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Maren Sumset
Welcome to Marin Talks your Money, the personal finance edition of Marin Talks Money. In these bonus podcasts, we talk about the best strategies for making the most of your money. I'm Maren Sumset, Web Editor at Large for Bloomberg UK Money, and in this episode we're going to talk about a slightly less conventional investment choice. Fine jewellery, vintage jewellery, antique jewellery, however you want to talk about it. Jewellery that you are not buying new. Now. At a time of market volatility and ongoing inflation, jewelry has not only held its value, but in many cases it has appreciated more than many cases, actually. So if you are thinking about this in terms of real assets, how might it actually fit into your wider portfolio? With me today is Emma D. Sibyl, a former banker who's now the director of Baroque Rocks, a company which specializes in Vintage jewellery. She has a keen eye for this stuff. And that has led to partnerships with various brands including fashion retailer Jigsaw and the label Paul Smith along the way. Welcome to Marin Talks Money.
Emma D. Sibyl
Oh, it's wonderful, wonderful to be with you, Merrin.
Maren Sumset
Listen, let's just start by telling. Tell me a little bit about what you do and the type of jewellery that you are interested in and that you sell.
Emma D. Sibyl
Okay. So I sell predominantly vintage jewellery. And from the 1960s to, to early 2000s, vintage is quite interesting. It's actually 15 years old is the technical term for vintage. But it's fine vintage jewellery which has intrinsic value, effectively. Yeah.
Maren Sumset
So when you say fine vintage jewellery, what you mean is jewelry with actual gems and precious metals.
Emma D. Sibyl
It's Exactly. It's not costume jewelry. So it's anything from 9 carat to 14 karat to 18 karat. I don't go any really higher than 18 karat because it just. Yeah, it's just. There's not really the marketplace for that. But it's very much what I love it because it's, it's got intrinsic value. It's also really funky. It's very cool. So yes, you've got your intrinsic metal value. You've got real gemstones in there which also have another value and they're sustainable. I think the secondhand market is a bit like driving a car off a forecourt. You know, the moment you've driven a car, brand new car, it loses some of its value. But there's still your secondary market. And I think that's the same thing for vintage jewellery. There's very much a big secondary market.
Maren Sumset
Yeah. Okay. So looking back at the jewellery before the period, when you're interested in buying jewelry, there are various things that you can't really get anymore. Those old cut diamonds you sometimes see at auction, etc. I'm quite interested in those because diamonds in particular, when you look at the modern diamond world, do you think, why on earth would you go into a shop and buy a piece of diamond jewelry when we know that man made diamonds are identical.
Emma D. Sibyl
Exactly.
Maren Sumset
And so the value of modern diamond jewelry looks a little iffy. But older diamond jewelry maybe holds its value.
Emma D. Sibyl
It very much does. And especially old mine cut diamonds, no two are the same. And then a lot of them were recut again in the 20th century. So basically surviving old minecarts are actually becoming scarcer. So again, so that's why the value's gone up.
Maren Sumset
But they don't, but they don't have quite the same sparkle as a Modern cut diamond.
Emma D. Sibyl
No, they really don't. They really don't. But I'm a real traditionalist, so I don't touch lab grains. I will not touch them. And that's ridiculous really, because chemically they have.
Maren Sumset
They are exactly the same.
Emma D. Sibyl
They are exactly the same. But one is grown in a test tube and the other one comes from the earth.
Maren Sumset
You might not touch them and other jewellers might not touch them. But nonetheless it makes a diamond worthless, doesn't it? A mined diamond is still worth less because of the existence of lab grown diamonds.
Emma D. Sibyl
It is.
Maren Sumset
Someone told me about a decade ago that if you were going to buy a diamond with the rise of lab grown diamonds, you should always buy a flawed diamond or a colored diamond. Which may be one of the reasons why champagne diamonds, et cetera, took off a few years back.
Emma D. Sibyl
Exactly, they did. And actually really the only diamonds that have held their value recently are the fancy coloured diamonds, the pinks, the blues, and they really are genuinely rare. I think with going back to the lab growns, there's no resale market for a lab grown at the moment. So again I'm going to go back to my emotional heirloom argument of it was formed billions of years ago versus back in a laboratory.
