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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Aug- 2024 -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 5โ4 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 โweather sensitive categoriesโ. The latest figures from BRCโs and KPMGโs retail sales monitor revealed that food sales increased 1.1% year-on-year over the…
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Jun- 2024 -20 JuneTrade Organisations
BATF and NAJ unveil executive appointments following AGMs
The British Allied Trades Federation (BATF) and the National Association of Jewellers (NAJ) have appointed a new CEO, president, chair, board directors and National Committee members across both organisations.ย During their annual general meetings which took place on 6 June 2024, at the Tower of London, professionals representing all the…
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4 JuneRetailers
UK sales slightly increase by 0.7% in May
UK total retail sales increased by 0.7% year on year in May, against a growth of 3.9% in May 2023. This was above the 3-month average growth of 0.3% and below the 12-month average growth of 2.0%. Food sales increased 3.6% year on year over the three months to May,…
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Mar- 2024 -6 MarchNews
Chancellor cuts NI by a further 2p as part of Spring Budget
Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for โlong-term growthโ. The reduction in National Insurance is expected to save the average worker ยฃ450 a year, or ยฃ350 for those who are…
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Feb- 2024 -26 FebruaryTrade Organisations
NAJ roundtable discusses future of trade with Chris Bryant MP
The National Association of Jewellers (NAJ) hosted a special 23 person industry wide roundtable on 8 February, bringing together all facets of the UK Jewellery, Silverware and Allied Crafts sectors, to meet with Sir Chris Bryant MP, shadow minister for creative and digital, part of the Department for Digital, Media…
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23 FebruaryRetailers
Consumer confidence falls in February
UK consumer confidence dropped two points in February to -21, according to GfKโs long-running index. The survey revealed that four measures were down and one was unchanged in comparison to last monthโs announcement. The index measuring changes in personal finances during the last year was down two points at -14.…
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22 FebruaryRetailers
Queens of Weymouth jewellers to close after three years
Queens of Weymouth jewellers in Dorset has announced that it is closing after three years of operation. A statement on the companyโs website said that the shop was closed but will reopen for a closing down sale on 1 March. The jewellers, owned by husband and wife duo Dean and…
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7 FebruaryEconomy
Retail sales slow as high cost of living enters third year
UK total retail sales increased by 1.2% year on year for the four weeks ended 27 January 2023, compared with a growth of 4.2% in January 2023, according to data from the British Retail Consortium (BRC). This was above the three-month average growth of 1.9% and below the 12-month average…
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