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New York Times
04-07-2025
- Business
- New York Times
Key Words for High Jewelry These Days? Intriguing and Intricate.
Despite sky-high gold prices, turbulence in the diamond market and global political and economic uncertainty, the high jewelry presentations in Paris next week are the latest sign of a strong — one might even say glittering — jewelry market. 'There is an appetite for jewelry that stands out and focuses on rare stones as well as intriguing designs,' Donatella Zappieri, a jewelry business consultant specializing in strategic management and a lecturer at Bocconi University in Milan, said in an email. 'That also has laid the foundations for a new era in one-of-a-kind jewelry.' So even as luxury giants such as LMVH and Kering reported declines in first quarter global sales, there has been little sign of a drop-off in the $32.2 billion in jewelry sales that Bain and Company reported for 2024. The attraction has not solely been for classic gems such as diamonds and emeralds, or precious metals like platinum. The presentations in Paris — and those shown recently in other alluring locations — have included lesser-known stones, unusual materials and inventive techniques. And certain designers' creations flirted with art world notions of scale and purpose. 'From the standpoint of history, what's striking is how intricate jewelry constructions have become,' said Mathieu Rousset-Perrier, the curator of the Middle Ages, Renaissance and Jewelry collections at the Musée des Arts Décoratifs in Paris. 'It's much like what we have been seeing on the runway at couture,' he added. 'The question is: Where is the saturation point?' Want all of The Times? Subscribe.
New York Times
31-03-2025
- Entertainment
- New York Times
A Sea Urchin Watch Continues to Inspire
When Matthieu Hegi met Evelyne Genta, the widow and longtime business partner of the famed watch designer Gerald Genta, he immediately took note of her one-of-a-kind wristwatch, an unusual round model with tiny beads dotting its case. Mr. Genta designed the piece in 1994, and named it Oursin, French for sea urchin, because the spiny case reminded him of the creature, Ms. Genta said by phone recently from her home in London. She noted that the design owed much to the family's frequent vacations to Corsica, where Mr. Genta 'was always eating urchins.' (The designer died in 2011.) The Oursin made an impression on Mr. Hegi, the artistic director of Fabrique du Temps Louis Vuitton, the watch factory owned by the luxury group LVMH Moët Hennessy Louis Vuitton. So when LMVH took over the Gérald Genta watch brand in 2023, Mr. Hegi felt the urge to revisit the unusual watch. Last year the brand introduced three reimagined versions of the Oursin in its Gentissima collection, and January saw the release of the fourth and most flamboyant iteration so far: the 10-piece limited edition Oursin Fire Opal. Set with 137 beads of Mexican fire opal that are affixed to the case by tiny 18-karat gold pins, the 36.5-millimeter yellow gold watch boasts a matte glass-blasted finish and is complemented by an orange-red carnelian dial faceted into an octagon, Mr. Genta's signature shape. (Price on application) On a recent video call from his studio in Geneva, Mr. Hegi reflected on why, out of thousands of sketches in the Genta archives, he chose to remake the Oursin. 'It was very eye-catching,' he said, as he absently played with a sea urchin shell that he keeps in his office. 'And that's the reason why, when we started thinking about the relaunch of the Gérald Genta brand, we thought it was a nice thread to pull, to connect the story from past to future.' As for the Oursin Fire Opal, 'I wanted to come out with a version that really embodies the spirit of Corsica, of the South of France, of warmth, of sun, of happiness and joy,' said Mr. Hegi, who is a trained gemologist. 'And of course, I chose the stone I have loved forever: the fire opal. All opals are delicate, a factor that made Mr. Hegi's idea a bit risky. 'The most challenging thing was to drill the beads because they are very small and opal contains water, so you cannot drill it with a laser, for instance,' he said. 'You have to do that by hand, and they are very fragile.' The process of fashioning the Oursin's spiky exterior took place at La Fabrique des Boîtiers, a specialized division of La Fabrique du Temps dedicated to case making, also located in Geneva. Ms. Genta described the opal watch as 'very Gerald.' 'My husband was a painter and he loved red and orange,' she said, 'and he was constantly telling me that fire opals, which he had used before, were magical.'
