One to one: Scott Thompson

Wearing jewellery often starts as a fantasy, with little girls who long to look like their mothers raiding dressing-up boxes and adorning themselves with strings of false pearls and all sorts of costume jewels. Those same little girls go on to lust after the real deal as they get older, but times are changing and demand for luxury costume jewellery that doesn’t cost the earth is increasing.

In her time, pioneering French fashion designer Coco Chanel championed costume jewellery, something normally reserved for women that couldn’t afford real gemstones. “Jewellery should be viewed with innocence, with artlessness, just as we enjoy the sight of an apple tree in blossom at the side of the road as we speed past in a motorcar,” she is reported to have said.

Thinking big
Traditionally, the jewellery industry has offered consumers either expensive, high-end real gemstone jewels, or affordable, high street costume pieces that look great but won’t necessarily last a lifetime. Because of this, British-born Scott Thompson spotted a gap in the market for high-end, luxury costume jewellery that was impeccably made but wouldn’t break the bank. After initially training as a charter pilot and then a brief career in real estate, in 2003 Thompson established jewellery brand Carat* in Hong Kong, where he lives, with the view to becoming an international luxury fashion jeweller. “I saw the rise of brands such as Links of London and Folli Follie bridging the market place and offering affordable jewellery, but there were very few operating on an international level,” he says.

Since then, Thompson’s business has grown exponentially and his goal of becoming an international fashion jeweller looks very much like a reality, with consumers and celebrities alike clamouring to wear Carat* jewellery. “I wanted to go after a market that wasn’t particularly well-serviced,” he says. “We sell fantasy jewellery. I want the jewellery to be so good that when a glamorous woman walks into a room people are captivated by the quality of the jewellery that she is wearing.”

The brand’s jewellery takes its inspiration from the lost art of costume jewellery, and is about fantasy rather than purchasing as an investment. Its designs are developed and assembled in the same way that fine jewellery is, with careful attention to detail, including hand pavé, burnishing and simple prong work.

However, in the past brands such as Carat*, which offers jewellery set with synthetic man-made stones, have come under attack for eroding consumers’ desire for natural gemstones. Thompson says that this is not the case. “We don’t compete with the brands that sell natural gemstones. Consumers know what they want from their jewellery and what we’re trying to do is push the fantasy side.”

And it’s not just women that can’t afford real gems that are shopping at the brand. Thompson says a large proportion of customers are wealthy women that want to be able to wear their jewellery, rather than having to keep it hidden. “There’s an economic reality to what we sell. Many of our customers own lots of expensive natural gemstone jewellery, but they might not always feel safe wearing those items. So we offer them something that they can feel proud to wear without worrying about it,” he says.

Celebrity pull
The brand has been a hit with fashion magazines across the globe and built up a strong celebrity following. Its jewellery has been worn by characters Jenny Humphrey (Taylor Momsen) and Lily van der Woodsen (Kelly Rutherford) during the first season of hit US teen TV show Gossip Girl, after the programme’s wardrobe department spotted the brand’s fashion credentials. Carat* also counts model and radio presenter Lisa Snowdon, former Destiny’s Child star Michelle Williams, and actresses Ankie Beilke and Vivian Chow among its clients.

Carat* has now become synonymous with luxury and celebrity and, building on this association, it was named as the official jewellery partner to the Philips British Academy Television Awards, which was held at the Grosvenor House hotel in London on May 22. The brand hosted a jewellery suite during the event, where celebrities were able to accessorise with its products for the red carpet. A swathe of television’s leading ladies chose to wear the brand’s jewellery at the event, including Best Actress winner Vicky McClure from This is England ‘86, BAFTA presenter Wumni Mosaku, and Strictly Come Dancing star Kara Tointon, who all sashayed onto the red carpet at the event wearing man-made gems.

Costume drama
However, it’s not just celebrities that have taken a shine to glamorous Carat* jewellery. Consumers have also been lapping up the brand’s creations, including its new Rocktails collection. Despite the onset of the global financial crisis putting a halt to its plans for the US, Carat* has become one of the leading luxury fashion jewellers and now has 58 points of sale around the world, with 20 own-brand boutiques in cities such as Hong Kong, Shanghai, Sydney and Dubai. In the UK demand for the brand has been strong. Since its first boutique opened in Bluewater in Kent in 2006, Carat* has gone on to open four further stores here.

The brand’s growing international presence has also meant the UK’s leading department stores have sat up to take notice. Carat* launched in Selfridges’ flagship store on Oxford Street in January, before being rolled out to the Birmingham and Manchester Trafford Centre branches in April. It also launched in rival department store Harrods in March, and created 10 sets of limited edition man-made emerald and diamond earrings and a matching ring to mark the occasion.

Looking forward, Thompson has set his sights on further increasing the brand’s presence internationally, with planned store openings for China in Shanghai and Beijing, and another in Melbourne. In the UK Thompson is looking for select independent retail partners, having recently secured a deal with Steffan’s the Jewellers in Northampton, which he describes as a “real win” for the brand. “The main focus going forward will be to build our businesses in the Chinese market and in the UK. We’re in it for the long run,” he says.

The fact that today’s fashion conscious consumers want to be able to change up their look without spending a fortune means that the popularity of Carat* looks set to continue to rise, and increasingly costume jewellery is moving out of the dressing-up box and into the jewellery box. Coco Chanel once said that the most important thing about jewellery is the illusion that it creates, and clearly this is a message that resonates with the consumers.

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