Supermarket giant Asda has announced plans to take on Britain's high street jewellery retailers by selling its own range of earrings, bracelets, necklaces and other trinkets.

It plans to roll out its first range of gold, silver and costume jewellery in April and intends to have the service in 18 stores by the end of the year.

The chain claimed its jewellery would save customers up to 40 per cent off high street prices.

It also wants to sell designer watches sourced from cheaper suppliers on the foreign grey market.