Brits 'splashing out on luxury jewellery'

British people are not tightening their belts when it comes to luxury jewellery, a new report indicates.

Research from Mintel found that the market for precious metal jewellery was worth $4.8 billion (£2.6 billion) last year, representing a growth of seven per cent on figures from 2003.

And despite reports that UK consumers are reining in their spending, a further four per cent growth is expected this year and an eight per cent increase is predicted for the next five years.

Katrin Magnussen, senior fashion analyst at Mintel, said that the fact jewellery is often bought for sentimental reasons means consumer appetite for diamond drop earrings, gold diamond rings and similar items should stay strong.

"These days British shoppers are becoming more discerning about the jewellery that they buy and are now prepared to pay more for a really good quality piece that stands out from the crowd," she added.

Meanwhile, this week marks National Resurrect Romance Week, in which couples are encouraged to devote more time and attention to one another.

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