At Art Fair, Jewelry Is More Than the Sum of Its Gems PARIS - Impervious to global economic crises and rising gold and diamond prices, the market for fine jewelry, old or new, is soaring. The $156.8 million raised in the sale of the Elizabeth Taylor collection at Christie's in New York last December put jewelers in a jubilant mood. Some of that buzz is likely to be in the air in the small Dutch city of Maastricht this week, when more than 70,000 collectors, curators, connoisseurs, artists and advisers will be celebrating the 25th edition of the European Fine Art fair, known as Tefaf. On view through Sunday will be more than 30,000 artworks, including contemporary and antique jewelry. Despite those numbers, it is a highly exclusive affair: not everyone can be part of the show. "It is very difficult to join the fair in any section, including jewelry," Martijn Akkerman, spokesman for the jewelry vetting committee, said by telephone from Amsterdam. "Beside the quality standards of the fair, all jewelry on offer here must be in the "best interest" of the fair." Exhibits - including those of the five contemporary jewelry designers Buccellati, Graff, Hemmerle, Chopard and Otto Jakob, and 17 dealers in antique jewelry - must meet approved standards of artistic quality, authenticity, condition and value. "Dealers are required to select only their most important pieces," Mr. Akkerman said, those "with a solid provenance, instant recognizability, and value above a certain threshold." Graff, the London-based jeweler best known for the rarity and quality of its stones, embarked this year on the challenge of creating its first multifunctional piece - introduced at Tefaf. For the piece, Graff has chosen a 56.15-carat, D color, internally flawless heart-shaped diamond. A simple mechanism allows the stone to serve as the removable center of a cuff bracelet or a ring. The design of the cuff was inspired by material in the Graff archives, but revisited by the company founder, Laurence Graff,the company said. "Innovation within a tradition of excellence is a philosophy which resonates strongly at Graff," Mr. Graff said recently by e-mail. It is important to innovate and create, all the while maintaining a sense of traditional craftsmanship using the finest quality stones. For the family-owned Munich jeweler Hemmerle, "Tefaf is the high point of our calendar and has been for the past 15 years," the designer Christian Hemmerle said. It is where we connect with most of our international clients. Known for its craftsmanship since 1893, when it made medals and ornaments for the Bavarian Court, Hemmerle produces only one-of-a-kind pieces. This year, to celebrate the fair's silver jubilee, Hemmerle is showing a bangle borrowed from a collector who purchased it 25 years ago, alongside a bangle from this year's collection, to highlight the evolution of the house's philosophy and its aesthetics. "People realize today that, in a world of readily available goods, reductionist design and pure form are more attractive," Mr. Hemmerle said. The first bangle, which is not for sale, features yellow and white diamonds set in yellow and white gold, reminiscent of an opulence in vogue in the 1980s. The newer bangle, in contrast, exudes an understated sense of luxury and an organic feel with its olive wood core, and white and brown diamonds set in copper. "Less can be more, especially where there is craftsmanship and individuality," Mr. Hemmerle said. The company is also introducing earrings from its new Egyptian-inspired line, a collection that evokes the birthplace of Mr. Hemmerle's wife, Yasmin. Tefaf is primarily an art fair and exhibits are required to possess artistic value, not simply be a gem in a basic setting. The idea is to show the creative talent and technical prowess of the designer.