Jewelry business seems is one of the unstable businesses in the economy. It is affected by the inflation of the economy. Inflation can lead to people cutting off jewelry to counter for the low spending power. The rise in the spending power facilitates the rise of performance of jewelry business.
Jewelry business in UK has seen tremendous growth over the years. This growth has contributed to the Gross Domestic Product (GDP) to increase systematically. The jewelry consists of; diamond jewelry, custom jewelry, designer and real jewelry.
Over the years women are known to be the most contributors to jewelers’ growth. The market for men’s jewelry has also grown over the years. The Rolex watches are the higher contributors and other brands like Versace and Bottega. Men have gained social acceptance of jewelry unlike in the past where rock stars and musicians were the only parties interested. They are purchasing chains and bracelets mostly of real jewelry to appreciate fashion and luxury.
The jewelry business growth has lead to establishment of many supply chains. This has resulted in high competition in the industry leading to jewelers coming up with affordable, high-quality and new designs of jewels. Some dealers are offering special deals on weddings and special occasions as a marketing strategy.
There is growth of the branded and custom jewelry market than the real jewelry. This is due to the new designers in the market and the increased prices of gold and silver. The new designers on the other hand, are providing fashion jewelry at wide price range. The women prefer the fashion jewelry to the ordinary jewelry as a result. However, the men still do prefer the real jewelry to the fashion jewelry. The real Blowers Jewellers market seems to be blooming when purchasing of gifts is being done.
The jewelry business is expected to grow both with the increased designers and on-line marketing and selling. In future the industry will expand due to the on-line strategies that have been applied. UK is striving to be the best jewelry hub in the world through marketing on-line and opening up on branches in other countries.
British Jewelers’ association has strategies that that will improve and protect jewelers. The association is expected to help jewelers increase the market as well as the exports from UK.The business is headed for greater heights as many brands are being introduced in the market. The jewelry business in UK will become international and the biggest jewelry business in the world.