When the gavel came down in December, Christie’s had set a record that created a buzz in the auction world.

A Tiffany & Co. necklace adorned with a sparkling blue Paraiba tourmaline gem and diamonds sold for more than $4.2 million, 10 times its low estimate. A matching pair of earrings hit the block next, and it too sold for 10 times its estimate.

“I think that was really a marker for how far private clients are willing to go for these exceptional goods,” said Jacqueline DiSante, vice president and head of sales of Christie’s New York jewelry division.

Amid economic and geopolitical uncertainty, a certain class of consumers are turning toward an unlikely asset class — jewelry. The trend comes as investors increasingly flock to tangible assets. For ultrarich consumers, colored gemstones such as rubies, sapphires and emeralds are especially popular right now.

“Whenever you have macroeconomic volatility … the appeal of hard asset investing goes up,” said Thorne Perkin, president of investment management firm Papamarkou Wellner Perkin. “Tangible assets, they tend to retain their value or even increase when inflation rises.”

Mario Ortelli, a managing partner at strategic and M&A advisor Ortelli&Co., agreed with Perkin’s take, saying that there was clearly a “defensive element” to the trend.

“In periods of inflation, geopolitical tension, or financial market volatility, tangible assets become more attractive,” he said in an email. “Branded jewelry can function as a portable store of value.”

“Unlike fashion accessories that are tied to seasonal cycles, iconic jewelry collections have a much longer product life cycle,” he added. “In many cases, they also demonstrate stronger resale value dynamics than handbags. That longevity and perceived capital preservation help explain jewelry’s relative resilience versus soft luxury.”

Luca Solca, global head of luxury goods at Bernstein, estimated that roughly one-third of the renewed interest in gold-heavy and gemstone-driven jewelry could be tied to “flight to safety” behavior for investors.

Strong resale value

Surging gold prices have played a role. Long considered a safe-haven asset, gold in January soared to its highest price ever, above $5,100 an ounce. Although prices have pulled back since, it still trades at a lofty level, above $4,500 an ounce.

“I think the view of jewelry — gold jewelry, diamond and gemstone jewelry — being viewed as an investment is enhanced by, obviously, the almost daily increase in the gold price,” said Andrew Brown, founder and CEO of luxury resale platform MyGemma.

DiSante, of Christie’s, said record high gold prices have incentivized some collectors to come out of the woodwork and sell certain pieces.

Jewelry’s durability in the resale market is part of its appeal, experts say. Brown said he regularly sees clients reselling branded jewelry years after their original purchase, often at prices that hold up far better than designer handbags, which show wear from use much easier.

Jewelry has managed to buck softness in the luxury market and has been growing “quite nicely” over the past two years, according to Caroline Reyl, senior investment manager of Pictet’s premium brands strategy.

Reyl said she has seen consumers shifting away from “soft luxury” items such as handbags and accessories. At the same time, “hard luxury” goods such as watches and fine jewelry have grown in popularity. Reyl attributed the change to extreme price hikes for handbags due to previously strong demand and supply chain disruption.

Quality concerns have also been a headwind, Brown said.

A Bernstein study found auction prices for Hermès’ iconic handbags have fallen, and average resale premiums for Birkin and Kelly bags slipped from 2.2 times in 2022 to 1.4 times last November.

“Leather does not have a lot of inherent value,” said Ankur Daga, founder and CEO of fine jewelry e-commerce company Angara. “As gold is appreciating, people are understanding more and more that this is a very valuable asset.”

Durability has helped reinforce jewelry’s reputation as a long-term store of value, especially pieces from well-known brands such as Cartier, Van Cleef & Arpels, Tiffany & Co., and Bulgari. Brown estimated that these four brands made up around 90% of MyGemma’s jewelry sales.

A ‘passion investment’

There’s also an emotional element to jewelry. Perkin called it a “passion investment,” with consumers potentially drawn in by an “element of prestige.”

Ortelli agreed. He said the brand equity, craftsmanship and scarcity element reinforce the perception of durability and value retention.

“Branded jewelry has historically experienced mid- to high-single-digit annual price increases over the long term, depending on brand and the design,” Ortelli said. “As resale often occurs at a moderate discount to current retail pricing, over a 5-10 year horizon, owners can frequently exit above their original purchase price.”

‘Color is en vogue’

Gold-heavy jewelry benefits from a price floor created by the intrinsic value of the metal, Ortelli said. “However, exceptional gemstones — especially rare, high-quality sapphires, rubies, or emeralds — can command significant collector premiums,” he said.

Fashion trends currently favor colored gemstones, which have emerged as one of the fastest-growing jewelry segments.

Lucrezia Buccellati, jewelry designer and co-creative director of Italian jewelry house Buccellati, said this is particularly true in Asian markets. Colored stones allow for more creative designs and often appeal to buyers who want more distinctive and personal pieces, she explained.

Consumers also may be seeking alternatives to diamonds.

There is a “genuine dearth of gem-quality material that’s coming out of the earth,” Angara’s Daga said. He explained it is more difficult to replicate colored gems in a lab. Unlike diamonds, the stone’s inclusions — or the minerals trapped inside during formation — provide character and enhance the value of a colored gemstone.

