Big, showstopping jewels anchor new high jewellery collections of Louis Vuitton, Cartier and Bulgari, while auctioneers have sold especially momentous stones for record sums

Jul 20 , 2025

Bulgari global ambassador Priyanka Chopra Jonas wears the Magnus Emerald necklace and Emerald Reflection ring from the maison’s Polychroma collection, at the 2025 Met Gala. Photo: Handout

A 100-carat flawless diamond sold for US$22 million at Sotheby’s, while the Marie-Thérèse pink diamond and Estrela de Fura Mozambique ruby fetched US$14m at Christie’s and US$34.8m, respectively

In 1937, the rather sharp-tongued British politician Sir Henry “Chips” Channon wrote in his diary of Lady Granard, one of the so-called “dollar princesses” – American heiresses who married into the British aristocracy – that she “could scarcely walk for jewels”.

One such jewel, a frankly enormous emerald set into a diamond-studded collar necklace, is a highlight of the Cartier exhibition currently showing at the Victoria and Albert Museum in London.

Cartier Collection diamond and platinum necklace with a 143.23-carat emerald, made to special order in 1932. Photo: Handout

Because yes, huge gemstones have never lost their appeal. One only needs to look at Anne Hathaway and Priyanka Chopra Jonas at this year’s Met Gala for glittering proof. Both wore necklaces from Bulgari’s high jewellery collection Polychroma, with Hathaway’s – the Cosmic Vault – featuring a 123.35-carat sugarloaf sapphire, and Chopra Jonas’ – the Magnus Emerald – featuring an emerald of 241.06 carats. The latter is the largest stone the Roman jeweller has ever set, no less.

The necklaces are among 60 “millionaire pieces” included in the 600-piece range – launched in Sicily in May – with such pieces only available to the brand’s top clients.

Anne Hathaway wears Bulgari’s Cosmic Vault necklace with its 123.35-carat sapphire, from the Polychroma collection. Photo: Getty Images

Exceptional gemstones were of course at the centre of the Magnificent Jewels auction at Christie’s, which set records in New York in June with pieces such as the Blue Belle sapphire necklace, which sold for US$11.3 million, and the Marie-Thérèse pink diamond, which sold for US$14 million. Clearly this points to certain categories of clients unperturbed by the vagaries of the global economy. New research from Bain also found fine jewellery – and especially high jewellery – to be more resilient than categories such as fashion.

Priyanka Chopra Jonas in the Magnus Emerald necklace, featuring a 241.06-carat stone, from Bulgari’s Polychroma collection. Photo: Handout

Vintage jewellery buyer Emrys Cousins – who sources antique and estate pieces for clients around the world through her business Love Well Sourced – says the move towards “more is more” is not only down to economic uncertainty but other factors too.

“Post pandemic, we are craving opulence and personality … My clients want to invest in pieces that are fun, joyful and uniquely personal,” she says. “The conversation has moved from ‘quiet luxury’ to maximalism in the context of personal style, which gives anyone who needs it the permission to layer their precious pieces and wear whatever brings joy.”

Louis Vuitton Joy necklace, featuring over 240 carats of sapphires and tourmalines, from the Virtuosity collection. Photo: Handout

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