India's rich turn to concierge cards for things money alone can't buy

Mumbai: In 1917, Pierre Cartier acquired a mansion on New York's Fifth Avenue in exchange for a double-strand natural pearl necklace, reportedly valued at $1 million at the time, and a nominal cash payment. More than a century later, the same necklace is the object of an extraordinary pursuit, with luxury concierge firm Sulit Lifestyle trying to track it down for one of its ultra-high-net-worth clients in India.

What do you buy someone who already has everything? Increasingly, for India's ultra-rich, the answer lies in objects that are hard to buy, even for those who can afford them. From historically significant jewellery and limited-edition watches to exceptionally rare pieces of Hermes Birkin, the hunt for elusive luxury goods is creating a niche business for concierge firms.

Requests to source rare products have increased by about 30% over the past 12-18 months, according to industry executives.


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"Finding such rare, historically significant pieces requires access, persistence and the right connections," said Karan Chopra, managing director of Sulit Lifestyle.

The search for Cartier's necklace, for example, involves reaching out to private collectors, examining auction archives and approaching jewellery houses, he added.

Not every request, however, involves an object with a century-old history. Sometimes, speed matters as much as rarity. Chopra recalled a client who wanted a Richard Mille RM 011 Felipe Massa Flyback Chronograph as a gift for his wife at the earliest.

Hefty Sums for Speed, Exclusivity

The firm sourced the watch within two weeks. On another occasion, an Hermes bag requested in the morning was delivered by the afternoon.

The sums involved can be substantial. The average value of a sourcing request ranges from $300,000 to $500,000, according to concierge firms. Clients often pay hefty premiums for exclusivity and speed. For sought-after Birkins and watches, premiums can be two to three times the usual price, and even higher for particularly rare timepieces.

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The final price can vary depending on the year of manufacture and condition. Sometimes even preowned but barely used pieces can command a premium. The business model is built around access. Premium concierge firms typically operate on a membership-fee structure, with additional charges for sourcing items through networks of collectors, specialist dealers and other intermediaries. For clients, the value lies not merely in finding an object but also in establishing its availability, authenticity and provenance. The more elusive the item, the more valuable these connections become. For this clientele, waiting is rarely part of the equation. "Such customers do not want to wait around and are happy to pay a premium to get what they want," Riddhi Banerjee, founder of luxury concierge firm Lunar Tales, said.

Banerjee recalled a particularly unusual request for a brand new 25cm Himalaya Birkin - one of Hermes' most coveted and ultra-exclusive creations - in its original boxed condition.

The firm tapped its network of collectors to source the bag. Sourcing rare watches can be equally demanding. One of Lunar Tales' notable acquisitions was an FP Journe rose-gold timepiece, limited to just 60 pieces worldwide and valued at £1.2 million. Sourcing is only one part of the challenge in such transactions; authentication and provenance are equally critical. Lunar Tales uses Entrupy, an authentication technology for the luxury resale market. As cross-border luxury consumption grows, a new generation of wealthy Indian buyers is becoming increasingly knowledgeable about rare collectibles. Japan has emerged as a preferred sourcing destination for its trusted pre-owned luxury market, while the US remains another major hub. Auction houses, specialist resellers and private collector networks form the backbone of this trade.