Jewellery is something that everyone likes and invests in at some point in their lives. It is something that is universally available. However, there are a few countries which are the hub for jewellery businesses and the United Kingdom is one of them. United Kingdom was once the hub for diamond processing and jewellery making. It still remains one of the countries that are involved in diamond processing.
The world was hit by the coronavirus pandemic in the year of 2020. It was a tough time for people and countries across the world. The governments imposed lockdown like conditions and people were forced to stay inside their homes. Public places were closed and many businesses had to shut shop permanently. Several people lost their livelihood and found it difficult to survive on a day to day basis. Two years since the coronavirus pandemic, the world is slowly returning to normal but is still reeling from the economic loss suffered in the past two years.
One sector that was severely hit during the pandemic was the jewellery sector. Since public gathering were banned, the usual wedding celebrations did not take place and most people were not interested in buying jewellery. The wedding season is the most lucrative season for the jewellers since all engaged couples invest a significant amount in jewellery, such as rings made of lab grown diamonds UK, during this time. However, with the weddings being banned the jewellers suffered huge losses. Secondly, the jewellery business that did stay afloat during this time were the ones who had an online presence. Since people couldn’t visit the jewellery store in person, they shopped online for it. So the jewellery businesses that did not have an online presence did not make any sales.
Today the world is still recovering from the economic losses faced during the pandemic including the United Kingdom. The jewellery sector in the UK is still facing the consequences of the declining economy of the country. Even though, most of the jewellery stores have made efforts to make an online presence, their sales haven’t exactly rocketed. Because a lot of people lost their means of livelihood, they aren’t exactly in shape to invest in jewellery right now. Most of the people working in the jewellery industry also lost their jobs during the pandemic and the recession hit country is only making things worse for them since they cannot get back to working in full swing like in the pre pandemic times.
However, the economy for the United Kingdom is expected to rise slowly in the coming years and that seems to be the silver lining especially for the jewellery sector. The growth in economy will enable people to buy more jewellery and therefore the increase in demand with profit the people working in the jewellery sector. Additionally, the weddings that were postponed during the pandemic will take place and couples will once again start shopping for diamond jewellery such as the diamond three stone engagement ring and diamond necklace.