AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
EditorsApr 13, 2015
Rent the showcase?
A few weeks back, I attended the Women’s Jewelry Association In the Know conference here in New York City.
For those of you who are unfamiliar, Rent the Runway, which Hyman co-founded with her Harvard Business School classmate Jennifer Fleiss, is a website where women go and pay a reasonable rate to rent a lovely dress for a special occasion. When they are done, they return it.
It’s one of those concepts that’s so startling in its simplicity it brings up the question, “Why didn’t I think of that?” After all, men long have been able to rent tuxedos, and there’s no reason there shouldn’t be a similar service for women that’s equally as successful.
One of the more interesting points of Hyman’s talk was her thinking on brands and, more broadly, how consumers come to identify with a brand--they actually have the chance to wear or use it.
“I really believe that the way someone falls in love with a brand is they have an experience with that brand,” she said. “It happens organically.”
This is what she means: A customer goes on Rent the Runway, rents, for example, this hot-pink Helmut Lang dress for $35 and they have a great night. They’ve picked a brand that’s cut perfectly for their body, they’re willing to be a little daring with the color because they didn’t drop hundreds or even thousands on the dress and they get a dozen compliments that night, as opposed to just two or three.
The customer who rented that dress is going to walk away thinking: Helmut Lang is the brand for me.
And while they might not have the money to buy that designer right now, they could later down the road. Hyman said during her talk that after renting, many customers do go on to purchase merchandise from the brand they tried through Rent the Runway.
Her talk got me and plenty of others in the audience buzzing.
One of the biggest problems facing the industry is the younger generation’s lack of interest in fine jewelry; we’ve lost many of them lost to handbags, iPads, travel. Is the industry missing an opportunity to get them back by introducing them to jewelry brands on a rental basis?
As Hyman mentioned in her talk, Rent the Runway does not have fine jewelry--at least for now. A quick sweep of the site shows that the priciest piece offered for rent is an Erickson Beamon necklace with Swarovski crystals and gold-plated brass that rents for $225 and retails for $1,412.
But Rent the Runway could add fine jewelry in the future, and there’s also another site called Haute Vault, which does rent traditional fine jewelry. That site currently has fewer than 50 brands and most of them are large, well-established players: Stephen Webster, Roberto Coin, Ippolita and, in watches, Rolex and even Patek Philippe.
Should more fine jewelry brands be seeking to add themselves to the inventory offered on sites such as Rent the Runway and Haute Vault? Designers, what do you think?
Also, what about retailers? I know through I chat I had last week with Laurette Merusi, vice president at insurance company Jewelers Unblocked, that there are some higher-end retailers that have jewelry loan programs covered by riders on their insurance policies.
She said she didn’t know of any independent retailers offering a rental program to customers, though she notes if they wanted to, such a program likely could be added on to their current policy. Merusi also noted that if the individual renting the jewelry from a retailer had a personal articles policy for jewelry, that might also cover borrowing or renting jewelry.
She said she hasn’t any inquiries about jewelry rentals from independent retailers yet but notes of rentals in general that, “We are seeing it more and more.”
Merusi said many people were uncomfortable sporting expensive jewelry during the recession--a trend dubbed “luxury shame”--but that feeling is fading as the economy improves. There is, she thinks, a “strong likelihood” some independent retailer might try to make a rental program of some sort work in the future.
Retailers, what do you think of rentals as a way to introduce customers to different brands and, hopefully, increase their appreciation for fine jewelry as a whole?
But Rent the Runway could add fine jewelry in the future, and there’s also another site called Haute Vault, which does rent traditional fine jewelry. That site currently has fewer than 50 brands and most of them are large, well-established players: Stephen Webster, Roberto Coin, Ippolita and, in watches, Rolex and even Patek Philippe.
Should more fine jewelry brands be seeking to add themselves to the inventory offered on sites such as Rent the Runway and Haute Vault? Designers, what do you think?
Also, what about retailers? I know through I chat I had last week with Laurette Merusi, vice president at insurance company Jewelers Unblocked, that there are some higher-end retailers that have jewelry loan programs covered by riders on their insurance policies.
She said she didn’t know of any independent retailers offering a rental program to customers, though she notes if they wanted to, such a program likely could be added on to their current policy. Merusi also noted that if the individual renting the jewelry from a retailer had a personal articles policy for jewelry, that might also cover borrowing or renting jewelry.
