WHITE PAPER: Benchpeg investigates the value of our Sector

THis report - 'The Invisible Sector' - Quantifying the True Economic Contribution of UK Jewellery,
Silverware, Horology & Allied Crafts provides Sector Definitions, SIC Code Gap Analysis, GVA Analysis and Policy Recommendations.

The key findings of the report are that the government values the entire UK Crafts sector at £0.4bn  using a single SIC code. This report maps 65 SIC codes and estimates the true sector value at £7.05bn — over 17 times larger.

The Executive Summary

This report brings together the comprehensive body of analytical work undertaken to define, measure, and evidence the economic contribution of the jewellery, silverware, horology and allied crafts sector in the United Kingdom. It is submitted in the context of the ONS SIC 2026 revision process, the final framework for which is scheduled for publication by the end of March 2026. 

The report amalgamates three interrelated analyses: 

• the Sector Definition (setting out the full ecology and supply chain); 
• the SIC Code Gap Analysis (mapping 151 distinct activities across 65 unique SIC codes and identifying that 54% are not currently tracked); 
• and the GVA Economic Contribution Analysis (estimating the sector’s value using ONS Annual Business Survey data). 

It additionally incorporates new sections on GDP context, ProdCom production data, and specific recommendations for the SIC 2026 consultation.

Key Finding: 
Based on currently listed SIC codes, the estimated sector GVA is approximately £5.12bn. When the missing codes from the gap analysis are included, this rises to approximately £7.05bn – a 37% uplift representing £1.93bn of economic activity currently invisible in any sector assessment. 

Structural Problem: 
The central structural problem is that the sector’s activities are fragmented across at least 65 different SIC codes, many shared with unrelated industries. A production silversmith, a hollowware buffer, and an electroplater working in the same workshop on the same product would be classified under three different SIC codes (32.12, 25.61, and 25.61 respectively). This makes the sector statistically invisible.

Timeliness: 
The SIC 2026 revision represents a once-in-a-generation opportunity to address this fragmentation. This report provides the evidential basis for a submission to that process. 

To read the full report go here