Economy
The economy has a direct influence on the UK jewellery trade, affecting consumer spending, material costs, and business confidence across the sector. For jewellers, manufacturers, and suppliers, staying informed on economic trends is vital to planning and resilience. Jewellery Focus provides expert coverage of economic developments impacting the trade, including inflation, interest rates, consumer confidence, and supply chain challenges. Our reporting helps jewellery professionals understand the wider market forces shaping their business environment.
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Jan- 2025 -30 JanuaryEconomy
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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Dec- 2024 -23 DecemberEconomy
BRC warns of ‘spending squeeze’ in January
The British Retail Consortium has warned of a January spending squeeze, as BRC-Opinium data between 10 and 13 December showed that people’s spending intentions dropped 6pts. It comes as public confidence in the state of the economy “took a nosedive”, falling 8pts to -27, creating a widening gap between expectations…
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Nov- 2024 -29 NovemberTrade Organisations
UKJSAC advises on government’s Industrial Strategy Consultation
The UK Jewellery, Silverware, and Allied Crafts (UKJSAC) Roundtable has shared its insights with the Department for Business and Trade as part of the government’s consultation on its Industrial Strategy Green Paper, unveiled in September. This submission highlighted the jewellery sector’s vital role in driving both economic growth and social…
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Oct- 2024 -3 OctoberDesigners
Bulgari UK falls to £3.2m loss
Bulgari UK has revealed that it posted a loss of £3.2m for the year ended 31 December 2023 a 193% drop from the £3.5m profit it posted in the previous year. Alongside this, the luxury goods company earned £54.6m in UK sales last year, compared with £60.3m in 2022, a…
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Aug- 2024 -16 AugustNews
UK gold investors ‘buy the dip’ amid global markets’ latest storm
Bullion trading via The Royal Mint’s website trebled (336%) after global financial markets plummeted on Monday (5 August 2024), the Royal Mint revealed. The number of investors transacting increased by 53%, compared with this year’s daily average, with precious metals buying outpacing selling by a ratio of 5:1 Additionally, 1oz…
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9 AugustNews
Diamond prices plummet in July
Diamond prices dropped sharply in July amid slow retail sales and an oversupply in India, according to Rapaport’s RapNet Diamond Index. The seasonal summer slowdown also had a negative effect on sales. The RapNet Diamond Index (RAPI™) for 1-carat goods, reflecting round, D to H, IF to VS2 diamonds, slid…
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8 AugustManufacturers
Royal Mint unveils new e-waste gold extracting factory
The Royal Mint has announced the launch of a new factory which will extract gold from electronic waste. Located in south Wales, the 3,700 sqm facility uses chemistry from Canadian clean tech company Excir to extract gold from printed circuit boards (PCBs). The factory has scaled the innovative technology from…
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1 AugustNews
BoE cuts interest rates for first time in 4 years
The Bank of England (BoE) has cut interest rates for the first time in four years, with the rate falling to 5%. The bank voted by a majority of 5–4 to reduce the rate by 0.25 percentage points to 5%, marking the first fall in inflation since March 2020, where…
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Jul- 2024 -29 JulyTrade Organisations
UK Jewellery, Silverware and Allied Crafts industry welcomes new secretary and minister of state
The UK Jewellery, Silverware and Allied Crafts industry has welcomed the appointment of Lisa Nandy MP and Sir Chris Bryant MP as new secretary of State for Culture, Media and Sport and minister of State (DCMS), respectively. In letters to both ministers, the industry-wide group expressed its desire to continue…
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9 JulyEconomy
Cold weather chills consumer spending in June
UK Total retail sales decreased by 0.2% year on year in June, against an increase of 4.9% in June 2023, as cold weather negatively affected spending particularly on “weather sensitive categories”. The latest figures from BRC’s and KPMG’s retail sales monitor revealed that food sales increased 1.1% year-on-year over the…
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