Michael Rawlinson, CEO of the National Association of Jewellers (NAJ) has issued the following statement to the trade media on behalf of the Association.
“The country has voted to leave the EU. The full effect of this news is going to take some time to settle in and for our industry to absorb as it will for the country, generally.
On this day of the decision we can only speculate on what the long-term political landscape at home is going to look like or how Brussels will respond.
The financial and commodity markets are in turmoil and the drop in value of sterling against the US$ will affect the prices of the materials we buy to make jewellery – metals and gemstones – and also the price of imported jewellery, at least in the short-term. We will need to see over time how this settles and what this means in the longer term. We have a robust industry that has traded successfully when the price of gold was much higher than it is today.
In the current market conditions, a weak pound will encourage the overseas tourist to return to our country. According to recent research by MasterCard, who see 16 million transactions per hour worldwide, this is a significant market our retail members can benefit from and thus support our manufacturers.
As for the longer term future, we will have to step back, assess all the factors, and watch how the future develops.”