The fine jewellery market in the UK is poised for continued growth, with experts predicting a rise in retail value to £3.3bn by the end of this year. This growth can be attributed to a shift in consumer behavior, particularly with women taking the lead in driving sales within the industry.
Recent figures from Euromonitor International reveal that more women are buying jewellery for themselves, whether to mark personal milestones or simply because they want to treat themselves. This shift represents a departure from the traditional model of jewellery purchasing, where gifts were often the primary reason for buying.
While all categories of fine jewellery are seeing growth, necklaces have experienced the most significant increase at 10% over the past four years. In contrast, watches have shown slower growth, with a 2% rise in retail value in 2017. Despite these variations, rings continue to be the top-selling category, with a value of £1.39bn in 2017 expected to reach £1.43bn by the end of this year.
Renowned journalist and former British Vogue editor, Alexandra Shulman, notes, “The new big sector in the jewellery market is women buying for themselves. No longer do we feel… a piece is somehow of greater worth if it has been gifted.” She emphasizes how fine jewellery has become a popular form of self-reward for women, whether to mark career achievements or personal celebrations.
To further explore the latest trends and innovations in the UK fine jewellery market, industry professionals are gearing up for the International Jewellery London event from 2-4 September. This event will bring together over 550 exhibitors and an estimated 10,000 visitors to showcase new collections, engage in discussions, and network with key players in the industry.
To learn more about the UK fine jewellery market and the upcoming International Jewellery London event, visit International Jewellery London and Euromonitor International.
