Knight Frank Luxury Investment Index 2025

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The Knight Frank Luxury Investment Index 2025, released this month, confirms jewellery as a standout performer among luxury collectibles.

With a year-on-year growth of 2.3%, a five-year increase of 20.2%, and a decade-long rise of 33.5%, jewellery continues to shine as a reliable investment option. In contrast, sectors like fine art, wine, and whisky lagged behind, underscoring jewellery’s appeal to collectors and investors alike.

Guy Burton, Managing Director of Hancocks London, a 176-year-old family jeweller, provides expert insights into why certain gemstones are driving this trend.

Featured in the report, Burton highlights the enduring value of jewellery as a “portable store of wearable wealth.” He points to rare coloured gemstones—such as Burmese pigeon blood rubies, Colombian emeralds, and Kashmir sapphires—as top choices for discerning buyers. “These stones combine rarity, beauty, and historical significance, making them highly desirable,” Burton explains.

For millennia, jewellery has provided a highly portable store of wearable wealth, and coloured gemstones offer careful connoisseurs fantastic opportunities. Burmese pigeon blood rubies, Colombian emeralds and velvet blue Kashmir sapphires are the go-to stones, although spinels remain undervalued 

Guy Burton, Managing Director, Hancocks London

Hancocks London, now based in a Georgian townhouse on St James’s Street after moving from Mayfair’s Burlington Arcade in 2024, offers a curated selection of standout pieces. Among them is a 1.89-carat Kashmir sapphire ring (£95,000), prized for its velvety blue hue and unheated quality. Burton calls it “best in its class,” noting that Kashmir sapphires, mined briefly in the 1880s, rarely appear on the market today.

Another highlight is a 2.30-carat Burmese ruby ring, dubbed “pigeon’s blood red” for its rich, balanced tone. Burton describes it as “the best of the best,” reflecting the premium placed on Burmese rubies for their unmatched colour. Pricing for this piece is available on request, signalling its exclusivity.

Diamonds also feature prominently, with a 2.12-carat Golconda diamond ring (£85,000) standing out. Sourced from India’s historic Golconda mines, this D-colour, internally flawless stone belongs to the rare Type IIa category—chemically pure and exceptionally transparent. “It’s a collector’s dream,” Burton says, emphasizing its rarity and quality.

For emeralds, a Colombian stone from depleted historic mines takes centre stage. Set in a 1930s design alongside a diamond, this emerald boasts vivid colour and clarity. Burton notes its status as “one of the finest” he’s encountered, though pricing remains undisclosed.

Finally, Burton spotlights spinels as an undervalued gemstone with strong potential. A 0.92-carat Burmese spinel ring (£7,750) offers vivid red colour and rarity at a more accessible price point. “Spinels are far rarer than rubies but haven’t yet reached their full market value,” he says, making them a smart buy for savvy collectors.

The Knight Frank report aligns with Hancocks’ long-standing reputation. Founded in 1849, the jeweller earned a royal warrant from Queen Victoria within its first year and continues to craft the Victoria Cross medal today. Its focus on old-cut gems and bespoke designs sets it apart in a market flooded with mass-produced modern stones. With these old cut stones Hancocks creates pieces that reflect the style of the age of the cut as well as bespoke, commissioned jewels. 

For investors, the data is clear: jewellery remains a solid bet in the luxury market. Whether it’s the historical allure of a Golconda diamond or the vibrant promise of a Burmese spinel, these pieces offer both financial growth and tangible beauty. As Burton puts it, “Coloured gemstones offer careful connoisseurs fantastic opportunities”—a sentiment backed by the numbers in 2025’s index.

For more details, visit Hancocks London or download the full Knight Frank Wealth Report at knightfrank.com/wealthreport.