Economy

Consumer confidence hasn’t recovered since Brexit vote, Barclays finds

Consumer confidence reached its highest point in the past 10 years in September 2016, at 48%, just after the Brexit referendum, according to Barclays’ “10 Years of Spend” report. Barclays has been tracking consumer confidence monthly since 2015 and also surveyed 2000 people in the UK for the report, which…

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UK footfall jumps 7.2% in April

UK footfall increased by 7.2% in April (YoY), up from -5.4% in March, the BRC has revealed. During the four weeks from 6 April to 3 May, footfall increased across all segments – high street by 5.3%, retail parks by 7.5% and shopping centres by 5.6%. Across nations, footfall also…

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Diamond prices rise in April amid tariff uncertainty

Diamond prices rose sharply at the beginning of April in response to announcements of new U.S. import tariffs, and then stabilised later in the month when the U.S. delayed their implementation by 90 days, according to Rapaport’s RapNet Diamond Index. It comes as the RapNet Diamond Index (RAPI) for 1-carat…

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Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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Shop price inflation remains at 0.7% despite surge in food prices

Shop price inflation remained in deflation at 0.7% in February, after also falling to -0.7% in January, according to data from the British Retail Consortium. However, this comes despite food inflation increasing to 2.1% year on year in February, an increase from the 1.6% rise in January and above the…

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UK consumer confidence drops to new low in February

UK consumer confidence slipped to a new low of -37 in February, amid the worsening state of the economy. According to the latest BRC-Opinium Consumer Sentiment Monitor, the economy worsened for the fifth consecutive month, down from -34 in January. The BRC reported that even Gen Z, despite being the…

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Average diamond price rose 2.7% in 2024

The average price of a diamond rose 2.7% to $2,360 (£1872) in 2024, according to data from the Natural Diamond Council (NDC). Furthermore, overall jewellery sales across all product segments grew 5.2% in 2024. Round diamonds still accounted for 82% of centre stones, oval cuts featured in 165 of engagement…

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BoE cuts interest rates to 4.5%

The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”. At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the…

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Value of diamonds has plummeted in past 2 years, warns 77 Diamonds

Both natural and lab grown diamonds have seen a significant reduction in value, according to online jeweller 77 Diamonds. Over the last two years, the value of a 1ct natural diamond, based on the cost price of round diamonds, has fallen by 34%, whilst a 2ct stone is now worth…

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BRC warns of 2025 falling sales volume despite December sales growth

The British Retail Consortium (BRC) has warned of possible falling sales volume in 2025 despite the modest increase in total retail sales experienced in December 2024. UK total retail sales in December 2024 increased by 3.2% year on year, against a growth of 1.9% in December 2023, according to new…

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