Members encouraged to make wedding jewellery a core focus.
The Company of Master Jewellers’ (CMJ) chief executive officer, Willie Hamilton, has encouraged the Group’s retail members to focus on their core bridal jewellery offers to boost profit margins and cement their reputations as go-to wedding destinations in their localities.
He explained: “As consumer spend on jewellery in the UK is still reaching over £3 billion per annum and sales within the CMJ still showing strong growth, I believe that the market is adjusting within the ‘costume’ jewellery sector and my well versed phrase of ‘moving with the mix’ is well worth adopting once again with a long hard look at what may be a neglected core element of every jeweler in the CMJ: The Bridal Market.”
Continuing on the topic, Hamilton went on to argue that now is the ideal opportunity for retailers to invest in making improvements to their bridal offer, largely because of positive economic factors and exchange rates.
He added: “In my opinion there has never been a better time to invest in bridal. Many of you have quite rightly moved with the mix and invested in the growth and success of fashion brands and trends, and perhaps you have neglected your core bridal offering.
“The barriers of rising gold prices, high diamond pricing and £ versus $ exchange rates have all been removed. The UK economy is in recovery and the number of marriages is predicted to rise. The margin improvements you will recover are well above those of watches and jewellery fashion brands.”
In conclusion, Hamilton argued that as retail jewelers, CMJ member businesses would be expected to stock a range of engagement rings, wedding rings and eternity bands by the average consumer.