ALT/FNDATA · Market Report
Q3 2025 Report: The Secondary Market for Fine Jewelry & Gems
Auction-realized prices and the luxury-equity backdrop
The year's quietest quarter: with no Geneva flagship and the marquee houses out for the summer, the value sat in the regional mid-market, where signed pieces from Cartier and Van Cleef still drew the deepest bids.
The headline
The correction in three numbers
$7.5M
Q3 2025 auction value
Across 5,582 sold lots; −24% like-for-like (−56% gross), the summer lull
$106,131
Top lot: a Cartier Tutti Frutti
At Piguet; the marquee houses sat out the summer
$2.4M
Diamond value
Diamonds led a regional, mid-market quarter
Auction-realized prices: what fine jewelry and gemstones actually sold for at the hammer, not asking prices. · 10M+ auction results · 100+ houses.
Key findings
What the quarter told us
- The year's quietest quarter: Q3 2025 cleared $7.5M across 5,582 sold lots, down 24% on a like-for-like basis (56% gross). The third quarter has no Geneva flagship, so it is structurally the smallest in the jewelry calendar.
- The marquee houses sat out the summer. Christie's and Sotheby's, which carry the Geneva quarters, were largely absent; the value sat in the regional mid-market, led by Piguet ($2.1M) and Doyle ($1.7M).
- Signed pieces still drew the deepest bids. A Cartier Tutti Frutti ring led at $106,131, ahead of a Van Cleef & Arpels owl brooch at $59,933, both at Piguet, the kind of signed, period jewelry that holds a bid even in a thin quarter.
- Diamonds anchored the book at roughly $2.4M, with sapphires, pearls and rubies supplying modest colored-stone interest below.
- The year-over-year decline reflects the absence of a comparable marquee September sale rather than broad weakness; the third quarter is the seasonal gap between the May and November Geneva flagships.
- The public markets dispersed sharply. The luxury majors diverged in the quarter, Kering rallying about 53% off its lows, LVMH about 17% and Richemont, the closest jewelry proxy, about 1%, on equity-specific dynamics rather than any change in jewelry demand.
Year-over-year
Q3 2024 vs. Q3 2025
Q3 2024 vs. Q3 2025: sold fine-jewelry and gem lots at auction (like-for-like = the 19 houses present in both quarters)
| Metric | Q3 2024 | Q3 2025 | Change |
|---|---|---|---|
| Sold auction lots | 6,376 | 5,582 | −12% |
| Total value (USD) | $17.0M | $7.5M | −56% |
| Like-for-like value | $8.8M | $6.7M | −24% |
| Top marquee lot | $567,000 | $106,131 | −81% |
The divergence
The luxury majors dispersed sharply in Q3 2025, Kering rallying about 53% off its lows while Richemont was roughly flat, a spread driven by equity-specific dynamics rather than by jewelry demand, which sat in its structural summer lull awaiting the autumn Geneva sales.
Source: Yahoo Finance closing prices (30 Jun 2025 to 30 Sep 2025).
The outlook
Three trends that will define the year
The seasonal gap
The third quarter sits between the May and November Geneva flagships, so it clears a thin, regional book. The summer lull is structural, not a demand signal; the jewelry market's pulse is read in the flagship quarters.
Signed pieces hold the bid
Even in the quietest quarter, period signed jewelry, a Cartier Tutti Frutti, a Van Cleef brooch, drew the deepest bids. Provenance and maker carry value when the marquee stones are absent.
Jewellery is the resilient luxury category
Beneath the seasonal lull, the jewellery maisons kept compounding through 2025 and the high-jewelry market held in the flagship quarters. Jewelry's hard, intrinsic value is the defensive core of the luxury complex.
“In the year's quietest jewelry quarter, with the marquee houses out for the summer, it was the signed pieces, a Cartier Tutti Frutti, a Van Cleef brooch, that still drew the deepest bids.”
Members only
Read the full report
The headline data above is free to cite. The full report is part of ALT/FNDATA Membership, which includes every quarterly market report and the Visual Analytics Hub. Inside this report:
- The full month-by-month auction breakdown (July to September)
- The luxury-equity backdrop: the majors dispersed in Q3 2025
- Where the value cleared in a thin summer calendar
- Methodology and how to cite the data
Please enter a valid email address.
Thanks, your summary is on its way
We’ll email you the executive summary and keep you posted on new reports. The full report is available with ALT/FNDATA Membership.
Become a member to read the full report →Cite this report
Source: ALT/FNDATA, “Q3 2025 Report: The Secondary Market for Fine Jewelry & Gems” (June 2026). Based on auction-realized prices for fine jewelry and gemstones cleared at the auction houses ALT/FNDATA tracks, with public-market context from Q3 2025 luxury-equity performance. © 2026 ALT/FNDATA · altfndata.com/reports/jewelry-gems-market-report-q3-2025