- The Keynote market Update for the UK jewellery and watches has just been released.
- It looked at sales in the last 5 years, leading trends in the retail sector, global supply chain and international trade of goods and the future of the market up to 2109.
- The keynote reports good news that from 2009-2013 the industry is growing year on year.
- The industry is now worth more than £5 billion.
- This equates to a total market share growth of approximately 10%.
- In 2014 , the industry recorded a growth of 3%.
UK Jewellery Industry Sales
- Sales of watches are booming! With sales increasing by 13% from 2009-2013.
- There has been a decline in precious metal sales due to the increasing high costs of gemstones and metals.
- The total value of the jewellery sector in the UK now stands at £3.5 billion.
- With the highest increase in 2013 as consumers begin to spend again after the economic downturn.
Growth of Costume and Fashion Jewellery
- The industry has seen a growth in costume jewellery and fashion accessories. Not surprisingly these items are cheaper than precious metal items. In terms of value, this sector is valued at £501 million.
- The “real” jewellery sector which is valued at just over £3 billion.
- “Real” sector rose by 6% from 2009-2013.
- Important events are still marked by purchasing “real” jewellery.
- Women are now buying themselves expensive jewellery.
- Male fashion jewellery is on the rise.
- Fashion designers and accessory designers developing costume ranges for men alone.
- Plus fashion houses now have exclusive male jewellery alongside their male fashion collections.
UK Manufacture of Jewellery and Watches
- According to the Office for National Statistics and the Key Note report there were 1450 businesses engaged in the manufacture of jewellery and watches in 2013.
- The majority of these being small or medium sized companies with turnovers less than £250,000.
- With just 1.6% generating a turnover of more than five million.
- The numbers recorded for UK companies manufacturing “costume or fashion jewellery” is very low- just 105 business in 2013.
- With over 70% of these with a low turnover of less than £250,000 and none recorded with a turnover of plus £5 million.
UK Jewellery and Watch Market Forecast
- The UK jewellery and watches market is set for strong growth over the next five years.
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