She said she hasn’t any inquiries about jewelry rentals from independent retailers yet but notes of rentals in general that, “We are seeing it more and more.”
Merusi said many people were uncomfortable sporting expensive jewelry during the recession--a trend dubbed “luxury shame”--but that feeling is fading as the economy improves. There is, she thinks, a “strong likelihood” some independent retailer might try to make a rental program of some sort work in the future.
Retailers, what do you think of rentals as a way to introduce customers to different brands and, hopefully, increase their appreciation for fine jewelry as a whole?
More on Editors
The Latest
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
SourcingApr 11, 2025
Mikimoto Names New President, CEO for U.S. DivisionKentaro Nishimura, who has been with the pearl company since 1997, has been promoted to president and CEO of Mikimoto America.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
Weekly QuizApr 11, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesApr 10, 2025
Trump Presses Pause on Higher Tariffs for 90 DaysAn across-the-board tariff of 10 percent remains in place for all U.S. trading partners, except China.
MajorsApr 10, 2025
Brilliant Earth Taps Influencers, Their Moms for Mother’s Day CampaignBrigette Pheloung and Tania Sarin, and their mothers, star in the campaign wearing medallions they co-designed.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
MajorsApr 10, 2025
Pary LeVian, Matriarch of the LeVian Family, Dies at 96LeVian is remembered for her unwavering commitment to her family, community, and helping others.
Events & AwardsApr 10, 2025
Hamptons Jewelry Show to Debut This SummerThe retail show is open to the public and will run July 24-27.
MajorsApr 09, 2025
Tiffany & Co. Opens Flagship in BrazilThe new store in the upscale Iguatemi São Paulo mall is the storied brand’s first flagship in Brazil.
AuctionsApr 09, 2025
Bonhams to Offer Selection of Chaumet JewelsThe pieces span from the Art Deco period to the 1970s and will go up for auction at the Paris Jewels sale later this month.
MajorsApr 09, 2025
Pandora Names Tyla as Its New Brand AmbassadorThe Grammy-winning singer-songwriter, who is set to perform at Coachella this month, also debuted a curated selection from the brand.
GradingApr 08, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
WatchesApr 08, 2025
Here Are the New Rolex Watches for 2025The introductions include the Land-Dweller, Rolex’s first new model since 2012, as well as several new dials for its classic timepieces.
MajorsApr 08, 2025
Willis Cowlishaw, Zale Executive and Mentor to Many, Dies at 98Cowlishaw earned a degree in horology after serving in World War II, working at one of the first Zales stores in Tulsa, Oklahoma.
AuctionsApr 07, 2025
182-Carat Paraíba-Type Tourmaline Heading to Auction in Hong KongBonhams will offer the “Kat Florence Lumina” at its May 22 jewelry auction.
CrimeApr 07, 2025
Third Man Involved in $2.7M Smash-and-Grab Is SentencedIn March 2022, the men went into a jewelry store in Beverly Hills and smashed the display cases with sledgehammers and crowbars.
AuctionsApr 07, 2025
Sotheby’s ‘Area_51’ Watch Auction Totals $1.6MThe 51 unique watches from Sotheby’s three-day sale and immersive exhibition all found buyers, with the top lot selling for $229,955.
MajorsApr 07, 2025
Jewelers Mutual Expands to Australia Via New AcquisitionThe company has acquired Australian jewelry insurance provider Jewellers Loop.
Events & AwardsApr 07, 2025
Converge Taps Neuroscientist as Opening Keynote SpeakerBeau Lotto’s immersive presentation will be a blend of neuroscience, art, and entertainment.
AuctionsApr 04, 2025
25-Carat Burmese Sapphire Brooch Sells for $101KA pink topaz Belle Époque pendant-brooch and a Victorian Egyptian Revival choker were also highlights at a recent Anderson & Garland sale.
SourcingApr 04, 2025
Mason-Kay Jade to Hold Inaugural International Jade SummitThe event, which will co-locate with the Monterey Bay Jade Festival, will bring education sessions focused on jade to the United States.
CollectionsApr 04, 2025
Piece of the Week: Heather B. Moore’s ‘Lily of the Valley’ CharmThe charm is a celebration of springtime as April showers bring May flowers with the piece’s cluster of diamond raindrops.
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
