London has established itself as the number one international destination for fine jewellery with a wealth of new super-luxury openings. Natasha Faruque reports

Stroll down London’s glitzy Old Bond Street or Sloane Street and you will be blinded by the diamond- and coloured stone-bedecked shop windows. The baubles on display are truly dazzling; all encased in warm hues of 18 and 22 karat gold and fine platinum. This is definitely American Express Centurion card territory; discrete, black-suited doormen usher in regulars, browsers and the just plain bedazzled. Move over Antwerp, step aside Fifth Avenue and eat your heart out Place Vendôme, as wives, mistresses, daughters and, increasingly, gents find London’s two smartest streets to be the destination de rigueur for any bejewelled purchase – be it a gobstopper-sized diamond engagement ring or a frivolous diamond-encrusted phone. As Simon Williamson, Managing Director of Leviev’s UK, says succinctly, “London is the most significant location for important jewels in the world.”

Big brand names are setting up new multi-million-pound showrooms on these hallowed boulevards like ticket hawkers at a cup final. Like the hedge fund industry, in the world of jewellery too, the Americans are taking the streets by storm with Tiffany & Co (which recently unveiled its largest European store on Old Bond Street) and newcomer Harry Winston sprucing up and setting up shop respectively. French stalwarts like Cartier, Chopard and Chaumet hold their presence along the same ultra-high-value strip alongside a revitalized Italian Bvlgari; whilst the Brit brands fly the flag in the form of a new, slick Boodles boutique, Asprey, and William Morris, with Garrard just around the corner in Albermarle Street. No matter where their provenance, all the big players in the jewellery world call London home.

The jewellery giants that are finding their way to London are merely following the whims (and private jet flight plans) of their customers. But why are Russian oligarchs, NyLon jetsetters, Arab Sheikhas and Euro-tocracy all heading to London to buy their bling? Some argue that London has so much to offer the international traveller – from the traditional to the cutting edge, from art galleries to theatre to shopping and fine dining – that they feel at home here; and comfortable enough to spend vast sums on gems.

Harry Winston’s spokesperson echoes this train of thought when he says, “We do not believe clients specifically come to London to buy jewellery. It is more that they have the convenience of seeing a wide selection of very high end jewellery whilst they are here.”

Chopard – generally known for upping the stakes when it comes to celebrity wearers (who include Elton John, Liz Hurley and Penelope Cruz) – counts cosmopolitan aficionados from Russia, India and the Middle East fleeing the summer heat of their own countries and seeking shelter in London, among its most important clientele. Their spending is extravagant but precise; Russians and Indians tend to demand perfection in the form of the easily resellable D-flawless diamonds and are happy to pay an extra 30-40 per cent premium for them – making them ideal customers.

Rich residents are also a growing market; the boom in the city’s financial markets and the influx of wellheeled private bankers, hedge fund magnates and equity kings has provided a local customer base of karat collectors easily able to afford the princely price tags. Following hot in the well-shod heels of the financial masters of the universe are internationally born and bred media millionaires, fashion tycoons, artists and entertainers who now call London home, flush with cash to flash. How about splashing out in Leviev on a fancy, intense pink cushion-cut diamond weighing a mere 18.12 karats? As Thierry Fritsch, President of Chaumet, states authoritatively, “The richest people in the world live in London.”

The biggest names are clustered close together in two key localities – Sloane Street and Bond Street, more specifically Old Bond Street. And there is, of course, a bit of not-so-friendly rivalry between the Sloane Rangers and Bond Street Boosters – with the former taking the edge in style stakes and the later in the big-spending stakes.

The spokesperson from Harry Winston swears allegiance to W1. “Bond Street has the largest concentration of jewellers of any shopping location in the world,” he explains. “When it comes to highend jewellery in the price points we offer there is really no better location in London. Any serious buyer looking elsewhere in London would at some point have to converge on Bond Street.” He warms to his theme that west is best when he states, “Bond Street is very unique due to its concentration of leading jewellers. The only other location that has a similar concentration is Place Vendôme in Paris.”

The powers that be behind fancy diamond specialist Leviev made a similar evaluation as they too opened their first store ever at the five storey number 31 Old Bond Street. Billionaires tend to blow their big bucks in salons located on the key blocks New Bond Street between Grafton Street and Piccadilly.

The brilliance of gems in these windows could blind you. Nestled at number 174 is the distinct, Jean-Michel Wilmotte designed azure façade of its rival Chaumet which chose London as the location for its 50th store. It marks the return to the Bond street scene for the brand which defected to Sloane Street in the 1980s because, Fritsch says, “at that time, Sloane Street was underway to become the trendy street in London”.

Every fashionista knows that trends come full circle which is why their (re)opening on Bond Street is no surprise. “New Bond Street has become the capital of the world as far as jewellery is concerned. You must be there,” Fritsch continues. So important is this city to the brand that they have for the first time transferred some of their treasured archive pieces from the Chaumet museum in Paris to be stored in a special cabinet de curiosité.

Some companies, of course, hedge their bets and set up shop on both exclusive avenues. Tim Risk, Director of Sales at Tiffany & Co, elaborates. “It made abundant sense for Tiffany & Co to open its flagship on Bond Street in 1986,” he explains. The complete refurbishment of the store 20 years later clearly indicates that business is still booming. “The opening of our store on Sloane Street was a natural evolution as the business continued to grow,” he continues. “Sloane Street and its surrounding environment is a wonderfully vibrant and dynamic shopping destination.” And a rich one, too.

Cartier too has bagged dual locations to ensure it captures both brigades. Prime positioning at number 1 Sloane Street wasn’t enough for Brit favourite Boodles. They reportedly forked out a record rent for a much-coveted spot further west and held the party of the season – with everyone from Jasmine Guinness to Mischa Barton in attendance – to celebrate their fourth London location at 178 Bond Street.

But London watch out. Observers are pointing out the growth in jewellery junkies in Asia, willing and – more importantly – able, to splurge on precious pieces. A rapidly developing Shanghai is vying for London’s crown. In the meantime, however, premium jewellers are more than willing to welcome the big spenders to their bling-tastic bases in good old Blighty.

www.boodles.co.uk
www.cartier.com
www.chaumet.com
www.chopard.com
www.harrywinston.com
www.leviev.com
www.tiffany.com