“No two are exactly alike, and I think that’s what makes them so interesting to today’s market,” DiSante said, comparing each one to a piece of art. “In a world where we are seeing lab-grown diamonds being made, and it kind of feels like this conveyor belt … you can’t do that with a sapphire or ruby or emerald.”

Daga said he expects colored gemstones will appreciate faster than gold.

“If you look at Sotheby’s and Christie’s auctions, these gemstones are trading at numbers nobody would have thought possible five years ago, and it’s only going to increase,” he said. “Color is en vogue.”

Colored gemstones have traded at two to three times the high estimates at auction houses, which is “very unusual” given that auction houses usually calibrate low and high bids relatively well, Daga said.

As proof of the trend’s strength, Daga estimated that around 15% of engagement rings today feature a colored gemstone, up from 5% a decade ago. They have perhaps been further popularized thanks to celebrities such as Kate Middleton, Eva Longoria, Halle Berry, Rita Ora and Halsey.

The trend has also brought in younger consumers. In 2025, millennials and Gen Z accounted for 44% of Christie’s luxury buyers, DiSante said.

If macro uncertainty persists, experts such as Reyl said they expect jewelry investing to continue. Buccellati concurred, saying within high luxury, she expects jewelry to continue growing and surpassing soft luxury goods.

There are certain challenges, however, including illiquidity, safety concerns and storage costs. And unlike stocks or real estate, jewelry does not provide its owners with an income.

“Jewelry should not be viewed as a financial asset equivalent to equities or ETFs — liquidity, transaction costs, and dispersion of returns are much higher,” Ortelli said.

He added that the long-term outlook for branded luxury jewelry is positive, but cyclical.

“The category performs best in supportive macroeconomic environments with rising wealth creation and political stability. … In the event of a severe macroeconomic downturn, demand would contract,” he wrote.

And that is where some collectors may find comfort in the more emotional aspects of jewelry.

“I think there’s something really romantic about a colored stone,” DiSante said. “There’s something really incredible about when you think that it formed in the Earth hundreds of thousands of years ago. And if it’s a Kashmir sapphire — that mine was only mined for 20 years in the early 1900s .

CNBC

The world of perfume has always been synonymous with luxury and individuality. We marvel as much at the beauty of the bottle as at the elixir it contains. A fragrance is chosen as a true olfactory signature, reflecting the mood of the moment or capable of lasting a lifetime.

So what better time than Black Friday to treat yourself to your dream fragrance at a great price? The best discounts are already here and continue until December 1st, Cyber ​​Monday. Whether for holiday gifts or a personal indulgence, these iconic perfumes are waiting for you.

Up to 40% off your favorite perfume at Nocibé

At Nocibé, Black Friday comes with particularly attractive offers on top names in perfumery. Whether 30, 50, or 100 ml, each size benefits from discounts of up to 40%. Here are the most irresistible fragrances to treat yourself or someone else to as the holidays approach.

Celebrate self-affirmation with La Vie Est Belle Vanille Nude by Lancôme

An ode to self-acceptance and life’s little pleasures, this  new version of La Vie Est Belle  unveils an ultra-creamy, musky vanilla trail. Indulgent and subtle notes, reminiscent of a French pastry.

Inimitable and unconventional, Miu Miu Miutine Eau de Parfum

Miutine Eau de Parfum  is intoxicating from the very first moment, thanks to its notes of wild strawberry. What follows? A creamy floral heart of gardenia, followed by a warm base with soft accents of vanilla, brown sugar, and patchouli.

An exceptional bottle and an addictive fragrance: L’Interdit Parfum by Givenchy

In a bottle that flirts with masculine codes,  L’Interdit by Givenchy  unveils a highly sophisticated floral and woody composition. Its key notes: a bouquet of orange blossom, jasmine, and mimosa, enhanced by a vetiver-patchouli accord.

Shalimar L’Essence, the icon of the House of Guerlain

To celebrate the 100th anniversary of this cult fragrance, Guerlain has reinvented the logo of its iconic  Shalimar L’Essence . A perfume where bergamot illuminates the powdery elegance of iris and rose. In the background, amber lends a leathery facet to the elixir.

Flamboyant and festive, the Million Gold for Her fragrance by Rabanne

Designed for night owls,  Million Gold For Her  boasts a vibrant fragrance based on ylang-ylang, jasmine, and sandalwood. A sensual and addictive scent that perfectly complements sequined dresses and stiletto heels. Let’s party .

 LIBRE Eau de Parfum by Yves Saint Laurent, between sensuality and audacity

Embodying a fierce and uncompromising freedom,  LIBRE Eau de Parfum  dares to combine the sensuality of orange blossom with the sweetness of lavender, all enhanced by mandarin and cedarwood in the base notes.

Born in Roma Donna, the Haute Couture Eau de Parfum by Valentino

Valentino Eau de Parfum  embodies a sophisticated and luminous femininity, through notes of jasmine sambac, cashmeran, and bourbon vanilla. An homage to the Italian dolce vita, a blend of luxury and sensuality.

