Sales for 2012-13 hit £88.1 million, the highest figure ever recorded.
The Company of Master Jewellers (CMJ) has announced record group sales for the year 2012-13 totalling £88.1 million, up 20% on the previous year and the buying group’s highest ever figure.
The CMJ announced the figures at its AGM, held during its current trade event at Birmingham’s Hilton Metropole. In a report presented by the CMJ’s financial director Andrew Hirshman it was stated that net worth of the CMJ has risen by 18% to £1.97 million from 2012’s net worth of £1.67 million.
Hirshman states that the CMJ was in its strongest financial position in its 33 year history, adding that sales of Pandora jewellery have jumped 20% in the last 12 months. “This increase comes from new CMJ members but also from increased spending with our existing membership. This clearly highlights the continuing strength of the Pandora brand in the UK jewellery marketplace," he added.
The group’s watch sales have also risen, up 16% to £8.1 million, a figure that represents 27% of the group’s core sales. New supplies including Bering and BQ Watches are said to have had a "significant impact" on the group’s watch sales.
The CMJ’s branded jewellery sales have grown by 8.7% to £3.7 million, while of note is the increase in non-branded jewellery sales, up 3% to £2.9 million.
At present the CMJ is operating with 145 members, with six new members joining in the financial year to April 2013.
Hirshman also reported that 52% of CMJ members have spent more than last year in jewellery sales through the group, information that the CMJ says is encouraging in the current economic conditions.
The CMJ’s chief executive Willie Hamilton said: “These figures highlight the ongoing success and strength of the CMJ and are the result of our investment in building the CMJ executive team and the dedication and inspirational leadership of the CMJ board of directors, led by our chairman, Stephen Hughes.
“The CMJ has never been in such a strong financial position, which not only benefits all our members but also our supply partners and indeed the wider jewellery industry both in the UK and on the international stage,” Hamilton added