Top 30 UK jewellery retailers: market report 2025

The UK jewellery retail sector represents a multifaceted industry where high-value luxury consolidation, regional family-owned heritage, and digitally native disruption converge.

As of the financial cycles spanning 2024 and 2025, the market is navigating a complex macroeconomic environment. This is defined by the cessation of tax-free shopping for international visitors, the rapid acceleration of lab-grown diamond adoption, and a strategic pivot toward domestic high-net-worth individuals.

The total UK jewellery market size was valued at approximately £4.41bn to £4.53bn in 2024. It is expected to reach £7.41bn by 2033, representing a compound annual growth rate (CAGR) of 5.7% to 5.93%.

This growth is underpinned by a profound shift in consumer behaviour. Jewellery is increasingly viewed as ‘wearable wealth’ – a tangible asset class providing financial security amidst inflationary pressures.

Definitive ranking of the top 30 UK jewellery retailers

The following comprehensive ranking evaluates the top 30 jewellery retail businesses registered and operating within the UK. This hierarchy is based on latest reported turnover, supplemented by profitability, headcount, and the scale of the physical store estate.

The institutional leaders: dominance through scale and consolidation

The upper echelon of the UK jewellery sector is defined by two primary archetypes: the luxury watch-led jewellery group and the high-street volume titan.

These businesses utilise their vast operational footprints to mitigate localised economic downturns. They capture a significant share of the prestige bridal and investment-grade markets.

Watches of Switzerland Group: the luxury paradigm

The Watches of Switzerland Group (WoS) has solidified its position as the pre-eminent luxury retailer in the UK. It reported revenue for the UK and Europe segment of £846.1m for the 52 weeks ended 28 April 2024.

This represents a slight decline of 5% on a reported basis. However, the group maintains a dominant 55% share of its global revenue within this region.

Operating under three core banners – Goldsmiths, Mappin & Webb, and Watches of Switzerland – the group has navigated a period of reduced consumer confidence by elevating its jewellery portfolio.

A critical second-order insight involves the group’s transition from a watch specialist to a luxury lifestyle curator. While luxury watches (Rolex, Patek Philippe, Audemars Piguet) comprise 87% of revenue, the luxury jewellery segment is being aggressively expanded.

This expansion includes the introduction of brands like Roberto Coin, Messika, and David Yurman. The group’s adjusted EBITDA of £179m reflects a margin of 11.6%, compressed from 13.1% in the previous year.

This margin pressure is partly attributed to ‘significant average selling price increases’. During times of reduced consumer confidence, these increases have challenged volume growth in the mid-market segment.

Pandora UK: the mid-market powerhouse

Pandora serves as a vital anchor for the UK’s mid-market, reporting a turnover of £441.3m in 2024. While this represents a slight decline from the previous year’s record high of £448m, the company remains the second largest jewellery-specific retailer in the country.

Pandora’s performance is driven by a massive retail network of over 250 locations and a workforce of 2,630 employees. The brand is currently executing its ‘Phoenix’ strategy. This involves repositioning from a charm-based business to a ‘full jewellery brand’. This move saw a 22% growth in its non-charm segments in 2024.

The prestige middle market: heritage as a competitive moat

Mid-sized, family-owned prestige jewellers occupy a unique space in the UK market. They often outperform much larger chains on a per-store revenue basis. These businesses – Beaverbrooks, Boodles, and Pragnell – rely on multi-generational loyalty and exceptional service standards.

Beaverbrooks: the efficiency standard

Beaverbrooks reported a turnover of £228.65m for the year ended 2 March 2024, despite operating only 88 stores. This results in an average revenue per location of approximately £2.6m, significantly higher than Signet’s per-store average.

Beaverbrooks’ success is largely attributed to its ‘people-first’ culture. This has consistently placed it at the top of national workplace surveys.

This internal stability translates to a customer experience that justifies higher price points in the bridal and fine jewellery categories. In the fiscal year 2024, the business reported an EBITDA of £17.3m.

Boodles: the pinnacle of bespoke luxury

Boodles (Boodle & Dunthorne) represents a distinct operational model, reporting a turnover of £104.93m with just 10 locations and 132 employees. This yields a staggering £795,000 in revenue per employee.

This highlights the high-value nature of its bespoke collections. Boodles has avoided the volatility of the mid-market by focussing almost exclusively on UHNWIs (Ultra-High-Net-Worth Individuals).

Its strategic decision to pay out nearly £8m in dividends in early 2025, despite a slight dip in pre-tax profits to £18.1m, indicates a robust balance sheet. It remains focussed on long-term family ownership.

George Pragnell: the regional powerhouse

Stratford-upon-Avon-based George Pragnell Limited provides a compelling case study on the impact of post-Brexit tax policy. The company reported turnover of £94.4m in 2024, a 14% increase.

Sales have pivoted almost entirely to domestic clients due to the removal of VAT-free shopping. Domestic sales reached 94% of the total in H1 FY25, compared to 67% in FY19. This has forced the business to invest in upgrading its physical showrooms. Upgrades in Leicester and London’s Mayfair help capture a greater share of resident UK luxury spend.

Regional dominance and independent groups

While London remains the global hub for jewellery retail, regional dynamics are critical for the top 30. Independent groups often command higher local loyalty than national chains.

Lunn’s: the Northern Irish anchor

John H. Lunn (Jewellers) dominates the luxury market in Northern Ireland. In its most recent filings, the business reported a turnover of £27.1m. This represents a 75% increase from the prior cycle.

Operating just three flagship locations, Lunn’s achieved an EBITDA of £2.9m. This highlights the high efficiency of the regional luxury model when paired with exclusive watch agencies like Rolex and Patek Philippe.

The rise of demi-fine and digital disruptors

Brands like Monica Vinader, Astrid & Miyu, and Missoma have utilised social media to capture the Millennial and Gen Z demographics. They often lead with sustainable messaging. Monica Vinader’s turnover reached £108m in 2024 – an 87% increase. This was driven by a digitally-led, direct-to-consumer (D2C) model that accounts for 65% of total sales.

Financial metrics and margin analysis

Profitability across the top 30 retailers is largely determined by their product mix. Retailers with a heavy focus on third-party luxury watch brands often operate on lower net margins. This is due to the controlled pricing of manufacturers.

In contrast, businesses focusing on in-house designed jewellery can achieve significantly higher gross margins. These include Boodles, Monica Vinader, and Warren James.

Conclusion: strategic outlook for the 2026-2030 cycle

The top 30 jewellery retailers in the UK are entering a period of consolidation and refinement. The market is expected to grow by nearly £3bn over the next decade.

This growth will not be distributed evenly. Success will likely depend on the mastery of three critical pillars:

1. Supply chain transparency: Retailers must prove the origin of their stones. Brands like Monica Vinader, who already offer ‘Product Passports,’ will have a significant first-mover advantage.
2. Digital integration of the bridal journey: The ring segment is expected to lead growth. Digital customisation tools will be the primary differentiator for mid-market players.
3. Real estate adaptability: Prime Mayfair real estate purchases by Cartier and Richemont indicate that physical flagship stores are vital. For the rest of the top 30, a ‘hub-and-spoke’ model will be most sustainable. This involves a grand flagship supporting a localised digital presence.

The UK jewellery retail sector remains a stalwart of the high street despite the many headwinds it has faced in recent years. It is sustained by the emotional weight of its products and the increasing perception of jewellery as a stable financial investment.