When jewellery was king.
Today, the value of a single pair of shoes can be worth over $1 million.
In the 1960s, the price of a pair of jeans was about $10 a pair.
Today they can fetch as much as $300,000.
So why is it that jewellery now appears so cheap?
Many experts believe it is down to the fact that we have moved into a more consumerist society, with our increasingly digital lifestyles and the ubiquity of gadgets.
As a result, there has been a proliferation of new luxury goods, such as jewellery, watches and jewellery accessories.
“In the 1970s and 1980s, we had a big bubble in luxury jewellery prices,” said Michael J. Buss, the director of research at New York-based consulting firm Baskin-Robbins.
“It was the bubble of the 1950s and ’60s and there were a lot of new things in the marketplace.
Now we have a bubble of luxury jewels.”
What’s a luxury jewellers’ watch worth?
It’s a smartwatch, a luxury watch, a diamond or a bracelet.
You could get a $2,000,000 watch for $20,000 at auction.
You might be able to get one for $400,000 if you go to the jewellery department at a high-end boutique.
“The prices are a little lower now because of the technology, but still a lot,” Buss said.
“A diamond is a big deal.
There are lots of diamonds that are worth tens of thousands of dollars.”
What about jewellery with a high price tag?
If you buy a watch for your boyfriend, the watch should go for about $200,000 to $300.
But the real value of the item depends on how much you pay for it.
“If you go and buy a pair for $100,000 and then your girlfriend asks you to send her a $1,000 bill, she is likely to spend more than $1,” said Andrew J. Kochel, an economics professor at University of Chicago.
If you pay $600,000 for a watch, it might not be worth much.
But if you’re a celebrity, it could be worth more than that.
In 2014, an ad campaign starring the Kardashians showed a girl wearing a pair that cost $1.2 million.
The model looked stunning in a white dress and black heels, wearing the most expensive watches ever produced.
The ad, which was widely mocked, also featured the model in a bikini and with her husband.
“We are seeing more of these high-profile celebrities spending more and more of their time in high-fashion,” said Buss.
“They are spending much more time on social media than they were before.”
For jewellery designer Richard Van der Laan, who makes jewellery for celebrities, the problem with the trend is not that jewellists are too expensive, but that jeweller’s prices are too high.
“When you think about a high value item like a watch or a diamond, there is something so beautiful about them that it becomes a commodity,” he said.
For him, the main problem is that people are spending too much on luxury goods.
“People buy things like watches, but they don’t pay attention to the other stuff that they’re buying,” he added.