Call it the Airbnb – or Uber, or Netflix – effect: renting is the new owning. And while the booming market in rentals is nothing new – these days, you can hire anything from a wedding dress to a pasta maker and a desk in a co-working space – the concept is fast expanding into the luxury sphere. Not only can you rent that handbag or evening gown; you can now rent the jewels to go with it.

Piggybacking on the success of the pioneering fashion rental company Rent the Runway, companies including the US-based Flont, Haute Vault and Switch now offer one-off and subscription-based jewellery hire services. And it’s not just costume jewellery up for grabs – semi-precious and fine jewellery from the likes of Cartier, Tiffany and Van Cleef & Arpels is available to rent. For $US188 (about $275), for instance, Flont will let you borrow a pair of Chopard Happy Diamond earrings, worth $US4600 retail.