Julena Drumi hears from Angelic Diamonds, a retailer of marquise diamond rings, about the lure of luxury products which shows no sign of waning
French philosopher Pierre Bourdieu suggested that the things consumers buy are ways of communicating a ‘symbolic hierarchy’ to others — a way to distinguish their place in society.
Other research found that women purchased designer handbags and shoes in order to signal status — it can be one way of preventing other women from going near their man.
The growing digital world is influencing the luxury market too – and helping to attract younger buyers. In fact, 70% of luxury purchases are influenced by online interactions. The availability of luxury e-commerce means that 14% of buyers aged 18 to 24 made their first luxury purchase over the internet.
By 2025, Bain & Company predicts that Millennials and Generation Z will account for 45% of the global personal luxury goods market.
What increases the price of certain items?
Gold has always been associated with wealth, power and fancy décor but it has other qualities that give it lasting appeal. In the periodic table, gold is one of the least reactive. This means that it is less likely to corrode when used. The metal also doesn’t rust and is aesthetically pleasing, plus it’s versatile! We’ve seen many items crafted out of gold or fitted with gold plates to add value. Take a look at the following:
- Costing $999,999 (£707,799) is the GoVacuum GV62711. Features include: a 14-inch cleaning nozzle, a weight of 16 pounds and gold plating. There were only 100 of these products made — true exclusives.
- Another standard product made expensive by the addition of gold were the 24-carat gold shoelaces. These cost $19,000 (£13,448) or shoppers can opt for silver shoelaces which would set them back $3,000 (£2,123)
The Four C’s – What are they?
The attraction to diamonds dates back hundreds of years. At one point in time, they were reserved for royalty — making them a stone owned by the rich and wealthy and sought after by everyone else.
Diamonds are now more accessible, but price and quality still vary depending on the ‘Four Cs’. These are clarity, carat, colour and cut — together these determine how much a diamond is worth.
Clarity refers to the overall appearance of the diamond, which can be affected by ‘inclusions’ and ‘blemishes’. These are often not visible to the naked eye but are found through analysis by an expert.
The weight of the diamond is expressed through the carat weight — a metric ‘carat’ is defined by 200 milligrams.
A pure diamond is truly colourless and more valuable than one which has a presence of colour, while the cut grade of a diamond determines how well it sparkles due to its interaction with light.
Diamond encrusted items can sell for millions of pounds, such as:
- Potentially the most expensive pair of shades in the world are Dolce & Gabbana’s DG2027B sunglasses. They have been crafted with a solid gold frame and studded with diamonds. To buy this luxury product would set you back $383, 609 (£271,472).
- One dog collar was valued at an astounding $3.2 million (£2.26 million). Forbes Magazine called it ‘the Bugatti of dog collars’ and it’s clear to see why. It was encrusted with 1,600 diamonds with a seven-carat, D-IF (faultless) colour-graded centrepiece and black alligator leather for the collar.
Diamonds and gold have been popular for centuries with the rich and famous and aren’t going anywhere anytime soon. Their addition to even the most mundane of products can increase the value of those products many times over.
This article appears under the terms of the DB Direct service