Adapting to the Cost-of-Living Economy: How One Jeweller Evolved His Business Model to Meet a Changing Market

Michael — The Ringman Wingman — and founder of Burgundy Bespoke Jewellers, has built his reputation over decades creating high-end, custom-made engagement rings. But when he began to notice clients adjusting their budgets — and priorities — he knew it was time to evolve.

"We're seeing a clear shift," Michael says. "Couples still want something meaningful and beautifully made, but they're more value-conscious than ever. They're not downgrading their expectations — they're redefining them."

This insight led to the launch of Jewellers Bench, a sister company designed to meet the market's changing dynamics: maintaining craftsmanship and quality, but at a more accessible price point.

"Rather than fighting the trend, we chose to innovate within it," Michael explains. "Jewellers Bench allows us to deliver pieces that honour our standards while aligning with how consumers now make purchasing decisions."

The pivot reflects a broader trend within discretionary retail sectors — where consumers are seeking personalised, sustainable, and high-value alternatives to traditional luxury purchases.

At the centre of this change is the rise of lab-grown diamonds, which have become increasingly mainstream as both a cost-effective and ethically appealing option.

In 2024, 60% of Burgundy Bespoke's diamond sales were lab-grown, with 40% natural diamonds — a clear reflection of how quickly the market is evolving.

"For younger buyers, especially Millennials and Gen Z, the desire for 'big and brilliant' hasn't gone away," says Michael. "But they're making smarter, more informed choices — lab-grown stones give them the same sparkle and quality for a fraction of the price."

The introduction of Jewellers Bench represents more than just a new product line — it's a strategic diversification move that positions Michael's group of brands for a dual-market future:

Burgundy Bespoke Jewellers continues to serve clients seeking handcrafted, high-end bespoke pieces.

Jewellers Bench caters to modern consumers seeking accessible luxury, transparency, and convenience without compromise.

"It's about future-proofing the business," Michael says. "Luxury is evolving — it's no longer defined purely by price, but by experience, authenticity, and value alignment. The jeweller who can balance all three will thrive."
 

Media Contact:

Michael Dransfield | 0452266359 | dransfield@burgundybespoke.com.au

About Burgundy Bespoke Jewellers | burgundybespokejewellers.com.au

Burgundy Bespoke Jewellers is a Brisbane-based, family-owned studio specialising in custom jewellery design and manufacture, with over 50 years of experience in the Australian jewellery industry.

About Jewellers Bench | jewellersbench.burgundybespoke.com.au

Jewellers Bench is an online, made-to-order engagement and wedding ring service created by Burgundy Bespoke Jewellers, allowing customers to select their setting, metal and diamond via an online ring-builder.  

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