Why Do Rich People Buy Expensive Jewelry?(7 Reasons Explained in 2024)

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Jewelry is fun to wear, rich people buy expensive, good quality jewelry because of the associated lasting quality, and most importantly, good expensive jewelry is the best accessory you could ever wear.

But that isn’t all; high-priced jewelry is worth the high price tag. By the time some rich buy expensive jewelry, they’ll have taken into consideration the design of the jewelry, and in most cases, the time and the skill required to create that piece of jewelry.

In this article, we’ll explore everything else you need to know about buying expensive jewelry, and why most rich people will opt for the pricier and more luxurious items of jewelry. But first, why does the human race buy jewelry? And then we will tell you why rich people buy expensive jewelry?


Why do people buy jewelry?

While the primary reason and answer to why people buy jewelry is to accessorize, most people buy jewelry for reasons deeper than accessorizing. Some people will buy jewelry because they would like to, while others make the decision to buy some of the best jewelry options on the market as a way of addressing a basic human need.

This human need is what Maslow’s Hierarchy of Needs describes as the need for self-actualization. According to Maslow, some people are deeply motivated by self-esteem, self-actualization, belonging, love, safety, as well as their psychological needs. In this regard, the purchase of jewelry is seen as a way of human being addressing some of these needs that lie in the middle of the hierarchy of needs.

All about love. At the same time, love is the one need that is easily addressed by jewelry. While some people may see this as materialistic, the reality is that some people really thrive in receipt of or purchase of material gifts. And if this is you, you shouldn’t judge yourself harshly because gifts is one of the five love languages. It’s important to remember that we all have different love languages, and for people whose love language is gifts, even some of the simplest items of jewelry will be a priceless addition to their life. Therefore, some people will purchase jewelry just because they know that their loved ones would deeply appreciate the jewelry gift. In this case, the jewelry serves as a token of their love.

Sense of belonging. People also buy jewelry to meet the human need for belongingness. Essentially, there are cultures where jewelry is very symbolic, and people would purchase jewelry as a celebration of their sense of belongingness to own traditions or ethnicity.

Self-esteem boost. Then there is the fact that jewelry has been used to take care of an individual’s self-esteem. For such individuals, wearing some of the best jewelry makes them feel more confident in their appearance. And when it comes to keeping up with trends and the latest trends, these individuals will use trendy jewelry to feel good about themselves, especially in social settings.

In addition to the above reasons touching on human needs, there are many other reasons why people wear/ buy jewelry. They include:

Spark to personality – the right jewelry will bring together your outfit and make you look and feel good. It also completes your look, while allowing you to best express your personality. So, if you are looking to add some jazz to your personality, get the right jewelry.

Personal significance – when it comes to jewelry like wedding rings and engagement rings, it goes without saying that people invest in these kinds of jewelry because of the personal significance associated with the jewelry.  A wedding ring, for example, is a sign of and your commitment to each other. Also, some people will have countless saved memories in their jewelry collections from all the places they have been to.

Great gifting option. Lastly, people buy jewelry because it is one of the best gifting options for a loved one. Gifted jewelry is an excellent way of showing love, and it’s why trending jewelry is trending and popular.

  • The feel-good factor
  • Confidence boost
  • Bold statement
  • Preference and style
  • Status symbol
  • Statement of remembrance or promise
  • Act of rebellion
  • Celebration of important/ special occasions


Why do rich people buy a lot of expensive jewelry?

Now that we know why the human race is vested in buying some of the best jewelry options on the market let’s take a look at why the rich buy the most expensive jewelry options. Is their need for the most expensive jewelry driven by historical reasons, do they do it for psychological reasons, or do they have other reasons?

Well, in this section, we delve into these reasons to have a better understanding of the reasoning behind buying expensive jewelry by the rich and wealthy.


1.Historical Reasons

If you are keen on your history, you will realize that throughout the significant ages, the most expensive commodities were used by the rich as a way of separating themselves from the poor and the middle class. Jewelry wearing has been part of the human race for 75,000. Kings, Pharaohs, Emperors, as well as Tsars would wear expensive jewelry made of diamonds, gold, and silver as a way to display their importance, honor, and wealth.

In ancient times, for example, expensive was a preserve of the affluent in society and the Royals. The ancient set of crystal rings and necklaces, now called the Mister Spartan Skull jewelry set, was common with the queens and kings only. During this time, power and money were the dictates of societal authority, which is why only the Royals and the affluent would wear jewelry.

Besides the wealthy, Royals, and other authority figures, spiritual leaders would also wear jewelry in the form of amulets and charms. The same is seen today where the Pope and all other Gospel ministers wear various necklaces and ring fingers.

While the middle class soon picked up the jewelry trends, the rich are still able to set themselves apart from the rest by their choice of elegant and premium-quality jewelry made of Diamonds, silver, gold, gemstones, and other precious stones.

Historically, the Ancient Egyptians would wear stone ornaments for their amazing healing powers.

Therefore, it’s quite apparent that the rich wear expensive jewelry to differentiate themselves from the middle class and the poor. This is something that happened historically, and it still happens today.


2.Psychological Reasons for Buying Expensive Jewelry

The other reason why the rich wear expensive jewelry is that it makes them good, while also setting them apart from the middle class and the poor. This gives them a sense of status elevation and entitlement. It’s also believed that the rich buy expensive jewelry out of boredom.

According to the American Psychological Association, the rich buy expensive jewelry because of their desire to have some of the most expensive jewelry items rules over need when it comes down to human purchases.

There are many other psychological reasons why people buy expensive jewelry, but they are mostly psychological motivators. Some of these reasons include:

Feeling that they are worth the expensive jewelry. In such cases, these individuals will measure their self-worth based on the quality and the size of the jewelry, for example, diamonds.



The rich will splurge on expensive jewelry as a celebration of their own accomplishments or other people’s accomplishments.


4.Right impression

The other reason why people will buy expensive jewelry is that it creates the right kind of impression. Giving/ Gifting diamonds, for example, is a huge motivation for men.


Other reasons for buying expensive jewelry

5.High-Quality Materials

One of the primary reasons why anyone would spend hundreds or even thousands of dollars on luxurious high-end jewelry is that the jewelry in question is made of exceptional materials. Anything from eye-clean vibrant gemstones to 18 Carat gold and conflict-free diamonds is expensive because they are made with the best quality materials.



Jewelry is one of the best ways for you to express yourself, which means that whether you are into statement jewelry or delicate pearls, you might have to spend a good chunk of money for great quality.



There is no denying that the rich will buy luxurious jewelry for prestige. Such items of jewelry represent power, success, and wealth, which is why the luxury brands will create ads that embody the jewelry and the rich person’s most desirable traits.


Why do some people consider fine jewelry a waste of money?

You might argue that ‘to each their own’ but there are people who will always think of fine jewelry as a waste of money.

The main reason for this kind of thinking is that the individuals are never interested in jewelry, and it doesn’t matter to them whether they wear fine jewelry or fashion jewelry.

For others, jewelry has no practical reason or purpose, and it’s just decorative.

Such individuals have the function over form mentality, and jewelry doesn’t match their way of thinking – to them, the people who buy jewelry are more of form over function thinkers.



Jewelry is celebrated in societies around us, and it has been around for centuries.

While some people think of jewelry as a waste of money, it’s clear that good jewelry is of great significance to individuals across generations.

Expensive jewelry is made of quality materials, and it shows class, style, and in some cases, a sign of prestige.

For more interesting jewelry topics, read here or here. See you guys in the next time.

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