UK Jewelry Market Summary

The UK jewelry market size was valued at USD 5.76 billion in 2024 and is projected to reach USD 9.41 billion by 2033, expanding at a compound annual growth rate (CAGR) of 5.7% between 2025 and 2033. The growth is largely driven by increasing consumer inclination toward jewelry that combines long-term investment value, ethical sourcing practices, and high-quality craftsmanship. The market has been witnessing a notable transformation as consumers are becoming more conscious of sustainability, transparency in supply chains, and responsible luxury, thereby reshaping purchasing decisions and brand loyalty.

Affluent Millennials and Gen Z are playing a pivotal role in driving market expansion. These younger generations are not only investing in fine jewelry for its aesthetic appeal but also viewing it as a secure financial asset. Special occasions such as weddings, anniversaries, engagements, and the trend of personalized gifting further stimulate demand. Moreover, lab-grown diamonds are rapidly gaining traction in the UK, primarily because of their affordability and ethical advantages. While not naturally formed, lab-grown diamonds are scientifically identical to mined diamonds, possessing the same physical, chemical, and optical characteristics. With prices typically 20-40% lower than their natural counterparts, they allow consumers to purchase larger stones or superior quality pieces within the same budget. Additionally, these diamonds mitigate environmental harm and human rights concerns associated with traditional mining, making them highly appealing to socially responsible buyers. The use of advanced HPHT (High Pressure High Temperature) and CVD (Chemical Vapor Deposition) technologies ensures these diamonds are virtually indistinguishable from mined ones, while offering the added benefit of a reduced carbon footprint.

Key Market Trends & Insights

  • By product category, the ring segment accounted for the largest revenue share of 36.26% in 2024, reflecting strong demand for engagement rings, wedding bands, and fashion rings.
  • By material, gold jewelry maintained dominance with a 49% market share in 2024, underpinned by its enduring value, cultural importance, and versatility in design.
  • By distribution channel, offline retail outlets, including jewelry stores and luxury boutiques, remained the leading sales channel, contributing 86.2% of the total share in 2024, as consumers continue to prefer in-person shopping experiences for high-value purchases.
  • By end use, women were the largest consumer group, capturing 69.6% of the market in 2024, as jewelry remains a significant component of female fashion and self-expression.

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Market Size & Forecast

  • 2024 Market Size: USD 5.76 Billion
  • 2033 Projected Market Size: USD 9.41 Billion
  • CAGR (2025-2033): 5.7%

Key Companies & Market Share Insights

Leading players in the UK jewelry industry include Mappin & Webb, Boodle and Dunthorne limited, Graff Diamonds Limited, De Beers Jewellers Ltd, etc. Companies actively invest in innovative design technologies, customization tools, and seamless digital experiences to enhance customer engagement and personalization. In addition, the market is witnessing the entry of major fashion and lifestyle brands, bringing strong branding capabilities and broader consumer reach. As consumer interest in jewelry continues to grow-driven by fashion trends, personalization, and gifting culture-the demand for convenient and accessible purchasing options is rising. These factors position the UK market for substantial growth in the coming years.

Key Players

  • Boodle and Dunthorne limited
  • Graff Diamonds Limited
  • De Beers Jewellers Ltd
  • Tiffany & Co.
  • Pandora Jewelry, Inc.
  • Monica Vinader
  • PNG Jewellery
  • Signet Trading Limited
  • Astley Clarke Ltd
  • Mappin & Webb

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Conclusion

The UK jewelry market is undergoing a dynamic shift, balancing traditional values with modern consumer expectations. While classic materials such as gold continue to dominate, the rise of lab-grown diamonds highlights the growing influence of affordability, ethics, and sustainability on purchase decisions. Offline sales remain strong, but the role of digital engagement and personalized experiences is likely to increase in the coming years. With Millennials and Gen Z driving demand for jewelry as both an aesthetic statement and a financial asset, the market is set for steady expansion. Strong cultural ties and evolving consumer trends will sustain long-term growth.