Continued expansion follows a strong performance in 2007, when the sector was worth£2.5 billion, up 7 per cent since 2003, according to Mintel.
Mintel senior fashion analyst Katrin Magnussen said: “British shoppers are becoming more discerning about the jewellery that they buy and are prepared to pay more for a really good quality piece that stands out.
“This, combined with the fact that upmarket jewellery is often bought for sentimental reasons, means that the market is likely to hold its own in these more challenging times.”
Platinum jewellery has put in a powerful performance. Although it is the smallest category, sales rose by 36 per cent between 2003 and 2007 to reach£75 million.
Magnussen warned that jewellers must ensure traceability of product provenance to maintain their reputation and avoid any association with “blood diamonds” and “dirty gold” sourced from controversial locations.
She said jewellers need to “act now to reassure consumers that their gold and gemstones come from ethical sources, as this will become an increasingly important concern for those buying jewellery”.
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