A tourbillon is nice but sometimes only diamonds will suffice

I asked a watch industry executive recently what he thinks women want. His reply was, “More. Always more. Never less.” This might say something about his experience with women, but it might also explain the recent surge in high jewellery watches. These once rare and usually bespoke pieces have become as much a part of a high-end watch brand’s line as chronographs and the now ubiquitous tourbillons. Most brands introduce watches now that are not only “set” versions of existing collections but thoroughly encrusted with diamonds and designed (and made) in the manner of high jewellery. These high jewellery watches represent a growing niche that has the power to distinguish a retailer in any market.

While high jewellery watches might look good with haute couture, it is important to note that these are not fashion watches. Like high complications, they fall into the realm of specialty pieces, rather than commercial pieces, and can take just as much time to conceive and create. And like complicated mechanical watches, demand for them is growing.

The highest tier of luxury

“The best of anything is always in demand,” says Piaget North America president Larry Boland. “Today, as true luxury becomes more elusive, we are seeing very strong interest. Our clients are not only looking for the finest mechanical functions, but also artistry and design – watches that feature the highest quality gemstones and inlaid mother-of-pearl.”

High jewellery watches represent the highest tier of luxury, one that calls for one-of-a-kind, bespoke pieces, always made in very small quantities. Although many brands create jewellery versions within each of their core product families, the true haute joaillerie watch stands apart from “set” pieces. “There is a distinction to be made between full diamond-set watches, jewellery watches, high jewellery watches and one-of-a-kind timepieces,” says Elena Stefanova, ladies’ watch product manager for Audemars Piguet. “It counts for at least four levels or categories. Audemars Piguet is creating new pieces within all these levels every year.”

Several new players

Making this kind of commitment is not easy. Aside from interrupting a manufactory’s core production, the high jewellery watch requires sourcing perfectly matched gems and then custom cutting them to fit designs that are often complex, requiring the skills of a master jeweller. It can take up to a year to make one piece, depending on the complexity of the design. And yet, more and more of these watches are being made.

Several new players in the high jewellery watch market have emerged in recent years, some catering to the demand for bling, such as Tiret New York and Jacob & Co. “Our clients drive us to create these pieces,” says Sonya Goldberg of Tiret New York. “This is especially true with our customized pieces; the clients demand as many diamonds as can possibly fit on precious metal or steel.” Others, such as Bertolucci, already have a reputation for blazing a trail in the ladies’ watch market and are now taking it to the next level. Philip Belais, president of Bertolucci, attributes some of the growing demand for high jewellery pieces as a natural step in building a jewellery wardrobe. “Once limited to specific occasion, high jewellery watches have kept their powerful sentimental attributes but are now also gaining a fashionable touch,” he says, stressing that they should nevertheless retain their sense of exclusivity.

A segment with staying power

Like complications, the high jewellery watch can demonstrate a manufacturer’s prowess as a high watchmaker; gemsetting has become a major factor in that determination. Demonstrating this ability has become a necessity for any brand claiming to be a leading watchmaker and innovator. Piaget, one of the original practioners of the art of high jewellery watchmaking – along with Cartier and Van Cleef & Arpels – says it sets more diamonds than any other company in Switzerland. Each year, the company creates an entire collection of unique high jewellery watches, confirming its unrivalled status as a leader in this niche.

Stocking a selection of high jewellery watches, or even just one, can raise the profile of a retail store in the same way, particularly if it is one of only two or three doors in the world to carry a particular piece. It might constitute a major reason to carry a certain watch brand. Aside from driving new business with highly desirable customers, the high jewellery watch, like any specialty item, promises generous margins. As the number of billionaires in the world grows, it also promises to be a segment with staying power.