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United Kingdom - Industry Overview

org, 2014) and ranks 14th for corruption (Transparency.org, 2014). Furthermore, the exchange rate volatility is 6.32% (Ratesfx.com, 2014). These ranks and numbers show that United Kingdom is a great destination for doing business as there are fewer risks involved.
             Technological.
             United Kingdom is one of the most technologically advanced countries in the world and has been ranked as an innovation follower by the Innovation Union Scoreboard for the year 2014 (ec.europa.eu, 2014). Furthermore, the United Kingdom has tax reliefs and other subsidies in place for firms that constantly engage in research and development (Hmrc.gov.uk, 2014).
             Legal.
             The United Kingdom has regulations in place for the import of jewelry. For example, the importer needs an import license; the products being imported should meet certain standards and should be supported with all the required documentation. Furthermore, there is an import duty of 4% and an additional Value Added Tax of 20% on jewelry (DutyCalculator, 2014). Jewelry being imported must also comply with hallmarking, nickel regulations and packaging regulations (Gov.uk, 2014).
             Environmental.
             The United Kingdom has various regulations in place to protect its environment and reduce greenhouse gas emissions. For the jewelry industry one main regulation that has been put in place is regarding the packaging of the material (Gov.uk, 2014).
             Strengths, Weakness, Opportunities and Threats Analysis.
             Strengths.
             United Kingdom is economically rich with a strong currency and has all the resources it needs to survive in case of any future economic recessions. Also, they have sound industrial and trade relations with countries around the globe which makes it an international trade hub. Furthermore, they have a better education system in place when compared to many countries which helps with the unemployment rate. These strengths give the citizens of United Kingdom an edge economically over most countries globally which could be seen as a positive for jewelry industry.


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