Key Market Indicators
British jewelry sales are projected to plummet to approximately €384 million by 2028, down from €494 million in 2023. This marks an average annual decline of 4%. The market has been on a downward trajectory since 2013, with an average yearly drop of 3.6%. On a brighter note for the industry, British jewelry exports are forecasted to soar to nearly €7.6 billion by 2028, up from around €6.4 billion in 2023. This represents a compound annual growth rate (CAGR) of 2.8%. The UK's jewelry supply has shown robust growth since 2009, with an average annual increase of 11%. In 2023, the UK ranked third in exports, trailing Italy, which led with approximately €6.4 billion. Italy, the United Kingdom, and France held the second, third, and fourth spots, respectively, in this ranking. British jewelry imports are also on the rise, predicted to hit close to €5 billion by 2028, up from about €4.3 billion in 2023. This indicates an average annual growth rate of 2.4%. Since 2009, British demand has increased by 9.7% annually. In 2023, the UK was the second-largest importer, following Switzerland, which led with €4.3 billion. The United Kingdom, France, and Italy occupied the second, third, and fourth positions in this ranking. Additionally, another set of projections suggests British jewelry sales will decrease to roughly €392 million by 2028 from €498 million in 2023, reflecting an average annual decline of 3.8%. This aligns with a trend observed since 2015, where the market has been dropping by 3.5% each year.
