The United Kingdom remains one of Europe's most important jewelry and diamond markets, but the structure of the business is changing rapidly. Britain combines a sizeable domestic jewelry market with London's position as an international center for luxury, diamond trading and high-value jewelry.
At the same time, British consumers are becoming increasingly exposed to laboratory-grown diamonds, while inflation, the cost of living and changing attitudes towards luxury are altering what they buy.
The overall UK jewelry and watch market was estimated at approximately $10.3 billion in 2025, according to figures cited by Signet from Euromonitor, Statista and Mintel. Mintel separately estimated the jewelry and watch retail market at $8.6 billion in 2025. Differences reflect variations in definitions and whether particular categories are included, but both figures demonstrate that Britain is a substantial European jewelry market.
Euromonitor estimated demand for jewelry and related articles at $6.4 billion in 2024, with imports accounting for 63.3% of market size. That makes Britain heavily dependent on international supply chains.
For diamonds specifically, Grand View Research estimates that the UK diamond market generated approximately $370 million in 2024, with jewelry and ornaments accounting for 96.2% of the market. The estimate includes both natural and synthetic diamonds and therefore should not be interpreted as natural-diamond jewelry sales alone.
London Remains at the Center of the UK Trade
The UK's importance extends beyond its domestic consumption.
London has long been one of the world's major diamond-trading centers, with Hatton Garden at its heart. The district contains dealers, manufacturers, retailers, jewelry workshops and specialist service companies, while the London Diamond Bourse provides an important institutional center for the trade.
The UK is also home to several major international luxury jewelry companies and diamond businesses. De Beers is headquartered in London, while major luxury names including Graff, Boodles and the UK operations of Cartier and Tiffany have substantial British businesses.
UK Trade Figures Underline London's International Role
In 2024, the UK imported almost $996 million of non-industrial, non-mounted diamonds under HS 710239. The largest suppliers included Israel at $358.8 million, India at $228.7 million, the United States at $99.4 million and Belgium at $88.4 million.
The UK subsequently exported approximately $715 million of diamonds in the same category. The United States was the largest destination, taking $267.7 million, followed by Thailand at $99.9 million, Belgium at $77.9 million, Hong Kong at $72 million and Israel at $56.4 million.
These figures demonstrate why UK import and export statistics should not simply be regarded as measures of British consumer demand. A substantial proportion represents international trading activity, with diamonds entering London, changing hands and subsequently being exported.
Rough Diamond Trade Is Much Smaller
The UK is not a major rough-diamond producer, and its rough-diamond trade is considerably smaller than its polished-diamond business.
In 2024, Britain imported approximately $41.2 million of rough, unworked or simply sawn non-industrial diamonds, totaling 171,001 carats. Botswana accounted for $15.1 million, Sierra Leone $13.8 million and South Africa $6.1 million.
UK exports of rough diamonds were approximately $32.5 million, representing 41,224 carats. South Africa, Botswana, China and Hong Kong were among the principal destinations.
The contrast with the polished trade is significant. Britain's role is much more strongly associated with trading, luxury retail, jewelry manufacturing and international distribution than with rough-diamond production.
The Major UK Jewelry Players
The British market contains a mixture of large chains, international luxury groups and independent family-owned jewelers.
Signet Jewelers is one of the country's largest jewelry retailers through brands including H.Samuel and Ernest Jones. Signet says H.Samuel accounted for 4% of its global sales in fiscal 2026, while Ernest Jones accounted for 2%. The two chains have different positioning: H.Samuel focuses heavily on accessible, fashion-oriented jewelry, while Ernest Jones operates at a higher price point.
Beaverbrooks is one of Britain's leading independent family-owned jewelry chains. Its group turnover for the financial year to February 2025 was £217.3 million, down 3% year-on-year, while operating profit fell 20% to £8.6 million.
Boodles occupies a different part of the market, concentrating on luxury jewelry and affluent customers. Its latest reported turnover reached approximately £125 million, up 19%, although operating profit fell 25% to £13 million. The company operates ten boutiques in the UK and Ireland.
Other important players include Graff, Pragnell, Watches of Switzerland Group and the British operations of Cartier and Tiffany & Co.
The market therefore ranges from mass-market jewelry and bridal chains to some of the world's most expensive diamond jewelry.
Lab-Grown Diamonds Arrive in Force
Perhaps the biggest change in the UK diamond market has been the speed at which laboratory-grown diamonds have moved into mainstream retail.