Forbes
24-03-2025
- Business
- Forbes
The Crash Of 2025: One Chart That Will Flash A Final Warning
Before the current conflagration, I appeared on David Linn's financial podcast and was asked what I expected from the new presidential administration. I said the only certainty was increased volatility, which meant a high possibility of either great outcomes or the opposite. While the markets are signaling bad news, it is difficult to predict the outcome in isolation because we are all far from the machinations that will drive it. I'm now a major bear, but the market doesn't listen to me – I need to listen to the market. Only a fool thinks they are never wrong. Success in the market comes from the flexibility to adapt and pivot with changing circumstances. Beyond mere malleability, it requires tools that highlight shifts in market dynamics. Let me give you an example: gold. Gold moves before we understand why, serving as a strong indicator that something ominous is on the horizon. Bitcoin behaves similarly but in a different way. Gold signals that bad strategic developments are unfolding behind the scenes, while bitcoin reflects acute crises bubbling to the surface. Whether the issue is chronic or acute, these assets react before the news breaks – by the time the headlines arrive, the market has already adjusted. These are examples of leading indicators. Right now, we need leading economic indicators. Here is an example from a recent article: Defense stocks: U.S. decling, European rising Credit: ADVFN U.S. defense stocks fall, and suddenly, European defense stocks rise. Who knew? It takes an idealist to believe that the new U.S. stance on global defense was a surprise to insiders around the time of the election results. It could be a coincidence, but… Setting that aside, are there more such signals? Personally, I take a stoic view. While Marcus Aurelius wasn't trading the Nasdaq, he would have told you, 'Change what you can; what you can't change, accept.' So instead, I'll listen to the market and see if it can help me avoid the worst of whatever is coming. The key question is: Will the market crash, or will it hold at a correction level and bounce? Let's look for a leading indicator. A crash and ensuing recession or depression will hurt some businesses more than others. Economic downturns and conflict will especially impact one sector: luxury. The post-COVID era has fueled unprecedented demand for $40,000 handbags, multimillion-dollar watches, and seven-figure hypercars. I must admit to owning a few that I love, but the point remains – this froth is the first to disappear if the global economy's foundation crumbles. Luxury brand companies will deflate like a soufflé. If they don't, it's strong evidence that the 3D chess players have gotten it right and that things are going to be great – absolutely tremendous, believe me, no one will have seen anything like it. So here is the chart you need to watch: LVMH, a colossus of luxury: Luxury goods manufacturer LMVH: the chart to watch Credit: ADVFN It's already 20% down, just a few percentage points from what is considered a crash for an index. However, this is what I will be watching: The levels to look for in the LMVH chart Credit: ADVFN Simply put, if LVMH breaches these levels, the market is strongly indicating we are headed into a global recession, and a crash is underway. Savvy investors in luxury will be the first to bolt for the exits, making LVMH one of the first buffaloes to stampede off the cliff. If it holds, then the slump may not materialize. This is my 'canary in the coal mine.' I do have a couple of bullish considerations to keep in mind, even in the face of a potential downturn. Central banks will do their best to prevent a collapse. The Fed has already halted tightening and is fully capable of restarting QE. While not a panacea, this could provide a buffer against a market rout. Finally, I see a sentiment emerging in the investor community that reminds me of crypto-bros when bitcoin crashes – a wave of denial and bargaining. This is a bearish signal, as it suggests a large, naïve cohort of investors with herd instincts, a volatile group often associated with major slumps. The U.S. tariff denouement approaches, and whatever unfolds, one thing is for sure: volatility will be elevated. If you're holding, you need to decide now how you plan to navigate the next few months. It's better to be wrong than unprepared. For me, it's cash, precious metals, agriculture, and steel. Yes, I am that bearish.
