The Russian jewelry industry is predicted to grow

The total turnover of the Russian jewelry market may grow by 7-10 percent by the end of 2023 and reach 330-340 billion rubles in monetary terms. About it reports “Kommersant” with reference to data from analysts at Infoline.

Thus, by the end of December, the industry may reach the 2021 level in terms of total turnover. This will be facilitated by a number of factors, including increased demand from the population and rising prices for precious metals. At the same time, in 2022, as experts clarified, the opposite situation was observed on the Russian market.

Then, due to the transition of Russians to saving money, the turnover of the domestic jewelry industry decreased by 6.7 percent compared to 2021. In the first half of 2023, the dynamics were corrected. In January-June, jewelry sales in Russia increased by two percent compared to the same period in 2022 and reached a level of 155 billion rubles.

The improvement in the dynamics of large Russian retail chains was also influenced by the departure of popular global brands from the market, including Pandora. Against this background, the head of the company Sokolov Nikolay Polyakov predicted an increase in jewelry sales in the country by 12-15 percent in monetary terms by the end of 2023.

Previously, stock market analyst at BCS World of Investments Valery Emelyanov warned Russians about the upcoming rise in price of jewelry due to sanctions European Union (EU) against Russian diamonds. EUobserver reportedthat the 12th package of restrictions will include a ban on imports from the Russian Federation of products containing diamonds and pearls. As Emelyanov clarified, the rise in price of jewelry due to new sanctions will be due to Russia’s high dependence on the import of foreign cut diamonds.

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