UK jewelry consumer habits are changing, with a sharp decrease in the number of hallmarked items and a transformation of town centers, according to UK jewelry retailer John Henn who spoke about the issue at the annual Congress of CIBJO, the World Jewellery Confederation, in November.
Despite this, the value of jewelry stock is rising due to recent record highs in gold prices, he commented.
Henn said that 27 million fewer pieces of jewelry have been hallmarked in Britain over the past 20 years.
This was due to a decline in hallmarked items to private transactions in certain retail segments, and an increase in online sales, with some buyers potentially unaware of hallmarking requirements.
Henn also spoke about a decrease in occupied office space in major cities such as London, the closure of brick-and-mortar stores, and a fall in marriage rates in the United Kingdom. All of these factors have affected engagement and wedding ring sales.
Henn, who owns an independent jewelry business in Wolverhampton, also spoke about the transformation of UK town centers due to the continuing move to online shopping.
Philip Carter for Rough&Polished from London
