© Written by Rachael Taylor for Retail Jeweller
It hasn’t even happened yet, but Brexit is already causing turmoil for British jewellery suppliers. With a weakened pound, the cost of producing or importing jewels has risen. Yet there could be a silver lining to this cloud, as goods made in Britain suddenly seem more attractively priced at home and abroad.
“I was a remainer,” says Clogau managing director Ben Roberts of his Brexit allegiance. “I don’t make any bones about that. My old man was a leaver, being 73 and quite impulsive. I actually see the benefit in leaving, but it’s too complicated. Anyway, he voted out and we were out. The next day, he called me and said: ‘Gold’s gone up, the pound’s gone down. What are you doing about prices?’.”
After a small I-told-you-so moment with his father, Roberts took the problem to the board at Clogau. It was a decision that many jewellery manufacturers faced: should prices go up to reflect the suddenly increased price of doing business, or should it be absorbed to protect retailers…
This story was originally published in the October 2017 issue of Retail Jeweller magazine. Continue reading to see magazine layouts and download full-size PDFs. Main image: Domino.
Download PDF: 025-026_RJ1017_ManufacturingCost