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London Dons Its Best Jewels

by Zoe Strimpel
Thu, 12 Jun 2008 at 9:58 PM

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The first London Jewellery Week is under way. The city has decked itself out in fashion shows, talks, events, private viewings, and sales intended to show just what a capital of jewels the city has become.

Experts, from the head of the Jewellery department at the auction house Bonhams, Jean Ghika, to one of the owners of the British jeweler Boodles, Michael Wainwright, have told me that London has overtaken the old capitals — New York, Paris, and Geneva — as the global king of jewelry. Certainly a stroll down New Bond Street, with its two big Cartiers and countless other emporia cheek by jowl, implies as much.

The decadence is astounding. As with the postwar art market, it appears that jewels are operating in a world of their own. Big, quality diamonds have doubled in value in the past two years, according to Mr. Wainwright, and his company has taken center stage this week with one-off pieces worth a quarter of a million pounds (or about $487,000). Then there's the £1 million ($1.9 million) platinum and diamond handbag at the Henry James store in Hatton Garden. Let the high times roll.

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