The encyclopedia · Strategy & Leadership · Strategic decision · 1735–2007
Garrard made the Crown Jewels for 164 years — then lost the appointment and was sold off
The British Crown Jeweller for 164 years was sold by the family in 1959, passed through four owners, and lost the royal appointment in 2007.
Garrard & Co · Mappin & Webb · Asprey plc · Yucaipa Companies · 2007
From historyHistory and classical literature, legend included. An analogy to think with, not a modern precedent.
What it means today
A heritage brand that changes corporate owners risks losing the intangible assets — relationships, appointments, trust — that made it valuable in the first place. The new owner buys the name but not the reputation.
What happened
Garrard & Co was founded in 1735 by George Wickes in London and became the world's most prestigious jeweller. In 1843, Queen Victoria appointed Garrard as the first official Crown Jeweller — a role it held for 164 years. The company made the Imperial Crown of India, the Crown of Queen Mary, the Crown of Queen Elizabeth, and recut the Koh-i-Noor diamond. In 1981, it made the sapphire engagement ring that Prince Charles gave to Lady Diana Spencer — now worn by Catherine, Princess of Wales.
The Garrard family controlled the company until 1946, when the last family director died. In 1959, the company was sold to Mappin & Webb, a subsidiary of Sears Holdings. In 1990, it became part of Asprey plc, which merged the two brands into Asprey & Garrard. In 2002, the brands demerged and Garrard returned to its own Albemarle Street premises. In 2006, US private equity firm Yucaipa Companies bought Garrard, ending its partnership with Asprey.
In 2007, Buckingham Palace informed Garrard that its services as Crown Jeweller were no longer required. The official reason was that it was 'time for a change.' After 164 years, the company that had made the Crown Jewels, the Koh-i-Noor setting, and the most famous engagement ring in the world was no longer the royal jeweller. The appointment passed to a smaller firm, and Garrard became a private equity-owned brand without its defining credential.
Why it happened
- The Garrard family sold the company in 1959, and no subsequent owner invested in maintaining the Crown Jeweller relationship as the brand's core asset — it was treated as a portfolio holding.
- Garrard was passed between corporate owners (Sears, Asprey, Yucaipa) who each had different priorities — the brand's identity was diluted by being merged with Asprey and then demerged.
- The loss of the Crown Jeweller appointment in 2007 was the culmination of decades of neglect — a brand that was the royal jeweller lost the role because it had stopped acting like one.
The lesson
A royal warrant is not a permanent asset — it must be earned every generation. Garrard held the Crown Jeweller appointment for 164 years and lost it because the family had already sold the business.
Aftermath
Garrard continues to operate from Mayfair, London, and still holds a royal warrant from Charles III (from his time as Prince of Wales). But it is a much smaller brand than the company that once made the Crown Jewels. The Crown Jeweller appointment is now held by a different firm. The engagement ring Garrard made for Diana remains its most famous creation, but the brand that created it is no longer the royal jeweller.
Sources
- Garrard & Co — Wikipedia
- Garrard to lose Royal Jeweller role — Evening Standard (2007)
- Garrard no longer Crown Jeweller — Fashion United (2007)
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