Inflation
Inflation has significant implications for the UK jewellery trade, affecting everything from raw material costs to consumer spending habits. For jewellers, suppliers, and manufacturers, understanding how inflation influences pricing, margins, and operational decisions is critical to staying resilient in a shifting economic climate. Jewellery Focus provides expert coverage on inflation trends, market analysis, and insights into strategies trade professionals are adopting to mitigate its impact across the supply chain and retail sector.
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Aug- 2022 -5 AugustEconomy
UK recession can be averted, claims Truss
In an interview with Sky Newsโs Kay Burley last night (4 August), foreign secretary Liz Truss claimed she could avert a recession if she wins the leadership contest. The claim comes after the Bank of England projected that the UK would enter a recession in this yearโs fourth quarter, with…
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4 AugustEconomy
BoE hikes rates to 1.75%, warns UK to enter recession until 2024
The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…
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Jul- 2022 -25 JulyRetailers
Retail accounts for 10% of UK administrations in 2022, study finds
The retail sector accounted for 10% of administrations in the first six months of the year โ the third highest industry in the UK โ according to analysis by full-service law firm Shakespeare Martineau. It found more than 620 businesses, 62 of which came from the retail industry, filed for…
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19 JulyManufacturers
Petra FY22 revenues hit ยฃ486.7m
Petra has announced that its revenues hit $585.2m (ยฃ486.7m) in the financial year ending 30 June 2022 (FY22), up year-on-year from $406.9m (ยฃ338.43m).ย This comprises a 44% rise in revenues to $584.1m (ยฃ485.81m) from diamond sales, and additional revenues from profit share agreements of $1.1m (ยฃ914,903). Petra said the increase…
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13 JulyRetailers
Cost of living crisis starts to impact sales, BRC finds
On a total basis, sales decreased by 1.0% in June, against an increase of 10.4% in June 2021, according to the latest figures from BRCโs sales monitor. This is below the three-month average decline of 0.8% and the 12-month average growth of 3.0%. UK retail sales decreased 1.3% on a…
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8 JulyNews
Cost of living crisis weighs on retail sales growth
High levels of inflation and the deepening cost of living crisis have prompted further slowing of retail sales growth, according to BDOโs High Street Sales Tracker (HSST). It found that total like-for-like (LFL) sales, combined in-store and online, increased by +8.4% in June compared to the equivalent month in 2021,…
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Jun- 2022 -24 JuneEconomy
Jewellers voice concern over rate of inflation
Jewellery retailers have expressed concern over the latest Consumer Price Index (CPI) figures which show headline inflation at 9.1%. Jewellers have cited reasons such as the increased prices of gold and silver, a lack of support and understanding from the government, and dwindling sales as cause for their concern. Seena…
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16 JuneNews
BoE raises interest rates to 1.25%
The Bank of Englandโs (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…
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10 JuneRetailers
Signet Q1 sales hit ยฃ1.4bn
Signet Jewellers has revealed its total sales increased 8.9% year-on-year to $1.8bn (ยฃ1.4bn) in the 13 weeks ended 30 April 2022 (Q1 FY23), rising by $149.5m (ยฃ120.19m). The retailer said the performance comes as customers responded to the โbreadth and newnessโ within Signetโs assortment, including higher price point offerings, diamonds…
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May- 2022 -10 MayEconomy
Cost of living crisis begins to hamper consumer spending
Spending on essential items dropped to 18.1% in April, compared to 17.4% in March, as inflation and rising living costs are starting to impact the retail sector. Research from Barclaycard found this was largely due to spending on fuel falling from a record 26.1% increase last month to 23% in…
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