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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Mar- 2022 -18 MarchFeatures
13 Spring Statement predictions
With both the global and UK economies coming under pressure from the rising cost of living crisis, which has only been exacerbated by Russiaโs invasion of Ukraine, all eyes will be on the chancellor when he makes his Spring Statement speech on 23 March 2022. Here, Christy Wilson, tax associate…
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17 MarchNews
BoE raises interest rates to 0.75%
The Bank of England has raised interest rates back to the pre-pandemic level of 0.75% as it tries to mitigate the effect of the rising costs of living and the impact that the conflict in Ukraine is having on the global economy. The Monetary Policy Committee (MPC) voted with a…
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16 MarchRetailers
Retail sales monitor shows โcause for optimismโ, Bira says
The British Independent Retailers Association (Bira) has said there is โcause for optimismโ after the recent BRC-KPMG retail sales monitor for February 2022 which revealed that UK retail sales increased 2.7% on a Like-for-like basis from February 2021. According to the BRC the performance comes on top of an improved…
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15 MarchTrade Organisations
NAJ expands team through gov kickstarter scheme
The National Association of Jewellers has welcomed Ahmed Mohammed and Mojtaba Noori into its team as part of the government-funded Kickstart scheme. Mohammed and Noori have joined the team as part of the UKโs plan to help people aged between 16-24 to get back into work. The Kickstart scheme was…
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9 MarchManufacturers
Petra Diamonds Tender 4 sales hit $140.6m
Petra Diamonds Limited has announced its Tender 4 sales hit $140.6m (ยฃ106.89m) in FY22, following the sale of 735,222 carats. The announcement comes as the group reported its YTD sales reached $405.3m (ยฃ308.12m), while full year sales in FY21 were $406.9m (ยฃ309.34m), with further tenders for FY22 due to be…
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Feb- 2022 -23 FebruaryRetailers
New report indicates extent of high street challenge, says Bira
A report released by PwC about a study on how the high street is fairing shows how โchallenging the high street continues to beโ, according to The British Independent Retailers Association (Bira). The report, released this week, highlighted how store closures for chains and multiples slowed versus the last two…
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7 FebruaryEconomy
Consumer confidence falls for second consecutive quarter
The Deloitte Consumer Tracker has revealed UK consumer confidence fell by one percentage point in Q4 2021 to -11%, the second consecutive quarter of decline. Deloitte said the result comes after consumers started to feel the โsqueeze of inflationโ and pockets were hit with higher household bills. Personal expenditure in…
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3 FebruaryNews
BoE raises interest rates to 0.5%
The Bank of England (BoE) has raised interest rates for the second time in three months to 0.5%, up from 0.25% previously. The BoE Monetary Policy Committee (MPC) confirmed it voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%. Interestingly, it revealed those…
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Oct- 2021 -27 OctoberEconomy
Chancellor unveils 50% rates discount for Retail, Hospitality and Leisureย
Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to ยฃ110,000), equating to a business tax cut worth ยฃ1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…
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19 OctoberRetailers
Chloรฉ achieves B Corp certification
Luxury fashion house Chloรฉ has achieved B Corp certification, Richemont has announced. The certification comes in line with Chloรฉโs mission โWomen Forward. For a Fairer Futureโ and provides the brand with a framework to โaccelerate and guideโ its transformation in becoming a purpose-driven model.ย By becoming B Corp certified, Chloรฉ…
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