Maren Sumset
Yeah. The key point is that a lab grown diamond is never going to be an investment. But its existence devalues. Your investment in mined diamond depends on
Emma D. Sibyl
when your diamond was. If it's an old minecarts, then that's kept its value. Yeah, it has. Sadly it has. I mean the prices are down 50 to 80%. So yes, you're right.
Maren Sumset
Yeah. All right, let's talk about other gems. Other gems. What is popular? What is fashion? Mom and I bought something the other day. I bought a zircon ring. Everyone said to me, why would you buy a man made gem? Because people hear zircon and they hear zirconica.
Emma D. Sibyl
Exactly.
Maren Sumset
But actually this is a beautiful gem, but I think it's really undervalued because no one recognize it as being the equivalent of a sapphire.
Emma D. Sibyl
No, exactly. So zircons, I love a zircon. I'll talk about the blue one. So the blue zircons really do rival the sapphires and they are a fraction of the cost, obviously, because sapphires again have. Going back to diamonds. Diamonds, sapphires, emeralds and rubies were the big four and those are the big four. Then everyone else is jostling for the next place. But within the jewellery world you can no longer talk about the big four. You have to talk about all gemstones, but I'm still going to talk about the big Four.
Maren Sumset
Hang on, why aren't you allowed to talk about the big four?
Emma D. Sibyl
I think they're. You are. We can't call them the big four anymore. You have to just put them into a slightly bigger bucket with everyone else. But zircons, if I've got a chipped diamond in there, for example, sometimes I'll replace it with a white zircon, which again, rivals it for diamonds. For their brilliant blue zircons, they're vastly undervalued. So they're.
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That.
Emma D. Sibyl
I'd say they're a great investment. I am going to. If I may just take us on to going back to the big Four. Emeralds and emeralds are part of the beryl family. And the reason I wanted to talk about beryls are because going back to undervalued gemstones are aquamarines and morganites, because morganites and aquamarines are not an emerald. But they are in the same, again, chemical formula, chemical makeup, same family. But again, they haven't had the marketing, they haven't had the history, they haven't had the folklore that an emerald has enjoyed. For example, because they were found, discovered in 1910, they don't have the same market value.
Maren Sumset
Is it also about. Is it also about rarity in that. Is an emerald what we think of as an emerald, a nice green color, et cetera, Is that more rare than an aquamarine or a morganite? Because obviously one of the big drivers here is rarity. No. Really not. No.
Emma D. Sibyl
So they're really rare. They are rare, but they just haven't got the marketing around them. And that's why I always say, actually have a look at. When you're. If you're buying jewellery, look at the Morganites, look at the aquamarines. And what's really interesting, going back to diamonds, because the diamond market has fallen so significantly, a lot of investors are pivoting now to the colored gemstone market. And that's been very interesting. And people are asking me for different colored stones, et cetera, et cetera. Another fascinating, undervalued gemstone, in my opinion, is a spinel. Now, I don't know if you know what a spinel is.
Maren Sumset
I don't. This is new.
Emma D. Sibyl
Okay, so a spinel is really exciting. So in. So when King Charles had his Coronation back in 2023, he wore out of Westminster Abbey, he literally strutted off wearing the Black Prince's ruby in the imperial straight crown. Right. Apart from that ruby in the state crown that hangs just above, visible just above the cross is not a ruby, it's a spinel. It's still referred to as a ruby.
Maren Sumset
Okay. And is it the same chemical makeup?
Emma D. Sibyl
Is it what is it? Totally different gemstone. And it's found from Burma that basically for centuries miners didn't distinguish between the two, between a ruby or a spinel. They couldn't tell the difference.
Maren Sumset
Yeah.
Emma D. Sibyl
Then they went into the labs where they were properly assessed and discovered that they're very different. Why they're compelling now is that there's no lab grown disruption. They're very underpriced. Equivalent to rubies and auction prices. Again, the collector base are growing and the color range, just like diamonds, is quite large.
