The Rise of Demi-Fine Jewelry | When Modern Luxury Looks Beyond Carats

This article was written by Demi Karanikolaou for Harper’s Bazaar Greece. You can find it here.

At the Euro 2024 semi-final, football enthusiasts may have been focused on the action, but fashionistas were busy admiring something much different. Seated in the VIP section, Adele was stealing the show with her uber chic, sleek look and statement, 80s-inspired gold earrings. But while the sirens of old Hollywood were widely known for their priceless Bulgari and Cartier collections, Adele’s earrings are the creations of YSSO, a modern demi-fine jeweller from Greece. Indeed, cosmic shifts are evident all across the luxury and jewellery industries, and while heritage brands continue their quest of creating museum-worthy heirlooms, a growing number of consumers are leaning into pieces that feel more personal, wearable, and ultimately, more relevant to the needs of modern living.

Shining in the storm

Facing its sharpest contraction since 2008, the luxury sector is undergoing an undeniable restructure, following a decade of strong growth. According to a report by Bain & Company, sales of personal luxury goods are projected to contract further in the coming year, driven by inflation, geopolitical unrest, and a general shift in how consumers perceive value. And while a fair amount of consumers, including previous middle-class Van Cleef & Arpels buyers, might skip eye-watering purchases for now, that does not mean they are not still lusting after beautiful items. That’s where the well-known “lipstick effect” comes into full swing: when big-ticket items feel out of reach, consumers lean into smaller and more secure indulgences. Segments like fragrances and eyewear, continue to perform well - but jewellery - and more specifically demi-fine pieces around €400, can add much more glamour without triggering any anxiety. 

Market data prove that sentiment: the accessible luxury jewellery category continues to thrive, with analysts expecting it to grow by +8.4% annually, doubling in value by 2032. Smaller, more sensible purchases deliver impact without extravagance. “There’s a growing disillusionment with old definitions of luxury” says Alexia Karides, founder of YSSO. “The idea that value is tied only to materials like diamonds or gold is more utilitarian. Today, people want meaning. They want design. They want jewellery that speaks to who they are, not just what they can afford. Costume and demi-fine jewellery allows for more spontaneity. It feels playful, wearable, and versatile without sacrificing beauty or quality.”

Reality above carats

The jewellery industry has traditionally defined ‘fine’ pieces, as those strictly made out of precious metals and stones, while everything else is usually considered to be “costume” jewellery. However, “demi-fine” jewellery live in the sweet spot between costume and fine. Crafted from sterling silver or gold vermeil and often handmade in small runs, those pieces deliver the feel and weight of fine jewellery without the price tag or the pressure. “We only use sterling silver, never brass” Karides notes. “That’s a choice rooted in respect for the customer. They’re buying something that still feels precious.”

However, for reasons going far beyond the state of the economy, demi-fine pieces are extremely relevant to modern living, as we have changed the ways in which we use jewellery in both our daily life and special moments. Gone are the days of having that one special necklace, meant to be worn on every occasion throughout ones’ life. Instead of buying them only as gifts for engagements, graduations, or milestone birthdays, jewellery has become an extension of daily style, much like any other accessory. The modern consumer isn’t waiting for permission to invest in a beautiful piece - they're doing it for themselves and do not want to think about it too much. Jewellery is thus becoming more about emotion than occasion. Enter demi-fine pieces: it is all about a mood, a memory, or a moment of pleasure. In the middle of a fiscal recession, consumers simply want pieces that feel good, are holiday-ready, and whose price point allows for more experimentation. For example, even if you are unsure about being able to pull off very large golden earrings, you can test the look by buying something that will cost you a couple of hundred, rather than thousands of euros. “It reflects a broader breakdown of traditional consumer habits,” YSSO’s Karides explains. “Jewellery isn’t just about gifting anymore. People are buying for themselves, like they do with shoes or bags. That’s why we design pieces that feel sculptural, modern, and wearable - heirlooms you don’t need a special occasion to wear.”

Having said that, artisanship and storytelling are also playing a pivotal role in helping demi-fine brands differentiate themselves from lower-priced pieces that consumers do not associate as having any real value. A prime example is Bottega Veneta’s “Craft is Our Language” campaign, which had a very positive reception.

Who’s buying and why the ultra-wealthy are on board

You would be right to assume that demi-fine jewellery’s biggest fan base is recession-ridden millennials and Gen Z - young professionals seeking luxury at accessible prices. However the category is also drawing an unexpected elite clientele.

According to Net-a-Porter, YSSO’s largest retail partner, 85% of its customers are between the ages of 25 and 54, and over 53% belong to the luxury retail giant’s EIP (Extremely Important People) program, reserved for top-tier, high-spending customers.

For the uber-affluent shoppers - those who already own all of the Cartier and diamond pieces in the world - demi-fine jewellery offers something that their ultra-expensive pieces cannot: freedom. “It’s far more resilient - perfect for travel, everyday wear, and situations where you don’t want to be precious about what you’re wearing,” says Karides. Indeed, instead of status, demi-fine pieces offer customization, a touch of playfulness, and the freedom of something that you are not afraid to wear. They are not meant to replace haute joaillerie, but to add elements of personal expression.

The new language of luxury

Having found a sweet spot where it can target both aspirational consumers and the ultra-wealthy, the future looks very strong for brands in the demi-fine space. And while this is by no means a new industry - Chanel-owned Goossens Paris, for example, has been a prominent name in the space since 1950 - the current socioeconomic environment and technological evolutions are opening new doors for pieces that are precious but not extravagant.

New techniques in gold plating, for example, reassure optimal quality and precious golden shine for longer. But also, evolution in e-commerce, personalization, and AI-led shopping can aid brand discovery. For demi-fine brands that bet mostly on the experimental nature of customers, AR try-ons and custom options are fuelling the category’s reach. As the lines between fashion and fine jewellery continue to blur, demi-fine offers an excellent solution. Precious without being pretentious and design-led without guilt, it is easy to see why the category is booming. After all, modern luxury is much less about carats and much more about character.