If you’re worried about stocks and shares keep a beady eye on the jewellery stores. Never mind hemlines, much more indicative of the health of the economy is what’s happening on the jewellery front. When the economic clouds turn dark so, with infallible timing, exhibitions and promotions for glamorous rocks sprout up everywhere. This time round, just as the stock market looks sickly and the housing market is wobbling, so, right on cue, we have some splendid displays of jewels to drool over.

Anybody who can get to Central London and has any interest in jewels, whether to buy, wear or simply admire, should drop in on Sotheby’s London Rocks exhibition, which runs from today until Tuesday. The exhibitors put together by Joanna Hardy, the director of jewellery, is a roll-call of the 18 most influential jewellers. Some are grand old names whose wares are already being sold on in auctions (Andrew Grima, Wendy Ramshaw, Elizabeth Gage); others, such as Shaun Lean, Andrew Lamb, Pippa Small and William Welstead, represent the young generation.

All the jewellers will be there, offering insights into the materials they use, the way they craft their work and how they think, which means it’s a terrific chance for any buyer to develop a personal relationship with a jeweller whose work they admire. “It should help to bring their work alive,” says Joanna Hardy. “Some are artists, some are designers, others are makers and yet others are designer-makers, but all were chosen because they make things that never remind me of anybody else’s work. Each has a distinct handwriting and individuality, which is why I was drawn to their work.” Above all, she believes that while jewellery has never been more popular, this sort of jewellery, where the quality of the design and the workmanship is outstanding, doesn’t always get the recognition it deserves.

All the pieces are for sale and some are, yes, expensive. Others strike me as great value. Take William Welstead’s pieces. His USP is taking precious stones and giving them a relaxed charm so that they can be worn with jeans as well as with ball-gowns. The earrings made of spinels and sapphires set in white gold are £3,000, while the tourmaline and gold ring costs £5,000.

But among other younger designers, it is worth keeping an eye on is Andrew Lamb, whom Joanna Hardy sees as “having mastered the art of illusion”. He takes hand-drawn gold, silver and platinum wire and makes extraordinary three-dimensional pieces that seem to curve away from the viewer’s eye.

Shaun Lean, whose career began when he collaborated with Alexander McQueen for the latter’s “Highland Rape” show, and whose work is now worn by Sarah Jessica Parker, Sam Taylor-Wood, Kate Moss, Sir Elton John and many others, goes in for romantic, strong and colourful pieces (a pierced ruby heart on a gold necklace, for instance).

As for Pippa Small, this column has frequently admired her work, but here she is again, with her trademark of “warm beaten gold cradling large gemstones, often in their natural or roughly cut state”. Her waterfall necklace of amethysts is £4,000.

At the end of the month fans of Theo Fennell, whose somewhat flamboyant designs often belie the fine workmanship behind them, should visit his exhibition called – with splendid honesty – “Show Off”. Check out his rings made of mammoth bone and 18-carat white gold. The Lost Flyer, below, (an homage to Amelia Earhart, methinks) is certainly a change from all those sedate, good-taste solitaires (£10,500, and it’s one of an edition of ten). In similar vein he’s done a series of rings called Heroes and Villains, also made of mammoth bone and 18-carat gold – choose from “Gandhi”, “Che Guevara” and others of their ilk.

You need to telephone 020-7591 5080 to make an appointment to see the exhibition, which is being held at 6 Burlington Gardens, London W1 (behind the Royal Academy of Arts). It runs from September 25 to 28.