UK Government

Government to review British Hallmarking Council

The UK government has announced that it will commence a review into the British Hallmarking Council (BHC) which will look at the role, remit and governance of the BHC, including options to merge, abolish or reform it. The BHC is an executive, non-departmental public body sponsored by the Department for…

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Berry’s Jewellers turnover jumps 43% to £77m

Berry’s Jewellers has revealed turnover hit £77.3m for the year ended 30 June 2023, a 43% jump. Its operating profit was flat at £15m following significant investments in the refurbishment of showrooms and new store openings. This included a dedicated Patek Philippe and fine jewellery showroom in York – adding…

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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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Rishi Sunak to ban imports of Russian diamonds and metals

Rishi Sunak has announced a ban of Russian diamond, copper, aluminium and nickel in the UK, at the latest G7 Summit, according to a report by Sky News. The announcement comes after the G7 countries and the prime minister toughened their sanctions against Vladimir Putin. According to Sky, in addition…

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UK sanctions Russian gold exports

New exports of Russian gold will no longer be allowed to enter the UK, Canada, US and Japan due to new measures announced at the G7 Summit yesterday (26 June), in a bid to ramp up the pressure on Putin amid his attack on Ukraine. Gold is reportedly Russia’s biggest…

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Lubrusan Studio calls for Russian diamond boycott

Lebrusan Studio has called on the jewellery industry to join in taking an active stance against Russian conflict diamonds. The global diamond industry is worth tens of billions of dollars, and Russia – the world’s leading diamond producer – accounts for around 30% of that market. The majority of Russian…

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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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Manchester moved into Tier three

Prime minister Boris Johnson has announced that Manchester will be placed into Tier 3 Covid-19 restrictions, after talks between mayor Andy Burnham and the UK government collapsed.  As a result of being placed under Tier 3, pubs and restaurants must close unless they are supplying substantial meals and outside household…

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£3bn tariff ahead for UK retailers and consumers, warns BRC

Supermarkets and their customers could face £3bn a year of tariffs on food and drink if a free trade deal is not agreed between the UK and the EU before 1st January 2020, The BRC has warned In its report the association said an average increase in tariffs of 20%…

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Government launches new ‘bounce back’ plan for retailers

A new series of measures has been announced by the UK Government to support businesses in the consumer and retail industries during the Covid-19 pandemic.  The plans, announced by Minister for exports Graham Stuart, will offer immediate support to businesses by ensuring specialists provide advice on online retail and international…

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