Covid-19
Covid-19 brought unprecedented challenges to the UK jewellery trade, reshaping retail, supply chains, and consumer behaviour. For jewellers, manufacturers, and suppliers, understanding the pandemic’s lasting impact is essential to building resilience and adapting strategies. Jewellery Focus offers in-depth coverage of Covid-19’s effects on the industry, including market analysis, recovery efforts, e-commerce growth, and insights into how businesses are navigating a post-pandemic landscape.
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Jan- 2021 -19 JanuaryCurrent Affairs
Sunak looks to raise corporation tax in March budget
Chancellor Rishi Sunak is reportedly looking to raise corporation tax in the upcoming March budget to pay off the estimated £400bn borrowed by the UK throughout the pandemic. According to The Financial Times, the alleged move has sparked uproar among business owners who claim they are still struggling with the economic impact of Covid-19. However, it…
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15 JanuaryCurrent Affairs
Supreme Court sides with small firms in business interruption case
The Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, with the court’s ruling in the favour of small firms potentially forcing insurers to pay out £1.2bn in CBI claims. Following the judgement, thousands of policyholders will now have their claims for…
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13 JanuaryRetailers
BlueRock production increases 10% in 2020
BlueRock has announced that in 2020 the number of carats produced increased by 10% to 15,371 carats from 14,033 carats in 2019, despite the Kareevlei Diamond (KVD) mine being closed due to Covid-19 for a period of 50 days. The company’s processed tonnes increased by 25% to 402,000 tonnes from…
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7 JanuaryNews
Menē sees end of year revenues up 64%
Menē has revealed a 64% year-on-year increase in revenue to $21.3m (£15.6m) for the fiscal year ended December 31, 2020 from $13.06m (£9.6m) last year, despite the impact of Covid-19 and lockdown restrictions. The global online 24 karat jewellery brand sold 72,900 cumulative units and received 15,885 customer orders, with…
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6 JanuaryManufacturers
Lucara diamond mine renewal approved
Lucara has announced that the application for the renewal of its Karowe mining licence has been approved for a period of 25 years. The new licence will allow Lucara to continue mining for diamonds until 2046 and marks a “critical step” in the formal sanction of the Karowe underground expansion…
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5 JanuaryCoronavirus
Chancellor unveils £4.6bn in new lockdown grants
Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the chancellor has announced. The news comes after the prime minister’s announcement that businesses will be closed until at least February half-term in order to help control the spread of Covid-19. This…
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5 JanuaryEconomy
Diamond trading slows over Christmas
Diamond trading slowed down over the holiday season as the industry shifted focus to retail and as diamantaires took their end-of-year break, according to Rapaport USA. The volume of 1-carat diamonds on RapNet declined 24% in the second half of 2020, with the top 10% of diamonds in that category…
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4 JanuaryRetailers
Pandora FY results to exceed previous guidance
Pandora has revealed it expects its financial results for 2020 to exceed the high end guidance range of “-14% to -17%”. The luxury jewellery brand began 2020’s Q4 with “positive” organic growth in October and November, with December being impacted by the phasing of revenue. On average, more than 10%…
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Dec- 2020 -23 DecemberNews
BlueRock Diamonds recovers two ‘exceptional’ gems
BlueRock Diamonds has announced that the Kareevlei diamond mine has recovered two gem quality exceptional stones of 14.8 carats and 8.7 carats. The company which was founded in 2012, has been producing exceptional quality diamonds and out of its mine near Kimberley in South Africa. The Kareevlei licence area covers…
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17 DecemberCoronavirus
Furlough scheme extended until April 2021
The furlough scheme has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages to employee’s pay, Chancellor Rishi Sunak has confirmed today (17 December). The government will also extend current government-guaranteed Covid-19 business loan schemes until the end of March. This includes…
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