It's a common misconception that costume jewellery is just for fun and only has special significance to its owner. Experts disagree as they point out that certain pieces can appreciate over time. 'In terms of investment, look for costume jewellery from specialist labels, meaning they are not a secondary component to a ready-to-wear line,' says Valerie Chow from On Pedder. She suggests costume jewellery brands with a devoted celebrity following such as Kenneth Jay Lane and Erickson Beamon, among others.

Kenneth Jay Lane's pieces have been worn by style icons including Jacqueline Kennedy Onassis, Elizabeth Taylor and Audrey Hepburn. The successful New York-based designer, who used to be a shoe designer, is known for his elaborate costume jewellery that features resin, enamel, metal and even plastic. Often resembling fine jewellery, many of his vintage styles are now considered collectables and have been auctioned by UK-based Christie's and the US Sotheby's.

Vicki Beamon and Karen Erickson are the names behind jewellery label Erickson Beamon, which produces ornate costume pieces that have been seen on Gwyneth Paltrow and Kate Moss. Using materials such as semi-precious stones, crystal, metal, leather and even mesh, the duo create bold statement pieces with finely detailed workmanship. Susan Sng, an avid collector and fan of labels such as Erickson Beamon, Chanel and Miriam Haskell, says: 'Workmanship is the most important [aspect] because if it is badly done the piece won't keep well, or appreciate over time.' 'For big brooches, make sure it has a double pin so that it will sit nicely on your clothing,' says Lu Ng, an accessories buyer at Harvey Nichols. 'That does not mean that the materials are not crucial. Any great piece of jewellery combines good materials and craftsmanship,' adds Lu, who recommends brands such as Jose and Maria Barrera and Judith Haas. On Pedder's Chow suggests materials such as bakelite as well as gold. 'When it comes to choosing costume jewellery, don't be afraid to be daring and look for bold, unique pieces,' she says. 'Costume jewellery designers tend to be more experimental and adventurous than fine jewellery designers, so there is a lot to choose from to suit your personality.'