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Key takeaways
• The UK jewelry manufacturing industry is forecast to grow by 2.1% in 2026, with revenue projected to exceed £1 billion for the first time since 2023.
• After consecutive annual declines in 2023 and 2024, the sector began a modest recovery in 2025 with an estimated total revenue of £992.7 million.
• Industry leaders attribute this stabilization to a rebuilding of consumer confidence and a renewed appreciation for local craftsmanship and quality design.
New research from 77 Diamonds has revealed that the size of the UK jewelry manufacturing industry is set to increase by 2.1% by the end of 2026, with total market revenue forecast to exceed £1 billion for the first time since 2023.
77 Diamonds has analyzed historical data on the UK jewelry manufacturing industry’s estimated annual revenue, finding that in 2025, total revenue reached an estimated £992.7 million. This represents a marginal annual increase of 0.2%, following a period of contraction.
While modest, this growth marks an important turning point for the industry, which has experienced consecutive annual declines over the past few years. Market revenue fell by 5.4% in 2024 and 4.3% in 2023, reflecting broader economic pressures and reduced consumer spending.
Looking ahead, 77 Diamonds’ forecast for 2026 suggests continued recovery, with revenue projected to rise by 2.1% to approximately £1.01 billion. This would represent a significant milestone, bringing the industry back above the £1 billion threshold for the first time in three years.
Over the longer term, the data highlights a relatively steady but subdued growth trajectory for the sector, with an average annual increase of 0.7% over the past five years (2021-2025) and 1.2% over the past decade (2016-2025). Despite short-term volatility, the industry remains resilient.
Co-founder of 77 Diamonds, Tobias Kormind, commented:
“After several years of economic headwinds, it’s encouraging to see the UK jewelry manufacturing sector beginning to stabilize and return to growth. The past few years have been shaped by a combination of inflationary pressure, shifting consumer priorities, and wider global uncertainty, all of which have had a tangible impact on demand and production.
What we’re now seeing is a gradual rebuilding of confidence, both from consumers and within the trade itself. There is renewed appreciation for quality craftsmanship, as well as growing support for local design and manufacturing. These factors are helping to underpin a more positive outlook for the sector.
That said, this recovery should be viewed as measured rather than rapid. The data points to steady, incremental progress rather than sharp rebounds. Provided the global economic environment returns to a place of relative stability, we would expect this upward trajectory to slowly continue, with the wider UK economy also benefiting from increased activity in the sector.”
Data tables and sources
Estimated annual revenue of the UK jewelry manufacturing industry sourced from IBIS World
Full data tables can be viewed online here
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