The watch and jewelry market United Kingdom had the fifth largest revenue in the world in 2023, with a revenue of approximately 17.5 billion U.S. dollars, although this was far behind the top three of China, India, and the United States. The
was estimated to be worth just under 300 billion U.S. dollars that year. The UK also featured in the top 10
in 2022, with imports of over 3.2 billion dollars’ worth earning eighth place in the global ranking.
Jewelry made in the UK
The annual
turnover of jewelry and related items manufactured in the UK reached a new height in 2021, reaching approximately 1.2 billion pounds, a significant increase from the previous year, and approximately 83 million pounds more than the previous highest total reached in 2018. This turnover was generated by the 1,388
enterprises that operated in the country that year, which again represented an increase compared to previous years. Since 2016, the number of businesses steadily increased year-on-year.
How are specialist retailers faring?
When it comes to retail, there are many businesses that sell jewelry as part of a wider product range, however, there is also a strong sector of specialist watch and jewelry stores in the UK, with almost
4,500 stores in 2021. Shops in this category generated a
turnover of roughly 6.5 billion pounds that year, representing a record figure, beating the 2017 total by slightly more than 100 million pounds. The
jewelry brands with the highest brand awareness among UK consumers in 2023 included many luxury brands, such as Chanel, Dior, and Tiffany. Pandora had the highest brand awareness, at 90 percent.
Pandora’s UK revenue exceeded 3.8 billion Danish Kroner in the financial year 2023, which was equivalent to approximately 444 million British pounds at the time of the year end.
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