Ringing change: Stars' jeweller crafts a move down market

Theo Fennell, the jeweller to the stars, is back in the black.

Coinciding with the good news, Mr Fennell is launching an Alias silver diffusion jewellery range this week which – at prices from £75 to £2,000 in Harrods, Harvey Nichols and Royal Exchange – is a far cry from the £100,000 necklaces bought by his more well-heeled customers.

Mr Fennell said the jeweller he returned to as creative director 18 months ago, after a high-profile spat, will make a small profit this year: "I hardly dare say it but I don't think I have ever been so confident. It's odd but people really love austere times; it makes them want special things with old-fashioned values and craftsmanship."

Mr Fennell, who owns 16 per cent of the AIM-listed business, made his mark crafting bling worn by stars including Lady Gaga. Now he wants to make more accessible jewellery, hence Alias.