The Company of Master Jewellers’ (CMJ) financial year concluded on 31 March 2022, and as a result the Board of Directors has shared the top line year-end performance figures with all its members.
As a group, the CMJ achieved an impressive 82% growth on total turnover like-for-like, and perhaps more encouraging, 68% growth on 2020.
As much as 58% of CMJ retailers increased their spend by a treble digit percentage year on year.
The CMJ also reported that the key product categories all delivered growth. And where branded jewellery delivered 85% growth LFL, non-branded jewellery achieved 115% LFL and 31% on 2020. However, it was diamond jewellery that drove the performance, with 162% growth LFL and 67% on 2020. And the category secured almost 36% share of the total CMJ annual turnover. Interestingly, along with that, the average total invoice value increased by 38% on 2020. The watch category continues to deliver year on year growth for the group, even through the pandemic, and delivered 16% growth LFL on top of 24% growth the year before.
This performance overall achieved the most revenue the CMJ has ever secured in the history of the group, on core product*.
Emmet Cummins, Managing Director of the CMJ, said: “It was extremely pleasing to share with the members that the 12 months from lockdown easing proved to be an outstanding bounce back from what was of course a very difficult year the one before. The success was optimised primarily through three key areas.
“Centrally, we did all we could to work with the membership to maximise the tailwinds we had coming into the year. We were confident the market would benefit as the wedding industry began the process of catching up; we knew service, repairs and batteries would be a feature and we felt confident in the insight that predicted consumers would want to support local independent businesses. We equally protected against the headwinds we identified would look to slow our progress. However, it was the collaboration, network and communication across the entire membership community that made the biggest impact. The manner by which the members proactively engaged and supported each other via the various mediums the CMJ provides, was certainly instrumental in providing the guidance and focus each business needed to get the most from the year.
“It wasn’t easy for all the members, with some having to face specific difficulties coming out of lockdown and we supported everyone where we could. However, for the group to achieve over 80% growth like-for-like and see nearly 60% of the retail members achieve a treble digit percentage uplift, must be seen as a good bounce back from this industry’s most testing time.”
Nigel Oliver, Retail Director at CMJ member TH Baker, added: “Sales for us [since reopening] rebounded a lot better than we expected. Our bridal offer in particular has seen huge growth, and high-end Swiss watches have also performed very well. It’s primarily been higher-ticket items that have been selling well in store; sales of sub-£500 products have been stronger than ever on our website as consumers have more confidence shopping online since the pandemic. Above the £500 price point, we still see customers wanting to experience service in store, to touch and feel the product before they buy.”
The CMJ was recently awarded Service Supplier of the Year at the UK Jewellery Awards 2021. It is the largest specialist jewellery and watch buying group in the UK and Ireland, with almost 150 retailer members. Find out more about how being a member can benefit your business.