Covett expands on jewellery co-ownership model to give wider access to its Vault of luxury jewels just in time for festive giftingDecember 2, 2019 By Rachael Taylor
From Netflix to Beauty Pie, we have all gone mad for the subscription model. Now, there is a new subscription service launching just in time for Christmas that allows you – or a loved one – to have access to a rolling roster of luxury jewellery through Covett.
Covett is a jewellery co-ownership concept that launched last year, allowing its shoppers to buy shares in luxury jewels rather than splashing out on the full price. By buying into a piece of jewellery, co-owners can access their pieces some of the time, much in the way that one might operate a timeshare holiday home, and can sell the share or trade up when they choose.
For example, shoppers can buy into a £15,000 diamond tennis necklace for £2,500, which will allow them access to it for five consecutive days a month as well as 12 floating days throughout the year. There is also a monthly fee of 1.75% of the share price that covers cleaning, insurance, repairs and delivery.
There is already a club element to Covett. When shoppers buy a share of at least one piece of luxury jewellery, they receive what the retailer calls Open Vault privileges. This allows them to rent other pieces of jewellery in the Covett hoard for an additional fee.
Access to the Vault is now being extended with the launch of the Covett jewellery subscription. Rather than choosing a single piece to invest in, you can now pay a subscription fee to get access to the vault.
Jewels in the Vault include a Picchiotti Burmese sapphire and diamond ring valued at £53,000 and a fancy yellow diamond pendant valued at £23,250. There are also signed jewels by Cartier, Judith Ripka, Leo Pizzo and David Yurman, and classic staples such as strings of pearls and diamond eternity bands.
A full Covett subscription, which will allow you to wear a luxury jewel for five days each month and is currently only open to those based in London, works out at £120 a month, though there are less expensive options that allow you to dip in once a quarter. Covett believes that the subscription service will not only appeal to women who want access to luxury jewels without the upfront investment that buying into pieces requires, but will also be appealing to those seeking out gifts for jewellery lovers this Christmas.
“We are so excited about the launch of our new subscription service to the Covett Vault, just in time for the holidays,” says Covett founder and chief executive Cynthia Morrow. “It’s a unique way to give the jewellery lover in your life a new way to enjoy diamond and gemstone jewellery. It’s also a savvy way to experience the brilliance of the Covett smart ownership model before becoming a co-owner. We think it’s a win all around.”