Brexit’s Impact on Ireland’s Jewellery Industry

Brexit is just around the corner, whether the UK leaves with a deal or no deal. Newly appointed Prime Minister Boris Johnson has said he is happy for the UK to walk out the door on October 31st. As a result, this could have a massive impact on businesses across the country. No deal would mean trade inside and outside the UK becoming more difficult. However, new trading arrangements would need to be forged. In the meantime, many companies will struggle to fulfil orders. As a result, fewer orders means staff may have to be laid off. This, during the most uncertain times the country has ever faced.

What does it mean for the jewellery industry?

The jewellery industry could be one of the hardest hit, and Ireland will not be exempt from the pain. Jewellers often have very long and complex supply chains which run through the UK. Many import their metals and precious stones from around the world. If UK politicians fail to reach agreement on the Northern Irish backstop, it could also make trade between Northern Ireland and the Republic of Ireland incredibly difficult.

All this political and economic uncertainty will hit engagement ring and diamond ring manufacturers hard. Ring prices may rise as jewellers have to pass on additional costs to their customers. As a result, Many will find their supply chains become slower or cease to exist altogether. If that happens, then many will find they simply cannot compete and are struggling to fulfil orders. This in turn would push the cost of diamond rings up higher as they try to stay afloat.

Silver linings

Fortunately for Commins & Co Jewellers, we started future-proofing our business the moment the UK voted to leave the European Union. Halo diamond ringWe foresaw the potential disruption this break-up would cause .Regardless of whether Britain secured a strong deal or chose to crash out without one. Almost from the moment the polls closed, we set about simplifying our supply chains. This was to ensure they continue to run smoothly whatever the future might hold.

We’ve also invested a lot of time and money in the latest technology and equipment. We also provided ongoing training to our master goldsmiths and talented designers. This means we can manufacture all our engagement rings and diamond rings in-house. All our rings are made in our state-of-the-art Dublin workshop. We only ever charge customers a fair price for the materials used and the labour which went into forging their ring.

Because we carry out all the design and craft in-house, we’re able to pass on savings to our customers. We can manufacture bespoke rings at the same competitive prices you would get for a ring mass produced in the UK. While many newly engaged couples might be tempted to turn to the internet in search of a bargain in these straitened times, you cannot beat a bricks and mortar jeweller such as Commins & Co. Whatever happens with Brexit, we will offer the same competitive prices and aftercare. Our goal is to ensure seeing you get the perfect ring which will last you a lifetime.