Spending on fine jewelry in the UK is reportedly soaring despite the credit crisis, according to a report by consumer analysts Mintek.
The Daily Telegraph reported that the market for precious metal jewelry was worth £2.5 billion last year, up 7% on 2003 figures, with the growth driven by spending at the top end of the market.
Sales of items including rings and necklaces made of platinum, the most expensive precious metal, have risen 36% in four years to £75 million in 2007, it said
Although many families are tightening their purse strings with the rising cost of food and household bills, the report by Mintel forecasts a further 4% growth for 2008 alone.