The consumer evidence is striking. A 2025 YouGov survey of 2,079 British adults found that 29% said they were likely to purchase a laboratory-grown diamond in the future. Among 18–24-year-olds the figure reached 49%, while 46% of 25–34-year-olds said they were likely to buy one. Among people aged over 55, the figure was only 17%.
The most dramatic evidence comes from the online and digitally focused part of the market.
Hatton Garden jeweler Queensmith reported in 2026 that laboratory-grown diamonds represented 87% of its diamond sales, compared with less than 1% in 2019. Natural diamonds represented 13%. This is an individual retailer rather than a measurement of the whole UK market, but it provides an unusually clear indication of how rapidly the category has changed among younger, digitally engaged consumers.
The attraction is obvious: consumers can purchase a considerably larger stone for the same budget.
That is particularly significant in the UK, where engagement rings remain one of the most important diamond categories, but younger consumers face substantially higher housing and living costs than previous generations.
Natural Diamonds Remain Favored Option
The rise of laboratory-grown diamonds should not be confused with the disappearance of natural diamonds.
Mintel's 2025 research found that natural-mined diamonds continued to be the preferred option for fine jewelry, while acknowledging that laboratory-grown diamonds are gaining popularity because of affordability and perceived sustainability benefits.
The natural-diamond market is also increasingly concentrated on higher-value products.
De Beers reported that during 2025 demand for larger and higher-quality diamonds strengthened, while smaller and lower-quality stones experienced greater pressure from competing supply.
This is potentially one of the most important developments in the natural-diamond market. If laboratory-grown diamonds increasingly dominate price-sensitive categories, natural diamonds may increasingly concentrate in the luxury and premium segments.
The Most Popular Shapes and Sizes
The broader natural-diamond market shows an interesting movement towards larger and more distinctive stones.
According to the Natural Diamond Council's 2025 data, diamonds of 2.00–2.24 carats recorded 10% unit-sales growth during 2025, following 18% growth in 2024. Diamonds in the 1.50–1.59-carat category grew 15% in 2025.
Round diamonds remain the dominant engagement-ring shape, representing approximately 62% of unit sales in 2025. Ovals accounted for 14%, although their share declined from 16% in 2024.
There is also increasing interest in elongated and fancy shapes, particularly marquise and elongated cushion cuts. The Natural Diamond Council reported 12% growth in marquise jewelry in 2025.
This suggests that the premium natural-diamond consumer is not simply buying a bigger version of the traditional round brilliant. Design, individuality and distinctive shapes are increasingly important.
UK Faces Same Challenges Facing Global Markets
Britain therefore reflects many of the major trends affecting the global diamond business.
At the lower and middle end, laboratory-grown diamonds are putting intense pressure on natural diamonds because they offer size and visual appeal at dramatically lower prices.
At the luxury end, however, natural diamonds continue to possess a proposition based on rarity, geological origin, provenance and long-term emotional significance.
For retailers, the challenge is to explain that difference clearly.
The British market may ultimately develop into two increasingly distinct businesses: a high-volume, price-conscious laboratory-grown segment and a smaller, higher-value natural-diamond sector.
Conclusion: A Small Market but Strategically Important
The UK is not China or the United States in terms of sheer jewelry consumption, nor is it India in terms of diamond cutting and polishing. Its importance comes from a different combination of characteristics.
It is a sizeable consumer market, a major luxury destination, an international diamond-trading center and home to some of the industry's best-known companies.
The approximately $996 million of polished-diamond imports and $715 million of exports recorded in 2024 demonstrate the international nature of Britain's diamond trade.
At the consumer level, meanwhile, the market is being transformed by laboratory-grown diamonds. The extraordinary growth of synthetics among younger British consumers suggests that the industry cannot treat them as a temporary fashion.
Natural diamonds nevertheless retain a strong position in fine jewellery, particularly at higher price points, with larger stones and distinctive fancy shapes gaining attention.
The UK diamond market of the future is therefore unlikely to be defined by one product. Instead, it will be a market in which natural and laboratory-grown diamonds occupy increasingly different positions, while London's international trading role continues to connect Britain to the global diamond pipeline.
For the British industry, the central question is no longer whether laboratory-grown diamonds will have an impact. They already have.
The question is how successfully UK retailers, manufacturers and dealers can convince consumers that natural rarity and laboratory-grown value are two different propositions—and that both have a place in the modern jewelry market.
Philip Carter for Rough&Polished from London
