Jewellers voice concern over rate of inflation

Jewellery retailers have expressed concern over the latest Consumer Price Index (CPI) figures which show headline inflation at 9.1%.

Jewellers have cited reasons such as the increased prices of gold and silver, a lack of support and understanding from the government, and dwindling sales as cause for their concern.

Seena Gosrani, owner of London-based jeweller, Bottlebee, said: “Inflation at this extraordinary level is really hitting my business hard. The price of gold and silver have skyrocketed and I will have to increase my prices to keep in line with increasing supplier costs.

“The competition in this sector is fierce and a lot of people are selling as a hobby rather than a business so it’s hard to compete. Jewellery is not a need, it’s a want, and as inflation increases, people will look to buy mass-produced items rather than something that is handmade and unique to them.”

Meanwhile, Julia Usher, managing director at Burton-on-Trent-based Ashes Memorial Jewellery, said: “As a small manufacturing and ecommerce jewellery business, I am deeply concerned about the rise in inflation. The past three months have been the toughest in our company’s history.

“In April, sales plummeted by 35% and in May they were flat and June is currently down by 52%. I have been in the retail jewellery industry for 20 years and I have never been more anxious about the economic situation we currently find ourselves in.”

Gillian Colley, designer at Peterborough-based jeweller, Paper2Pearls, added: “As a person living with a disability, inflation is causing me sleepless nights, every night. I know many others are experiencing the same thing. Fuel and energy bill rises are the worst, as I need to keep my house warm and I am also dependent on my car. Almost everything costs more.

“The Government is displaying a complete lack of empathy and understanding of how the current financial crisis is affecting ordinary people. My online sales are down as buying jewellery is a treat rather than a necessity.”

 

source https://www.jewelleryfocus.co.uk/205721-jewellers-voice-concern-over-rate-of-inflation