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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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. 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 “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 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 GfK’s long-running index. The survey revealed that four measures were down and one was unchanged in comparison to last month’s 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 company’s 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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Nov- 2023 -22 NovemberEconomy
Chancellor cuts National Insurance to 10% alongside NLW rise
Chancellor Jeremy Hunt has announced a series of measures to help boost the UK economy as part of his Autumn Budget including slashing National Insurance by 2% and freezing business rates for retail and hospitality. As part of the new measures, Hunt revealed that National Insurance will be cut from…
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Sep- 2023 -21 SeptemberNews
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
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Aug- 2023 -22 AugustNews
Royal Mint launches new collection made from recycled X-ray films
The Royal Mint has partnered with Betts Metals, a 300-year-old family business, to use silver sourced entirely from medical x-ray films within its jewellery collection, 886 by The Royal Mint. X-Ray Silver is an important step in reducing The Royal Mint’s reliance on mined materials and offers an “innovative” solution…
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