Three years ago, Bulgari CEO Jean-Christophe Babin signed off on the acquisition of an extremely rare and pure rough 150-carat diamond. Snapping it up was a mix of analysis, expertise and luck. ”It’s complicated to estimate what you’ll be able to extract, in terms of flawless stones. We thought we could go up to 150 carats with this one, and therefore we bet above the others,” says Babin. “It’s something that you don’t normally see in the life of a jeweller.”
It turned out to be a winning bet. Some 2,800 hours of work later, the necklace became the ‘Serpenti Aeterna’ with seven pear-shaped diamonds of 140 carats (10 carats were sacrificed to make it 140, to coincide with the 140th anniversary of the house). It was worn by Bulgari ambassador Priyanka Chopra at the brand’s high jewellery event held at the Baths of Diocletian in Rome on Monday. Babin calls it “the necklace of the century”.
With it, Bulgari is making a statement. “We have always used a lot of diamonds but people still tend to see the brand more as a brand of coloured stones, so we wanted to go all the way,” says Babin, who has led the maison since 2013.
The necklace is part of the 156-piece Aeterna high jewellery collection. Guests at the event included Anne Hathaway (who wore an antique sapphire pendant strung by rows of diamonds, paired with a Gap dress by Zac Posen). She sat front row, while Carla Bruni and Isabella Rossellini walked the show styled by Carine Roitfeld. The show was followed by a gala dinner by Michelin-starred chef Massimiliano Alajmo.
Jewellers have ramped up their efforts in recent years to stage lavish high jewellery events drawing celebrities, press and clients. Fashion houses like Dior, Louis Vuitton, Chanel and Gucci have joined the fray. “High jewellery is a market that is growing globally. Post-Covid, more than ever, affluent customers want to enjoy what is the most beautiful. We are lucky to be one of the few sectors where we can boast that each piece is practically unique,” says Babin.
Top clients are proving particularly resilient in the global luxury downturn, and the sector still offers plenty of potential, according to the exec. “High jewellery might be a few 10s of thousands of pieces a year. When you compare that with the number of billionaires and ultra-millionaires, we’re in a category where penetration is low.”
Bulgari generated sales of €3.6 billion in 2024, of which 80 per cent was jewellery, 13 per cent watches, and the rest accessories, perfumes and hospitality, per Morgan Stanley estimates, making it the fourth-largest global jewellery brand. Babin declined to reveal the share of high jewellery in the house’s revenue, only noting that it is growing steadily. “It [high jewellery] is also a profitable business,” he adds.
The Rome event also gave a nice play to watches. The brand presented 15 high jewellery timepieces, including the Fenice Secret watch in rose gold and white gold with a rubellite as a centre stone and a Piccolissimo movement, priced at €2.6 million. “It’s very difficult to get haute horlogerie and haute joaillerie to work together. Very few can do it. Getting these two areas of expertise to work together is a good way for us to make our mark,” says Antoine Pin, Bulgari watches managing director. There were also men’s watches, as most clients come to the event in couples, adds Babin. “It gives these gentlemen a personal interest in coming to these events, not only to accompany their partner.”
Also on display in the showroom were exceptional handbags in exotic skin priced up to €450,000, as well as high perfumery. Think a €200,000 fragrance, bottled in gold and Murano glass with a Serpenti pendant around the spray. “Since last year in Venice, we’ve been presenting these four categories systematically. We don’t want to leave bags and perfumes out of the high-end range,” says Babin.
Mary Katrantzou, who in April was named Bulgari’s first-ever creative director of leather goods and accessories, attended the event. “We wanted to move up a gear in accessories, bring them to something edgier,” says Babin about Katrantzou’s appointment. The focus is on sophisticated bags. “The goal is not to become ultra-niche, but to become the top-of-mind accessory for the evening,” he says. The first handbags under her creative direction will be presented during an event in the autumn and are slated to hit Bulgari boutiques in January 2025.
While other jewellers like Chopard are experimenting with couture, Katrantzou — who has her own fashion label — is not going to be designing fashion for Bulgari, says Babin. The dresses at the high jewellery show were custom-made and created under Roitfeld’s supervision. They were draped, elegant and understated. “It’s essential, so there’s no distraction or confusion; we’re not selling dresses,” Babin stresses. The Serpenti Aeterna necklace, meanwhile, was sold to an undisclosed buyer.
Does Babin sign off on all the acquisitions of stones? “All of them above a certain price. Some mornings, I have bundles of them on my desk, and when I leaf through them, my head spins.”
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