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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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 5โ4 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 Mintโs reliance on mined materials and offers an โinnovativeโ solution…
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8 AugustRetailers
Pandora sees profits fall amid increased costs
Pandora has reported that its overall profits declined to ยฃ44.1m in FY22, down from ยฃ57.6m in FY21, according to the latest accounts filed with Companies House for the year ended 31 December 2022. Overall profits decreased as a result of rising costs which increased to ยฃ268m in FY22 (2021: ยฃ240.1m).…
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8 AugustEconomy
Retail sales growth slows in July amid heavy rain
The UKโs total retail sales increased by 1.5% in the four weeks to 29 July, against the 2.3% growth experienced in the same month last year. This was below the three-month average growth of 3.5% and the 12-month average growth of 3.9%, according to BRC data. This lacklustre growth in…
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3 AugustNews
BoE raises interest rates to 5.25%
The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bankโs Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…
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Jul- 2023 -25 JulyRetailers
Monica Vinader receives Sustainability Award from HM The Queen
Jeweller Monica Vinader has received the 2022 Queenโs Award for Enterprise in Sustainable Development from Her Majesty The Queen at the jewellerโs Holkham headquarters. Her Majesty then presented a commemorative crystal trophy, as well as The Queenโs Awards flag that the business can fly for the next five years. Founded…
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24 JulyDesigners
Charlotte Cornelius Jewellery achieves Butterfly Mark
Bespoke jewellery designer Charlotte Cornelius Jewellery in Portsmouth has achieved the Positive Luxury Butterfly Mark.โ Since 1998, Charlotte Cornelius Jewellery has used ethical and sustainable practices to create โJewellery for Lifeโ under the creative and business leadership of its eponymous founder. โ The brand has also incorporated circular economy into…
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Jun- 2023 -27 JuneFeatures
Jessica Flinn on changes, challenges and trends in the jewellery industry
Can you tell me about yourself and the history of Jessica Flinn? I started Jessica Flinn Designers Limited straight out of university in 2010, so it has been 13 years now, which is absolutely bonkers. I initially started out making stainless steel and silver jewellery, and I would sell it…
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22 JuneNews
BoE raises interest rate to 15-year high
The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoEโs Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…
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