Interesting things emerging. According to the FT, Bernstein Research indicates that Jewellery brands are the next aspirational ownership development( over and above watches) and currently have only 12 % of the above market - and this is underpenetrated by brands.Hence LVMH and others moving in - including Heritage Brands- Lalique, Faberge and Meissen - porcellein jewellry (!) ( and coloured gemstones and palladium as a jewellry manufacturing are all becoming more desirable).So, PGL - even if it needs capital - has an interesting and promising diversity- and is not expensive.