Britain’s jewellery industry stands at a fascinating crossroads, where traditional craftsmanship meets modern consumer values. As sustainability concerns reshape purchasing decisions and digital natives drive market trends, the sector experiences unprecedented transformation while maintaining its timeless appeal.
The UK jewellery market, valued at £4.4 billion in 2023, reflects both the resilience of luxury goods and evolving consumer preferences. From the rise of lab-grown diamonds capturing 70% of millennial buyers to the surge in second-hand jewellery purchases, British consumers are redefining what luxury means in 2025.
This comprehensive analysis examines 25 essential statistics that illuminate the current state and future trajectory of Britain’s jewellery industry, exploring everything from market size and consumer behavior to emerging trends and technological innovations.
Top UK Jewellery Industry Statistics (Editor’s Choice)
- UK jewellery market valued at £4.4 billion in 2023, projected to reach £7.8 billion by 2025
- Expected growth rate of 13.1% CAGR from 2024-2030, significantly outpacing many luxury sectors
- Over 70% of millennials now prefer lab-grown diamonds for engagement rings
- Half of consumers purchased second-hand jewellery or watches in 2024
- Manufacturing sector comprises 1,406 businesses generating £986.2 million annually
- 4,456 specialist jewellery and watch stores operate across the UK
- Two-thirds of shoppers wait for discounts before purchasing jewellery
- Personalised jewellery continues rapid growth, with mid-market retailers embracing bespoke options
- England accounts for the largest revenue share within the UK market
UK Jewellery Market Size and Growth
Market Valuation and Projections
UK jewellery market valued at £4.4 billion in 2023
Source: Precision Business Insights
The British jewellery market reached £4.4 billion in 2023, positioning the UK as a significant player in the global luxury goods sector. This valuation encompasses all jewellery categories from fine pieces to fashion accessories.
Market projected to reach £7.8 billion by 2025
Source: IBISWorld, Grand View Research
Industry analysts forecast remarkable growth, with the market expected to reach £7.8 billion by 2025. This projection reflects both recovery from economic pressures and shifting consumer preferences toward quality and sustainability.
Exceptional 13.1% CAGR growth rate expected from 2024-2030
Source: Precision Business Insights
The UK jewellery market demonstrates exceptional growth potential with a projected compound annual growth rate of 13.1% from 2024-2030, significantly outperforming many traditional luxury sectors.
Per capita jewellery spending reaches £76.67 in 2025
Source: Statista Market Forecast
British consumers are expected to spend an average of £76.67 per person on jewellery in 2025, reflecting strong domestic demand and the sector’s resilience despite economic challenges.
Manufacturing and Retail Infrastructure
1,406 businesses comprise UK jewellery manufacturing sector
Source: IBISWorld
The manufacturing segment includes 1,406 specialized businesses generating £986.2 million in annual revenue, though the sector has faced challenges with a 5.4% decline over the past five years due to economic pressures.
4,456 specialist jewellery and watch stores operate nationwide
Source: IBISWorld
Britain’s retail infrastructure includes 4,456 dedicated jewellery and watch stores, demonstrating the sector’s commitment to specialized, experiential retail despite online shopping growth.
Retail sector generates £7.8 billion with 1.6% annual growth
Source: IBISWorld
The retail jewellery and watch sector has grown at a compound annual growth rate of 1.6% between 2020 and 2025, showing resilience despite challenging economic conditions.
Consumer Behavior and Shopping Trends
Purchasing Patterns and Preferences
Two-thirds of shoppers wait for jewellery discounts before buying
Source: Mintel
Nearly two-thirds of UK shoppers demonstrate price-conscious behavior, waiting until jewellery and watches are discounted before making purchases, reflecting broader economic pressures on discretionary spending.
Half of consumers purchased second-hand jewellery in 2024
Source: Mintel
The circular economy has significantly impacted jewellery purchasing, with 50% of UK consumers buying second-hand jewellery or watches in 2024, driven by sustainability concerns and value-seeking behavior.
Self-gifting trend reshapes traditional purchasing occasions
Source: Hearst UK Research
Modern consumers increasingly purchase jewellery for themselves rather than waiting for gifts, with 83% of luxury consumers maintaining their jewellery spending levels despite economic uncertainty.
Personalised jewellery experiences rapid growth across market segments
Source: Mintel
Personalised jewellery continues expanding beyond luxury segments, with mid-market retailers embracing bespoke charm necklaces, in-store engraving, and customization options to meet consumer demand for unique pieces.
