(This article was updated on 06/07/2020)
The UK market for jewellery was valued at over £5 billion with a growth of 2.2% forecasted for 2019. Although the global economic crisis in 2007 had slowed growth in previous years, the consumer environment has considerably improved driven by improved confidence, investment opportunities and internet sales. The business hopes to capitalise on this growing market through investment opportunities in Tier 1 Investor Visa UK
IBISWorld analysis of the Jewellery and watch market shows that the economic fallout due to Covid-19 would affect demand and profit margins in the medium term. However, a resilient demand and fading economic uncertainty would support industry expansion as per the predicted rate.
High streets are dominated by large jewellers HM Samuel and Ernest Jones as well as small boutiques. The business will be able to compete with other retailers by differentiating itself with its exceptional customer experience, knowledgeable staff and value for money products. Additionally, unique designs not available in chain franchises will be desirable as customers seek to differentiate themselves.
Most industries have seen an increasing volume of transactions occurring online via company websites or intermediary sites such as Amazon or Net-a-porter. It’s increasingly evident that establishing a strong online presence is essential to ensuring a competitive business.
Market intelligence provider Key Note released a report based on the UK jewellery industry, revealing positive growth in the last decade and a market worth of more than £5 billion.
This is validated with the publication of Euro monitor report that pegs the retail value of the UK fine jewellery industry at £3.3 bn showing a rising trend for the fourth successive year in 2017, necklaces have grown by 10% from 2014-2018, whilst rings continue to be the best-selling category, worth £1.39 bn in 2017 and expected to rise to £1.43 bn in 2018.
Trends indicate the high costs of luxury jewellery items deterred consumers during the recession although consumer confidence is returning. Consumers are more likely to purchase fashion jewellery items for a fraction of the price as compared to expensive real jewellery pieces, adding that as jewellery trends become increasingly merged with the latest fast-fashion trends, consumers are not as willing to spend high amounts on a jewellery piece that may go out of fashion.
Luxury jewellery items such as diamonds are often regarded as investment pieces and as a result, they have continued to generate sales with some consumers showing a preference for purchasing several disposable pieces or real jewellery items which fall into the mid-market price band as compared to a single, expensive investment piece. As there is an inclined shift from the mid-range price bracket of jewellery items, it has caused consumers to either opt for high-cost luxury goods or low-cost fashion pieces. It is apt for beginning a business in the UK through UK investor visa.
With the development of fashion industry towards more male-specific trends and styles, male fashion jewellery has also been on the rise, thus opening up a new marketplace for costume jewellery brands; on the other hand, most of the fashion retailers have diversified their product ranges to incorporate fashion jewellery lines to complement their main clothing lines.
If you want to start a business in the Gems and Jewellery sector in the UK through Innovator Visa, Start-up Visa, Tier 1 Investor Visa you can speak to our UK Investment Immigration Experts on +91 22 2850 9857 or +91 9819 025 362. or firstname.lastname@example.org and book your consultation appointment with our UK immigration advisor to know about the specific visa category and how you can apply for permission to remain the UK as an entrepreneur. We are located in London, New Delhi, Chandigarh, Bengaluru as well as Mumbai is our registered office.