Maren Sumset
Burmese rubies used to be all the rage. Right. Is it possible that quite a few of the things that were flagged as Burmese rubies are actually spinels?
Emma D. Sibyl
I would say they probably are. 100%. Yeah.
Maren Sumset
Interesting. Okay, here's another gem that I've always been interested in, which is a relatively new one. I remember when the first marketing campaign for it started about 20 years ago, which is tanzanite, which apparently only comes from one mine at the bottom of Kilimanjaro, et cetera. There was this exactly huge marketing campaign around it about 20 years ago and then they seemed to lose traction. But I saw at auction the other day quite a few tanzanites come up, tanzanite rings, et cetera, come out, come up at what looked like reasonable prices. In line again with, I don't know, peridot or the sort of not big four gems. What's going on with tanzanites?
Emma D. Sibyl
Again, going back to the rarity. I love wearing something that is rare, that has a story behind it. And so with the tan with tanzanite, as you said, it's only found in one space and one place on earth and that's in Tanzania. They are hailed as a one generation gemstone. There's hardly anything left in the, in, in the mines. So again, the tanzanites are probably undervalued for where they are now. And again, they've never been successfully synthesized. Synthesized, I can't pronounce it.
Narrator/Advertiser
Yeah.
Emma D. Sibyl
So again, this is another great stone to be buying.
Maren Sumset
And genuinely rare.
Emma D. Sibyl
And genuinely rare.
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Emma D. Sibyl
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Maren Sumset
Let's move further up. We've talked about quite a lot of things that give jewelry gems their value. We've talked about rarity. We've talked about condition. We've talked about. We haven't really talked about history and provenance because that's more antique jewelry, but that's all important.
Emma D. Sibyl
But actually, do you know what I think for what I do the bit like Georgian silver. So I'm going to go back to the 1970s stuff. So early 1970s when gold was relatively cheap, it hadn't had the Nixon effect. Jewelers were far more generous with their gold. And so you get in the 70s really heavy gold pieces. And what's happened now, because the gold price back in January 2026 hit US$5,589 per troy ounce. Everyone was like going, oh my gosh, what's going on? Blah, blah, blah, blah, blah. A lot of the 1970s, early 70s stuff with any weight got smelted. So then we're going back into that vicious circle of there's not enough supply, rarity value, so the gold, 1970s pieces will go up in value, et cetera, et cetera. And the same goes for silver. Silver again has gone up not as exponentially high as gold, but it has gone up. But again, the smelting process in my world is so painful and so heartbreaking. That is craftsmanship gone. People cannot make or don't make pieces like they really used to because again, the old, from antique jewelry to even mid century, the jewelers made their own, made their own implements to make the jewelry with. So a lot of. And nowadays a lot of it's machine made.
Maren Sumset
Yeah.
Emma D. Sibyl
If you see like a parve diamond look, that's all machine made.
Maren Sumset
Yeah.
Emma D. Sibyl
And by parfait I mean like dotted diamonds in a say ring. That's machine, that's not handmade. And so the handmade stuff is really valuable and those techniques aren't being passed down because the jewellery world works in a silo effect. No one talks to the right hand or the left hand and that's a real shame. I think that's one thing in the jewellery world I think we could probably be better with.
Maren Sumset
It's interesting what you say about things being melted down because we often say when we're talking, when I've talked about investing in vintage jewellery, etcetera, in the past, I've often said that quite often you can buy pieces for not much more than the value of the precious metal and the gem itself. So it's very exciting. You're getting that great craftsmanship for free, but you're saying that in many cases free isn't enough. No one wants the craftsmanship. So they will melt it down and separate the pieces.
Emma D. Sibyl
Unfortunately, yes. Actually, because gold has dropped, I'm going to be taking myself straight back up to the Birmingham jewellery Quarter. Any jewelry court in the UK is a great place to go and start looking for jewellery. I would be still while it's now low, what is it today? Today's life price is about I talk in US dollars 4015 USD per troy ounce. That's about 3,000 pounds and that's really come down from its height in January. So I will be going to have a look what what's around I'll be buying now.
