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Jewellery customers lower average purchases

Lily Arkwright said it is seeing early signs of shift in consumer sentiment towards high value purchases

Jewellery customers have lowered their average purchases in recent months as interest rate hikes and inflationary pressures throughout the UK have “dampened” consumer sentiment, according to Lily Arkwright.

The sustainable jewellery retailer said it is seeing early signs of shift in consumer sentiment towards high value purchases.

It added that the business is “well placed” to weather any downturn due to the lower price point of lab grown moissanite and diamond engagement ring collections, compared to jewellers retailing mined diamonds at a higher price point.

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Philip Dawson, managing director for Lily Arkwright, said: “Sales have been strong throughout 2022 as we continue to execute our five year growth plan, energy prices and wider inflationary pressures do now appear to be having an impact on consumer confidence leading to a reduction in average purchase price of goods.”

Lily Arkwright specialises in lab grown ethical and sustainable jewellery including moissanite, lab diamonds and coloured precious gemstones.

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