Britain’s Top 20 Jewellers: who’s winning share in high-end watches & jewellery — and why

Britain’s Top 20 Jewellers—tracked using published Companies House accounts and focused on businesses where retail performance can be isolated—generated £2.65 billion in sales in 2023–24, up from £1.8 billion in 2015–16.

That growth hasn’t been evenly shared. The biggest story is how market power has shifted toward the very top end of the sector.

Britain’s Top 20 Jewellers market-share shifts: the headline winners and losers

In the most recent year where the analysis says all retailers have filed accounts (2023–24), Watches of Switzerland Group held almost 32% of the total sales generated by the top 20, while Signet’s UK operation fell to about 13%.

Over the decade, Watches of Switzerland’s share expanded materially, with the analysis noting it had reached 27.5% after UK sales rose from £455m to £588m “in just a few years,” while Signet’s sales declined from £485m to £437m over the same period, shrinking its share.

What’s driving the gains in Britain’s Top 20 Jewellers

The analysis points to a few concrete forces behind the share shift:

• Prime London flagships paid off. Watches of Switzerland attributed momentum to investment in a London “Golden Triangle” of flagship locations (Regent Street, Oxford Street and Brompton Road/Knightsbridge).

• Post-2016 tourism tailwind. It links part of the luxury boom to the post-Brexit period when the pound weakened and the UK became better value for high-spending tourists.

• The post-lockdown ‘hard luxury’ surge. The analysis describes a period after Covid lockdowns when spending shifted toward “hard luxury goods,” benefiting higher-end jewellers and watch specialists more than volume-to-mid-market chains.

  
  

The “middle” that lost share

The report explicitly names several retailers it says lost share as luxury outperformed: Fraser Hart, H. Samuel, Ernest Jones, and (to a lesser extent) Beaverbrooks and Chisholm Hunter.

Within that, it highlights specific declines:

• Fraser Hart: share down from 4.3% to 1.3% over the decade

• TH Baker: down from 3% in 2019 to 1% by the end of its 2024 financial year

  
  

The standout UK improver: Beaverbrooks

One national chain does get a clear “up” call-out: Beaverbrooks increased its share from 6.6% to 8.6% over a decade, outperforming several near-peers in the same period.

Britain’s Top 20 Jewellers: why family-owned luxury specialists are gaining

An interesting nuance: the analysis says Watches of Switzerland’s share peaked at 33% in 2022–23, and it was family jewellers—particularly Pragnell and Prestons Group—that gained most in that year, supported by strength in fine diamonds and gold alongside high-end timepieces.

What UK luxury retailers can learn (evidence-based takeaways)

Based on what the market-share data shows (and what the analysis attributes it to), UK luxury jewellery and watch retailers that win share tend to have:

1. A credible flagship strategy in the right micro-locations (the “Golden Triangle” effect is explicitly cited).

2. Depth in true high-end categories (fine jewellery materials + high-end watch expertise), where family-owned specialists are described as gaining.

3. Resilience when mid-market demand lags, because the analysis states luxury outperformed volume-to-mid-market during key cycles.