Maren Sumset
And when you speak to all the jewelers, when you go up to the jewelry quarters etc. Are there expectations from them? Because given their decades of experience behind them as to where the gold price might go next?
Emma D. Sibyl
Yes, they think it's still going to go up.
Maren Sumset
They think it's going up again.
Emma D. Sibyl
Interestingly JP Morgan, I had a quick look at their what their forecasts are. They still think it's going to go well over 6,600 and JP Morgan's conservative, they're not like Goldman's. Goldman's always give far larger kind of forecasts. So I do think it's now going to go up and I think in this little dip is a really interesting time to invest. And also because you'll go back to the craftsmanship which you are would be buying into again the rarity there will be a secondary market, I mean and going back to rarity the luxury houses are very interesting at the moment.
Maren Sumset
Oh no, this is exactly what I was about to ask you about when we got sidetracked on something else. Is the brand the chanel, Tiffany, Cartier, etc. When you're buying a bit of jewelry, how much does that matter?
Emma D. Sibyl
Okay, so I would say 1970s going back to my normal 1970s line Bulgari. 1970 is great place to buy into and guess what, I was having a chat with the Bulgari guys down on Bond street last year or the year before anyway they have been busy buying back vintage pieces. So for example when Elizabeth Taylor's incredible trousseau went to auction they were in the market buying back. Now if the luxury houses are buying back their pieces from those times like Ban Cleeve and Arpels or Cartier Tiffany and they're all or buying back their vintage mid century pieces that is another indicator of a good investment I personally think so they'll be then releasing it drip feeding it into the market.
Maren Sumset
God, it really is all back to the 70s, isn't it? Do you know if vintage jewellery held its value well in the 1970s in that inflationary environment I think people found
Emma D. Sibyl
1970s jewellery really quite hideous. I think they were really preferred in Art Deco and all the rest of it. And again, it comes down to jewellery in the eye of the beholder, really.
Maren Sumset
Okay, so here we are in an environment where we are feeling a little bit back to the 70s in terms of inflation, in terms of politics and all that kind of thing. We've talked about the various gems that you think offer value at the moment, and we've looked a little bit at the various eras. But if you wanted to go out right now and buy, in your view, opinion only, not advice, in your view, what would be the thing to go out and buy now? It's just a little extra for your portfolio. We're talking about not much of your portfolio here, everybody. We're not suggesting you go out and put 10% into gems. Just if you wanted to have a tiny little bit on the side and also wear it gradually, what would you go out and buy now?
Emma D. Sibyl
Okay, so I fight with my husband, who's in the industry, is not in the jewelry industry, but in the financial industry. And I would say gold is so much more fun to wear. Right? I don't want it in my portfolio. I want to be able to have the physical thing and I also want to be able to wear it. I don't want to have to wait for someone to liquidate my shares, thank you very much. And I'm sure lots of other people do love that. But I want to be able to wear my pieces. I want to look like a Christmas tree. I want to have a trousseau of physical gold, physical silver, where I know that, goodness forbid, I could just take the whole lot and I needed cash. I could go straight up to the bullion guys and get it. So I would go out now, while gold is low, silver is low. I still think both gold and silver are going out. My tips for you are, if you've got deep pockets, I would buy vintage Bulgari. I would, purely because I love Bulgarian. I'd buy the big houses because they've held their value. First dibs is a great place to look. Then I would go to antique shops. Gray's Market is a fantastic. If you're in London, Gray's Market, Silver Vault, go to these places. They're amazing. A lot of the secondhand kind of vintage antique places have been closing down. So there was one on the Kings Road and they've just closed. And that was. That's been there for years and years and years and they've just closed down. So again, the whole market There is scarcity, people. It's more difficult to get your jewellery, vintage jewellery. Of course you can go to the Emporium, which is Baroque rocks. But I would go have a look on first dibs. Great place to look. And I'd say go and buy now because that's what I'm going to be doing.
