I hate to give you bad news. I really do, because you idea sounds fun.
Prices in Britain are generally high at retail shops. I have found that prices are pretty much the same here as there, except that instead of a $ sign there is a £ sign.
Sooooo…
If it costs $50 here, it likely costs about £50 there. Head off to a currency exchange calculator, and you’ll see that it gets expensive quickly. That said, there are lots of places that sell jewelry inexpensively, so you can pick up some nice earrings or the like for prom. They’ll also be much easier to get home. I think the name of one of those stores is Next.