UK fine jewellery industry to reach £3.3billion in 2018

In the UK, the retail value of the fine jewellery industry rose for the fourth successive year to a high of £3.2billion in 2017, according to research from Euromonitor International and is predicted to rise again in 2018 to reach GBP £3.3 billion.

“Diamonds are a girl’s best friend” and British women’s favourite choice of gem to wear, according to research published today by leading UK online jewellers Gemporia (www.gemporia.com).

All categories of fine jewellery; rings, neckwear, wristwear and earrings have grown, with necklaces showing the largest (10%) uplift over the 2014 – 2018 period. Overall, rings are still the biggest category of fine jewellery sales in the UK worth £1.39bn in 2017, predicted to rise further to £1.435bn by the end of 2018, while watches saw the slowest growth with 2% retail value increase in 2017.

Karolina Zlotkovska, beauty and fashion analyst at Euromonitor International comments, “The decline in the British pound sterling, following the Brexit vote in 2016, was beneficial for fine jewellery retailers in the immediate aftermath. With a cheaper currency and plenty of stock, jewellery could be sold with a preserved margin to foreign customers happy to seize the opportunity.”

The Euromonitor research has been released to coincide with the International Jewellery London trade event, current held at Olympia, Kensington, (2-4 September 2018).