Story by Madame Figaro

Smart choices can help UAE residents turn White Friday deals into long-term value

White Friday sales are in full swing across the UAE, stretching from late November into the first few days of December. It mirrors Black Friday in the West, but shoppers here approach it differently.

Amazon.ae, Expedia.ae and other major retailers and online travel operators are rolling out major deals, yet residents are becoming more selective and more strategic. You may notice this shift in your own habits — choosing products that last, add real value or make daily life easier.

These aren’t isolated choices. They reflect clear trends seen across millions of transactions. Joint research from Flowwow and Admitad highlights just how sharply UAE shoppers differ from the regional average.

Not falling for impulse buys

Across the MENA region, November online purchases rose 10%, but White Friday drove the real climb: GMV — the total value of everything bought online before discounts and fees — jumped 40%, and the number of orders increased 20%. Within this surge, UAE residents stood out for making higher-value purchases without falling into impulse spending.

Average order value, or AOV (the average amount shoppers spend per order), rose across MENA from $33.5 (Dh123) to $38 (Dh140). In the UAE, AOV moved from $95 (Dh349) to $103 (Dh378) — 2.7 times higher than the regional average. Bigger spends here reflect a preference for well-considered purchases that hold up longer and reduce replacement costs.

Electronics spending rose 22%, while fashion climbed 21%. Many residents used White Friday to upgrade work devices, refresh wardrobes or tick off items they’ve planned to buy.

Everyday choices hit budgets

The sharpest growth came from categories tied to daily life. Instead of grabbing eye-catching deals, shoppers focused on home, family and wellbeing. This shift shows a mindset that treats White Friday as a chance to make the coming months smoother and more affordable.

For example, spending on home and garden items climbed 18%. Families also directed more towards children’s items, sports gear, beauty and wellness products. Toys, hobbies and even automotive accessories saw steady growth. When you look at these movements together, a pattern emerges: people are investing in everyday upgrades rather than random sale items that don’t last.

Another telling signal comes from how shoppers saved money. Only 14% relied on coupons, but 21% used cashback and loyalty rewards — tools that add ongoing value. Coupons vanish. Cashback accumulates. It’s a subtle but powerful budgeting shift.

Gifting early now an advantage

Flowwow’s UAE data reflects the same habits. The platform saw GMV surge 96%, orders rise 72% and average spend reach Dh350. Much of this came from gifting — but gifting done early, thoughtfully and within planned budgets.

Lifestyle and gift items dominated spending this season, with shoppers showing a strong preference for thoughtful, meaningful purchases. Non-floral gifts such as edible bouquets and balloons surged by 180%, while beauty products climbed 150% and confectionery rose 70%.

Home and garden items grew 50%, reflecting a growing interest in practical upgrades and home comfort. Even within gifting categories, certain products stood out: indoor plants jumped 83%, gourmet gift sets soared 285%, and edible bouquets rose 61%, showing how residents leaned into presents that feel personal and festive.

If you’ve ever waited until mid-December and felt the financial pinch, these trends explain why many UAE residents now shop earlier. Buying gifts ahead of the rush spreads spending, prevents panic buys and locks in better prices.

Add travel to White Friday mix?

Many UAE residents also use the White Friday period to organise upcoming travel, especially with long booking windows and seasonal rate drops. One example this year includes hotel discounts of up to 50% on Expedia.ae between November 20 and December 2, with stays allowed until December 30, 2026 — a timeline that appeals to travellers planning well in advance.

A spokesperson for Expedia Group Brands observed broader destination choices among UAE travellers this winter, noting: “This winter, UAE travelers are embracing variety like never before, from tropical escapes in Thailand, festive European cities in Madrid and Amsterdam to ski adventures in St. Moritz. To make the most of these trips, timing is key; staying on February 3 or 15 can unlock the best rates, while bundling flights and hotels can save hundreds.”

The range of discounted hotels includes city properties in London and Paris as well as resort stays in Antalya, offering travellers a snapshot of the types of international options often discounted at this time of year.

Turn sales to budgeting wins

You can mirror the same habits that now define UAE spending patterns:

• Identify what you’ll genuinely need over the next six months — White Friday pricing often beats New Year or Ramadan deals.
• Compare marketplace prices first. With 74% of all online purchases in the region happening on marketplaces, competition keeps prices tight.
• Use loyalty points and cashback as part of a longer-term savings strategy.
• Finalise your holiday gift list early to avoid inflated December prices.
• Check long-window travel offers if you have fixed travel plans for 2025 or 2026.

UAE sales to soar further

This year’s White Friday is expected to be strong again: UAE GMV may rise 14%, order volumes 11%, and gifting alone could climb 65%. With 65% of the UAE population under 35, digitally native shoppers are driving the market forward. Nearly half of all purchases now happen on mobile, and marketplace activity keeps growing.

For your personal finances, this means the next few days offer prime opportunities — but only if what’s in your cart supports your real needs. What purchases would meaningfully improve your day? Which gifts bring joy without stretching your budget? With the sales still running into the first days of December, you have room to choose value, not noise.

Gulf News