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Jewellery Market Overview

JewelleryWith customers enjoying a post-recession surge in confidence, the global jewellery market is set for a prosperous future. Leading analysts predict that current annual jewellery sales of EUR148 billion will grow at 5% to 6% per year, meaning the industry will be worth EUR250 billion by 2020.

Those UK jewellery wholesalers that are able to compete and innovate in this intensely competitive marketplace – made up of a bewildering array of sub sectors, including children’s jewellery, new age jewellery, watches and sea shell jewellery to name just a few - can expect the orders to come flooding in over the next few years and beyond.

The UK’s jewellery market is so vast that it is perhaps misleading to speak of it as ‘one’ industry. The costume jewellery sector, for example, is currently outperforming real jewellery, not least because the wider price range of accessories in this space appeals to a broader consumer segment. Real jewellery (diamond jewellery, semi-precious jewellery, silver jewellery etc.) has traditionally – and is expected to remain – a class of products that are purchased less frequently, perhaps for special occasions or as an investment.

At the heart of the UK’s dynamic and innovative jewellery market is Birmingham, and more specifically its Hockley Jewellery Quarter, ‘Birmingham’s Gem’. It was in this key market hub last September that the £471,000 Precious project was launched: designed to protect UK jewellery manufacturers against cheap imports from low labour cost countries, the initiative aims to offer viable manufacturing options to suppliers at the middle to higher end of the bespoke market.

Precious reminds us just how dynamic the domestic jewellery market is. The UK’s share of the projected 2020 global jewellery market value of EUR 250 billion, therefore, should be substantial.

There are many trade shows throughout the year which feature whole sections devoted to Jewellery wholesalers and cater for all budgets offering everything from designer pieces to fashion and costume jewellery for every day wear. The trade association representing this sector is the British Jewellery Association, also based in Birmingham and the Jeweller magazine, known as “The Voice of the Industry” contains a wealth of information and advice for all jewellery retailers.


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