The global luxury market reset of 2025 has changed the conditions for growth, but it has not removed opportunity, especially for the bespoke jewellery market.
The global luxury slowdown of 2025 has accelerated a structural shift rather than caused a temporary dip. For Scottish and UK-wide goldsmiths working with real gold and genuine diamonds, this reset is creating a narrower but higher-quality international opportunity—one that favours provenance, trust, and strategic clarity over scale.
While large luxury conglomerates are recalibrating after years of aggressive price inflation, independent goldsmiths and bespoke jewellers are increasingly well-positioned to internationalise, provided they approach global markets with precision rather than ambition alone.
Scotland and the UK: A Distinctive Position in Fine Jewellery
Scotland and the wider UK occupy a unique position in the global jewellery ecosystem.
The country’s goldsmiths benefit from:
• A globally recognised hallmarking system anchored by institutions such as the Edinburgh Assay Office
• Strong international trust in British precious-metal standards
• A concentration of independent, craft-led makers rather than volume-driven brands
• Public-sector export support through bodies such as Scottish Enterprise and UK-wide trade frameworks
However, unlike whisky or fashion, there is no single, consolidated “Scottish or UK jewellery export industry.”
Internationalisation tends to occur at the SME level through targeted channels: private clients, specialist retailers, galleries, and increasingly, direct-to-consumer digital sales.
This means success abroad is less about mass exposure and more about choosing the right markets and right routes to market.
Why Fine Jewellery Is Holding Up When Other Luxury Goods Are Not
Global luxury research consistently shows that fine jewellery is outperforming categories such as leather goods and footwear during the current slowdown. The reason is structural.
Fine jewellery functions as both an emotional object tied to identity, relationships, and milestones and a tangible store of value in uncertain economic conditions
For international buyers, particularly at the high end, genuine gold and diamonds carry an intrinsic credibility that fashion-led luxury lacks. This makes British and Scottish goldsmiths especially competitive when they clearly articulate provenance, craftsmanship, and material integrity.
Internationalisation Reality: Fewer Markets, Better Fit
For most UK goldsmith SMEs, international growth should not mean “global.” It should mean selective.
The most realistic first-wave international markets typically include:
• The United States (private clients, independent retailers, online)
• Selected EU countries (heritage-focused buyers, galleries)
• The Middle East (high-net-worth private commissions)
• Greater China (with significant structural caveats)
Each market requires a different approach. Attempting to use one export model across all regions is a common and costly mistake.
China: Demand Exists, But Direct Import Is Rarely the Answer
China is often cited as an aspirational market for fine jewellery, but it is also one of the most complex. The challenge is not demand—it is regulation, taxation, and channel structure.
Key realities for UK goldsmiths:
• Import duties, VAT, and consumption taxes can make direct imports commercially unviable
• Precious metals and diamonds face additional scrutiny and compliance requirements
• Logistics and customs clearance add cost and risk for low-volume, high-value items
As a result, most successful small international jewellery brands do not export directly into mainland China.
More viable routes include:
• Selling through Hong Kong-based partners, where import regimes are significantly more flexible
• Working with established Chinese retailers or platforms that handle import and compliance
• Targeting Chinese consumers outside mainland China, particularly through travel retail and private sales
• Using China primarily as a brand visibility and relationship market, not an immediate revenue market
For Scottish and UK goldsmiths, China should be treated as a long-term strategic market, not an early export priority.
Practical Internationalisation Tips
Rather than thinking in terms of “exporting products,” successful makers frame internationalisation as exporting trust.
Key strategic steps include:
Clarifying market order
Choose one priority international market and build depth before expanding elsewhere. Focus on buyer behaviour, not market size.
Designing channel-specific offers
What works for a US private client will not work for an EU gallery or a Middle Eastern collector. Pricing, presentation, and lead times must be adapted.
Using hallmarking and provenance as assets
British hallmarking is a competitive advantage internationally. Make it visible and understandable to non-UK buyers.
Leveraging public support intelligently
Trade missions and grants are most effective when paired with a clear commercial strategy. Attendance alone does not create demand.
Blending product and experience
International buyers increasingly value access to the maker: private consultations, co-design, studio stories, and limited commissions.
Strategic Considerations for Jewellery and Bespoke Luxury SMEs
SMEs operating in this evolving market should focus on several priorities. Emphasising emotional and symbolic value alongside material quality is essential. Storytelling should be clear, human, and values-driven rather than aspirational in a traditional sense. We will do an entire series on our newsletter in the next three months, along with in-depth country-related analysis of consumer preferences with regard to bespoke jewellery.
Pricing strategies must remain disciplined and transparent, avoiding the aggressive increases that have alienated consumers elsewhere in the market. Exploring complementary models such as pre-owned sales, remodelling services, or heirloom redesigns can also broaden access without diluting brand integrity.
Partnerships with hospitality, cultural institutions, or experiential brands may offer new routes to relevance, allowing physical products to exist within richer emotional contexts.
Looking Ahead to 2026 and Beyond
Industry analysts broadly expect the luxury market to return to moderate growth in 2026 as pricing stabilises and brands recalibrate their value propositions. For SMEs, the current period should be viewed not as a downturn but as a structural reset.
Luxury is no longer defined solely by scarcity or price. It is defined by meaning, connection, and experience, as we have said on multiple occasions.
Bespoke luxury businesses and jewellery makers that understand this shift are not at risk of being left behind. They are positioned to lead the next chapter of the luxury market.
Stay tuned for our updated “The changing Landscape of the Luxury Consumer 2026: a Guide for Independent SMEs”.
