But, as anticipated, the analysis does not end here. The experts have also introduced indexes that aim to analyze the trend of the so-called minor arts: ancient objects, furniture and sculptures, jewelry, wines and photography. Within the minor arts, the trend of the Jewels sector was analyzed compared to the other minor arts given the particular function of safe haven covered by this segment. The most important segment after painting, in fact, is represented by jewelry and watches, whose auctions stand out for their high average turnover and which overall account for 14.2% of total revenues. This segment is expected to grow further by the experts of the MPS, given the success that especially the auctions of stones and precious stones are enjoying on all the continental markets.

Conclusions: the weight between the various segments seems destined to change further, with a strengthening of the minor arts which show, in the last calendar year alone and in all categories, better performances, in terms of percentage variations, compared to the Mps Global Painting Art Index.

The MPS Jewels index summarizes the trend of auctions of jewelry, watches and precious stones of the most important international centers: Geneva, London, New York and Hong Kong. The segment shows the most interesting growth rates in the minor arts sector, with an increase of 160.8% in the last 5 years.

In comparison with the MPS Arti Minori Index Without Jewels, the success of precious metals is evident, which at the moment confirm themselves as the safe haven par excellence, with an estimated performance of +10.0% (last data taken into consideration in the study).

Jewels also prove to be a rather "liquid" asset, at least for high-quality pieces: the auctions considered demonstrate that designer or antique jewels are a safe investment. In addition to diamonds, natural stones (untreated) and natural pearls (uncultured) remain highly appreciated. The success of the segment can be attributed to two main reasons: 1) the jewel is seen as a safe haven; 2) the value of the underlying (gold, silver, diamonds, etc.) has grown significantly in this period of recession.

Of course, it is not automatic to sell a jewel, but no more than a painting. The unsold rates recorded in the last five semesters, note the analysts of the Sienese bank, are in the region of the average rates of the five-year period (average rate per lot 21.4%, per value 17.6%), and below the peaks reached in 2010: the market in the last two years seems to have found a sustainable balance for supply and demand.

Compared to the past, the demand for precious stones is concentrated more on higher quality diamonds, stones with particular colours such as Burmese for rubies, Kashmir for sapphires and Colombian (Muso) for emeralds.

In New York, large-carat white diamonds are particularly appreciated, as are large colored stones and colored diamonds. Jewelry from the 1920s and 1950s is very popular both in the old and new continents. The English market is more oriented towards cushion-cut diamonds for their particular brilliance and charm. In Italy, interest in vintage jewelry is increasingly gaining ground, thanks to a consolidated goldsmith tradition that has produced high-quality manufacturing, design and proportions. Internationally renowned brands add value to jewelry through refined designs and perfect workmanship.

Finally, there is no shortage of advice for those who decide to launch into an investment in diamonds. It is necessary, the experts explain, to evaluate the so-called 4 Cs: color (Color), purity (Clarity), cut (Cut) and carat (Carat). Also not to be overlooked are proportions, fluorescence and polish.

The fine jewelry market is summarized in a series of graphs. The performance of the MPS Jewels Market Value Index over the entire observation period is decidedly positive (+63.5%) and higher than the other national stock market indices considered, all in negative territory: SMI (-4.9%), CAC 40 (-36.7%)** and Ftse Mib (-54.5%) with the exception of the S&P 500 (+2.7%).

The stock market investment in luxury jewelry is the only positive one compared to the major representative indices of the 4 countries that contribute, with their companies, to the definition of the MPS Jewels Market Value Index (Damiani and Bulgari for Italy, LVMH, Hermès and Dior for France, Richemont for Switzerland and Tiffany & Co. for the United States).

But be careful: there is no shortage of dangers. The luxury jewelry segment, the study continues, is subject to numerous threats: 1) ever-increasing interest in substitute goods designed to satisfy psycho-physical well-being (e.g. travel, spas, gyms, etc.); 2) greater demand for fashion industry products, especially from younger people, attracted by less prohibitive prices and innovative features; 3) preference for fashion products rather than value products; 4) strong seasonality of sales in certain periods of the year (for jewelry, Christmas and Valentine's Day); 5) risk of counterfeiting; 6) reputational risk (for example when production is decentralized abroad); 7) changes in consumer taste, often sudden and unmotivated. High unemployment rates and tax rate levels in emerging markets are factors that can influence demand. Furthermore, luxury market products have the nature of secondary goods and this makes them susceptible to the surrounding macroeconomic situation, making it necessary to constantly strengthen and relaunch the brand.

For this reason, in recent months the performance of the MPS Jewels Market Value Index has been affected by the difficulties of the financial markets (-20.5%), but the performance of all the other indices has also been negative, ranging from -31.9% of the Ftse Mib to -10.7% of the S&P500.

The overall performance of the MPS Jewels Market Value Index was mainly influenced by LVMH (-19% approx.) and Richemont (-23% approx.), which together account for approximately 70% of the entire index.

The growth of the Bulgari stock (+50% approx.) following the takeover bid launched by LVMH had little impact on the performance of the index, due to its limited weight on the aggregate (4.5% approx.).

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