United Kingdom is one of the countries well-known for their diamond industry. Lab-grown diamonds are its speciality along with organic ones as well. There are many industries producing lab-grown diamonds in United Kingdom and in the city of London itself. Also, it is a hub to various exhibitions and jewellery events hosted all year round. The diamond jewellery market, especially the one at Hatton Garden is popular even among tourists. Given the fame of London’s jewellery and its beautifully carved diamonds, there has been a rise in its sale. The significant rise has been seen over the past decade.
Silver, Gold and Diamonds: What does London prefer to buy?
Initially more people were seen buying silver and gold jewellery respectively, with 65% of them opting for silver. But since the past few years, due to the growth of the lab-grown diamond industry, we have seen a surge in diamond shopping too. Lab-grown diamonds are cheaper as compared to natural ones, although their atomic structure and physical appearance is exactly the same. So people are more inclined to buying those which give them the satisfaction of owning a diamond and saving a huge hole being burnt in their pockets as well. It’s a win-win situation. Lab grown diamonds uk are famous among people.
In 2018, people spent less than $100 on jewellery purchases. 2019 also maintained the same statistics more or less. Since 2020 was the year of the pandemic, the world economy itself was down and so was the jewellery business. People spent the least on jewellery that year as they were simply trying hard to hold on to jobs and make ends meet while being quarantined at home.
Diamond buyers in London
The population of London as measured in 2020 was 8.9 million. That’s a lot of present and potential customers for jewellery. Since United Kingdom is the country of the royals, their love for diamonds is unmatched. A lot of people there now see diamonds not just as jewellery but as a future investment as well. The value of diamonds is appreciated years later too and so buying them as an investment makes a lot of sense. The most popularly bought diamond jewellery in London is engagement rings. With more and more people opting for studded rings for their partners, wince social media and the royals made it a trend, the rise in sale has been seen evidently. Out of the 8.9 million, close to 3 million people, which is around 40% of the total population in London buys diamond jewellery annually. Maximum sales out of these are made at the famous Hatton Gardens. Other diamond jewellery pieces commonly purchased are smaller pendants, bracelets and cufflinks for men made out of diamonds too.
The statistics obviously change with each year and new inventions in the jewellery field, however, since the year of the Corona pandemic, markets have been down and there is a steady fall in the jewellery industry as well. That might change in the coming years as the economy regains its shape. If you’re also willing to buy jewellery this year, check out the lab grown diamond engagement rings at Hatton gardens, in London.