SALES of Bulgari’s diamond jewelry collection paint a glittery picture amid a bleak world economy.

Last week, the Italian luxury brand hosted an exclusive formal dinner at Peninsula Manila to present the 36-piece Elisia Collection.

For Bulgari’s grandest launch of the year, the ballroom was dressed in swathes of black, white and silver. The dramatic lighting brought focus to white topiaries on the table done by Robert Blancaflor. The formally dressed guests enjoyed the caviar dinner.

Zenaida Tantoco, Rustan’s president, wore a Bulgari set from the Pigna collection, composed of diamonds fringed with pearls.

Socialite Diana Jean Lopez shone with Bulgari’s Lucea earrings, magazine editor Christine Rojas, with her vintage Bulgari earrings of colored stones.

A section of the ballroom was mysteriously curtained off. After dinner, the drapes parted to reveal the fashion show arena. Guests sat on little tables, nibbling on chocolates and sipping cognac or coffee as models paraded the bling.

Bulgari’s latest style uses colored gems and diamonds to create elliptical shapes inspired by Roman architecture, thus, the Roman name “Elisia.”

Combining modern aesthetics and classic motifs, the new range has diamonds, sapphires, emeralds and rubies set in 18K white gold.

The cabochon (a highly polished, convex-cut and unfaceted style) and faceted cuts produce striking chromatic illusions that bring to the fore the supple geometric symmetry of the elliptical motifs.

The Parentesi dress watch was also introduced. Watches inspired by the shape of the cobblestones of Italy, adorned with pavé diamonds, were set in slim, satin black straps.

Mario Katigbak, general manager of Bulgari, chose six varieties of necklaces, four styles of earrings, four variations of the rings and two styles of bracelets.

On the sales that night, Katigbak flashed a grin: “Sales were good. Considering the crowd was intimate, there are actual purchases and reservations.”

The bracelets, encrusted with 9.2-karat round-cut diamonds on slender ellipses, were the first to go, thanks to the power of its advertising. Even the earrings with dangling ellipses, worth at least P1.4 million, had takers.

The most expensive, the P5 million, 14-karat necklace, accentuated with two elongated ellipses, was quietly bought.

In fact, 2008 started on a positive note. Katigbak says year-to-date sales are up 12 percent. The secret? New collections drive more sales.

With the Elisia collection, he expects the figures to go higher.

“People are realizing that jewelry is an investment. It does not fluctuate like real estate. It appreciates over time,” he says.

Katigbak estimates that Bulgari increases in value at least 10 percent every year.

“If you bought a Bulgari necklace 10 years ago, an equivalent necklace now would cost you double.”

Many of Bulgari’s loyal customers are entrepreneurs. There’s an emerging market of young business people eager to start a jewelry collection. Bulgari’s top customers are low-key, are hardly seen at socials, but are the first to place orders before the launch.

The peak season for jewelry acquisition is September-February. In December, husbands choose presents for their wives. The biggest splurge is at the end of the holiday season, when people finally indulge themselves after shopping for gifts.

Says Katigbak, “We attract a lot of people who appreciate the craftsmanship and quality of the stones. We are not after big-size stones. Design, construction, how it falls on your neck and ears—that is what Bulgari is all about. If you ask for a 10-karat diamonds, we don’t have that in the Philippines. Our collection of handcrafted jewelry is meant to enhance the beauty of the woman.”