Maren Sumset
Everyone's going to be bidding against you, Emma.
Emma D. Sibyl
I know at the auction houses. Oh, there's a great auction website which I will tell everyone to have a look and especially you, Mary, called thesaleroom.com and this is a disaster for anyone, and I mean anyone who, who loves bidding because the sale room is like a big umbrella. It hosts every single auction website all over the uk, sometimes in South African ones. It has European auction sites so you could then effectively buy and sometimes they've got some American auction houses, but it just means that you'll reach so you can type in, I don't know, 1977 Bulgari and then you can have start watching it and they'll give you an alert. So that's giving you my tips. It's a disaster to buy anything.
Maren Sumset
Sell.
Emma D. Sibyl
Selleroom.com saleroom.com okay, it's amazing. It's amazing.
Maren Sumset
Look it up. Thank you very much, Emma. We've really enjoyed having you on. Thanks so much for joining us today.
Emma D. Sibyl
Thank you very much, Maren. An absolute pleasure. And probably Lee went totally off piece,
Maren Sumset
but yeah, that's how it works. Thanks for listening to this week's Marin talk show, your Money. If you like our show, rate, review and subscribe wherever you listen to podcasts. Also, be sure to follow me and John on X or Twitter ariannasw and johnstepec. This episode was produced by Sam Asadi and Jennifer Seeley. Sound designed by Blake Maples and Aaron Casper. Questions and comments on this show and all our shows are always welcome. Get in touch. Let us know about your favorite gems. Our show email is merriamoneyloomburg.net.
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Host: Merryn Somerset Webb
Guest: Emma D. Sibyl, Director of Baroque Rocks
Date: July 1, 2026
Duration: ~24 min (content ~21 min)
This episode dives into the world of vintage jewelry as an investment, exploring whether pieces from past decades—especially those featuring precious gems and metals—could outperform other asset classes in today’s volatile and inflationary markets. Merryn Somerset Webb interviews Emma D. Sibyl, an expert in vintage jewelry, discussing market trends, what drives value, how rarity and provenance affect prices, and which specific stones and brands may be "hidden gems" for collectors and investors alike.
“Lab grown diamond is never going to be an investment. But its existence devalues… your investment in mined diamond depends on when your diamond was. If it’s an old minecarts, then that’s kept its value… But prices are down 50 to 80%.” – Merryn & Emma (06:24–06:43)
“Why they’re compelling now is there’s no lab grown disruption. They’re very underpriced compared to rubies.” – Emma (10:18)
“Tanzanites are probably undervalued for where they are now. They've never been successfully synthesized… this is another great stone to be buying.” – Emma (11:58)
“When Elizabeth Taylor's incredible trousseau went to auction, [Bulgari was] buying back. That, to me, is another indicator of a good investment.” – Emma (19:13)
On Rarity Driving Value:
“If you’re buying jewellery, look at the Morganites, look at the aquamarines. …They are rare, but they just haven’t got the marketing around them.” – Emma (08:40–08:55)
On the Jewelry Industry’s Lost Craftsmanship:
“The smelting process in my world is so painful and so heartbreaking. That is craftsmanship gone.” – Emma (15:29–16:53)
On Physical Gold vs. Paper Gold:
“Gold is so much more fun to wear. I don't want it in my portfolio. I want to be able to have the physical thing and I also want to be able to wear it.” – Emma (20:53)
On Tools for Bidders:
“The sale room is like a big umbrella. It hosts every single auction website all over the UK… you can type in, I don't know, 1977 Bulgari and then you can have start watching it.” – Emma (22:31–23:14)
Merryn and Emma maintain a relaxed, conversational tone, balancing personal anecdotes with expert-level insight, blending humor (“I want to look like a Christmas tree…”) with sound practical advice.
This episode offers a nuanced roadmap to vintage jewelry investment, shining light on overlooked gemstones, the importance of rarity, craftsmanship, and provenance, and the rising influence of premier brands. Listeners are left with practical strategies—where to search, what to look for, and why now may be a timely window as gold and silver prices dip amid a changing investment landscape.