Interest rate hikes and inflationary pressures throughout the UK have dampened consumer sentiment with clients lowering their average purchase in recent months.
“Philip Dawson, managing director for Lily Arkwright said: Sales have been strong throughout 2022 as we continue to execute our 5 year growth plan, energy prices and wider inflationary pressures do now appear to be having an impact on consumer confidence leading to a reduction in average purchase price of goods.”
Lily Arkwright believes they are well placed to weather any downturn due to the lower price point of lab grown moissanite and diamond engagement ring collections vs traditional high street jewellers retailing mined diamonds at a higher price point.
Lily Arkwright specialises in lab grown ethical and sustainable jewellery including moissanite, lab diamonds and coloured precious gemstones. Proud Assay Assured retailers and members of the National Association of Jewellers.