Demographic Shifts and Generational Preferences
Over 70% of millennials prefer lab-grown diamonds for engagement rings
Source: Forbes, VARNIYA
A seismic shift in preferences sees over 70% of millennial buyers choosing lab-grown diamonds for engagement rings in 2025, driven by affordability, size options, and ethical considerations rather than purely environmental concerns.
Gen Z drives innovation in jewellery design and purchasing
Source: Multiple industry sources
Generation Z consumers increasingly influence market trends through social media discovery, preference for gender-neutral designs, and demand for transparency in sourcing and pricing.
£650 million annual luxury jewellery spending by premium consumers
Source: Hearst UK
Hearst’s premium audience alone spent over £650 million on jewellery in the previous year, with £1 from every £2.42 spent on jewellery in the UK coming from this demographic segment.
Sustainability and Ethical Considerations
Lab-Grown Diamonds and Alternative Materials
Lab-grown diamond market volume projected to reach 19.2 million carats by 2030
Source: DiamondWorld, MVI Marketing
Global lab-grown diamond production is expected to reach 19.2 million carats by 2030, with India increasing its market share to account for 10% of global production, significantly impacting traditional diamond markets.
70% of consumers would consider sustainable options if information were more accessible
Source: Hearst UK Research
Sustainability significantly influences purchasing decisions, with 76% of consumers stating they would buy more sustainable or eco-friendly products if it were easier to find relevant information.
Searches for recycled and upcycled jewellery increased 117% in 2021
Source: Lyst
Consumer demand for sustainable practices continues growing, with dramatic increases in searches for recycled, upcycled, repurposed, and reworked jewellery products.
Ethical Sourcing and Transparency
66% willing to pay higher prices for sustainable jewellery
Source: Hearst UK Research
Two-thirds of consumers express willingness to pay premium prices for sustainable jewellery, while 54% want to know if pieces have been sustainably sourced before purchasing.
Transparency becomes key differentiator for jewellery brands
Source: Multiple industry sources
Brands that provide clear information about sourcing, production processes, and pricing gain competitive advantages, with consumers increasingly demanding visibility into supply chains.
Technology and Innovation Trends
Digital Transformation and Online Shopping
Online jewellery market expected to reach £43.1 billion globally by 2027
Source: Statista
The global online jewellery sector projects massive growth, reaching £43.1 billion by 2027, driven by smartphone adoption, improved internet access, and enhanced mobile commerce capabilities.
Augmented reality and virtual try-on technologies gain traction
Source: Multiple industry sources
Advanced technologies like augmented reality filters and virtual try-on experiences provide new opportunities for consumer engagement, with brands investing in digital innovation to enhance shopping experiences.
Social media shopping grows in importance for older consumers
Source: Mintel
While younger generations lead social media purchasing, older consumers increasingly buy jewellery directly from social platforms like TikTok Shop, expanding the demographic reach of social commerce.
Manufacturing Innovation
3D printed jewellery market grows at 22% annual rate
Source: PR Newswire
The 3D printed jewellery sector demonstrates exceptional growth potential with over 22% compound annual growth rate from 2021-2025, adding an estimated £1.83 billion to the market as technology advances enable more luxurious designs.
Handcrafted jewellery market shows increased online search interest
Source: &facts
The handcrafted jewellery segment experiences growing consumer interest, with increased online search activity and market share growth as consumers seek unique, artisanal pieces.
Regional Market Analysis
Geographic Distribution and Performance
England dominates UK jewellery market with largest revenue share
Source: Precision Business Insights
England accounts for the largest revenue share within the UK jewellery market, benefiting from higher population density, economic activity, and the presence of royal families who influence consumer preferences.
UK ranks third globally in eCommerce jewellery market
Source: Industry reports
Britain maintains its position as the third-largest eCommerce jewellery market globally, behind China and the USA, reflecting the country’s advanced digital infrastructure and consumer adoption of online shopping.
London emerges as global luxury jewellery hub
Source: Multiple industry sources
London’s Notting Hill and other prestigious areas attract international luxury jewellery brands, with companies like Ming Jewellery creating one-of-a-kind pieces that enhance the city’s reputation as a global luxury destination.
Future Outlook and Emerging Trends
The British jewellery industry stands poised for continued transformation as consumer values evolve and technology reshapes traditional retail models. Several key trends will define the sector’s trajectory through 2030:
Digital-First Consumer Experience: The integration of augmented reality, virtual showrooms, and personalized online experiences will become standard rather than innovative, as brands respond to digitally native consumers’ expectations.
