With global economic uncertainty reshaping luxury markets, the fine jewelry industry is undergoing its own transformation.
Independent designers are at the heart of the shift, navigating the impact of soaring gold prices and international tariffs, yet business remains resilient.
In Los Angeles, buyers continue to be drawn to these makers for their unique craftsmanship and attentive, personalized service — with Instagram playing a key role in offering direct access beyond traditional retail.
“Social media has done such a good job with connecting customers and artisans from all over,” said jewelry designer and artist Maggi Simpkins. Originally from Portland, Ore., she’s been living in L.A. for 18 years, with the past decade dedicated to building her namesake fine jewelry business — which grew through word of mouth until Instagram accelerated its reach, she said. “It absolutely has unticked.”
All her jewelry is produced in downtown L.A., with designs emphasizing storytelling and incorporating hidden details and symbols meaningful to each client. “I just think that a lot of people didn’t know that custom jewelry was even accessible to them,” she went on.
Maggi Simpkins
With engagement rings remaining a cornerstone of the business, the average customer these days is looking to spend between $10,000 to $30,000, Simpkins said, adding, “There’s been this rise of champagne diamonds and warm color diamonds.”
It reflects a desire among natural diamond buyers to emphasize the authenticity of their stones, she continued. “They want it to be recognized as real.” Unique or vintage cuts are also on trend for the same reason.
Meanwhile those opting for lab-grown diamonds tend to go for larger stones: “I am seeing people want a lot of really big lab diamonds.”
On her end, the most immediate challenge is the skyrocketing price of gold, she said. “It’s absolutely and utterly insane. I mean, it’s over $3,000 an ounce. A year ago, it was $2,000 an ounce.”
Faith Oftadeh of fine jewelry brand Yara Sophia, who also produces in L.A., had the same sentiment. “The cost of gold is out of control,” said Oftadeh, whose work is rooted in a raw, organic aesthetic with asymmetric designs.
She’s adapting her business to maintain affordability and client satisfaction, though will need to rise her prices (“Slightly, not too much”). With many clients already committed to designs based on previous estimates, she’s having open discussions to adjust designs or materials to align with their budgets. She’s also noticing an increasing number of clients providing their own stones, often heirlooms, to be repurposed into new designs and reducing material costs, she said. “I’m seeing a lot of that. A lot of people are coming to me with existing pieces.”
Yara Sophia
Katie Jones/WWD
For Anup Jogani, a gem dealer and artist based in Silver Lake known for sourcing rare and untreated stones, some worth several millions, the demand from high-end buyers hasn’t waned.
“I’ve only seen an acceleration to the top,” he said. “People wanting only untreated, unheated gems, people wanting proper, old diamonds.”
With the effects of tariffs, however, Jogani is rethinking his approach to sourcing and selling: “If I’m importing a million dollars’ worth of stones and suddenly have to pay $100,000 on top of that, my margins aren’t thick enough to absorb that.” He’ll acquire gems abroad and complete sales without ever bringing them into the U.S. market. “Whatever’s in the U.S. is going to sell. We have international clients. So, if I buy something internationally, it will sell internationally without ever landing in the U.S.”
Anup Jogani
To Jogani, who was raised in the L.A. area, the rise of independent jewelers signals a “rejection of mass market modernity.”
He continued, “It comes from that whole ideology and psychology of hunting for antiques, finding vintage clothes. The things on Instagram that get the most views are when you’re giving people a peek into how things are handmade, or how things are done, or how gemstones are custom cut or properly cut.”
It’s also rooted in transparency and value, he said, adding, “If I go into a mass market retailer, most of what I’m paying for is their operation. I’m not paying for a piece of jewelry. I’m paying for the fact that I bought it at a corporation, and they have to have massive margins built in in order to run an operation. Now, with social media, people are being able to showcase their work in a way that is effective and accelerates word-of-mouth conversation.”
