The UK has a great market for jewellery. In fact, it is one of the major producers of jewellery in Europe and ranks at number six internationally. The jewellery market size of UK is estimated 894 million pounds, most of which is exported to other countries and the total employment counts 5776 people. The UK produces almost all kinds of jewellery like rings, necklaces and bracelets. The production also follows the trend of custom made jewellery and not just standard items. These jewellery items are generally made up of pearls, precious stones and metals. The data shows that the demand for UK produced jewellery has been steady from 5 years, especially from the well-reputed markets like Hatton garden jewellery shops. This demand is also likely to grow in the coming years as it will try to recover in the post-pandemic period. Talking about the pandemic, all luxurious items saw a decline in their production and consumption including rich cars, etc. but not jewellery. Although it is very uncertain to say anything about the product exports from the UK in the future because of Brexit i.e. Britain’s exit from the European Union which formally took place in Jan 2020.
The biggest companies that dominate the jewellery market in the UK are – Graff diamonds Ltd, Boodle and Dunthorne Jewellery Group Ltd, WB the creative jewellery group Ltd, Pravins Ltd, etc. Being one of the leading producers of jewellery, UK exports jewellery to its neighbouring countries and has captured their jewellery market to some extent. These 5 countries are as follows –
- France – France has a good customer base in the jewellery sector. The most sold jewellery are rings which count for 46% of all jewellery, then comes necklace which makes up 21% and earrings for 15%. There is more demand for synthetic diamonds than natural diamonds.
- Italy – Yellow 18k gold is the most popular choice of people in Italy. One of the peculiarities of the Italian jewellery market is that it is not restricted to traditional rings, necklaces, and bracelets. The people welcome all kinds of other options that are off the charts. So it is a good place to market new and creative jewellery products.
- Switzerland – Switzerland has a consumer base which is only open to buying trusted brands. It has been observed that online purchase of diamond jewellery and custom jewellery has increased in recent years especially in mid-priced products.
- Spain – In the period of the pandemic and lockdown, jeweller supply from the UK to Spain decreased a little bit because of transportation issues. But the trade will certainly revive itself soon with the new hope of vaccine.
- Germany – Germany is also one of the leading producers in jewellery but the country is more focused on research and development in diamonds. Recently, Germany produced the world’s biggest diamond. Even with these statistics, Germany continues to import jewellery products like engagement rings Hatton Garden because of their outstanding quality. Britain jewellery has an edge in designing beautiful and artful patterns on the metal bands, something which is very unique to their production.