Sustainability as Standard Practice: Environmental and ethical considerations will transition from marketing advantages to baseline requirements, with transparency in sourcing and production becoming non-negotiable for success.
Generational Wealth Transfer: As millennials and Gen Z acquire greater purchasing power, their preferences for lab-grown diamonds, personalized designs, and sustainable practices will reshape industry standards.
Experiential Retail Evolution: Physical stores will evolve into experience centers offering services like instant engraving, virtual try-ons, and personalized consultations, complementing rather than competing with online channels.
Investment-Focused Purchasing: Consumers increasingly view jewellery purchases as investments, seeking pieces with lasting value, quality craftsmanship, and potential for appreciation or inheritance.
Frequently Asked Questions
How big is the UK jewellery industry?
The UK jewellery market was valued at £4.4 billion in 2023 and is projected to reach £7.8 billion by 2025, with an exceptional growth rate of 13.1% CAGR expected from 2024-2030. This makes Britain one of the fastest-growing jewellery markets globally.
Is the UK jewellery industry growing?
Yes, the industry demonstrates robust growth despite economic challenges. The retail sector has grown at 1.6% CAGR between 2020-2025, while the overall market projects 13.1% annual growth through 2030, driven by changing consumer preferences and digital adoption.
What are the main trends in UK jewellery buying?
Key trends include the dominance of lab-grown diamonds among millennials (70% preference), significant growth in second-hand purchases (50% of consumers), increasing demand for personalized pieces, and greater emphasis on sustainability and ethical sourcing.
How do UK consumers shop for jewellery?
British consumers demonstrate price-conscious behavior with two-thirds waiting for discounts, while half purchase second-hand pieces. Online shopping continues growing, though 4,456 specialist stores maintain importance for experiential retail and personalized services.
What demographic drives UK jewellery sales?
Millennials and Gen Z increasingly influence market trends through preferences for lab-grown diamonds, sustainable practices, and personalized designs. However, older generations maintain significant purchasing power, particularly for luxury and investment pieces.
How important is sustainability in UK jewellery purchases?
Sustainability plays a crucial role, with 66% of consumers willing to pay premium prices for sustainable jewellery and 76% wanting to buy eco-friendly products if information were more accessible. This trend particularly influences younger generations’ purchasing decisions.
What is the future outlook for the UK jewellery industry?
The industry projects continued strong growth driven by digital transformation, sustainability requirements, and evolving consumer preferences. Key factors include the rise of lab-grown diamonds, experiential retail, and the integration of technology into traditional shopping experiences.
Sources and Methodology
This comprehensive analysis draws from authoritative market research organizations, industry specialists, and government data sources. All statistics reflect the most recent available figures from 2024-2025, with historical context provided where relevant to demonstrate market evolution.
Primary Sources:
Market Research Organizations:
- Precision Business Insights – UK Jewellery Market Report
- IBISWorld – UK Jewellery Manufacturing Analysis
- IBISWorld – UK Jewellery & Watch Retail Report
- Grand View Research – UK Jewelry Market Outlook
- Statista – UK Jewelry Industry Statistics
Consumer Research Studies:
- Mintel – UK Jewellery and Watches Retailing Report 2024
- Hearst UK – Jewellery Industry Trends Research
- &facts – UK Handcrafted Jewellery Market Trends
Industry Analysis:
- Matter Of Form – Future of Jewellery Industry
- Brenton Way – Jewelry Marketing Trends 2024
- Magneto IT Solutions – Jewellery Business Trends
Generational Studies:
- VARNIYA – Millennial Lab-Grown Diamond Trends
- Southern Jewelry News – Gen Z Lab-Grown Diamond Analysis
- Brown & Brown – Generational Jewelry Purchasing Shifts
Specialized Research:
- Euromonitor – Gen Z Impact on Jewellery Sales
- Professional Jeweller – Millennial and Gen Z Engagement
Methodology:
Data Collection Period: January 2024 – February 2025 Geographic Focus: United Kingdom and constituent countries Currency: All financial figures in British Pounds (£) unless otherwise specified Sample Sizes: Consumer research studies range from 1,000 to 2,800+ UK participants Verification: Cross-referenced across multiple authoritative sources for accuracy
Quality Assurance:
- Industry-leading market research firms prioritized for market sizing data
- Consumer behavior insights sourced from established research organizations
- Government and trade association data used where available
- Recent studies (2024-2025) emphasized over historical data
- Regional focus maintained on UK market while including relevant global context for comparison