A new report by the SOKOLOV Analytical Center, quoted by Rough & Polished, claims that Russia’s retail jewelry market grew by 27% year-over-year in monetary terms. totaling 301 billion rubles in 2021 (around $4.8 billion). However, “the market grew by only 4% in natural units,” according to the report.
Compared to pre-pandemic 2019, the market grew by 22% in terms of money and decreased by 16% in the weight of jewelry produced.
The report also lists the revenue structure of jewelry retailers, by which “62% is accounted for by gold items, including 28% gained by diamond jewelry, 8% by semi-precious inserts, 17% by jewelry without precious gems or with artificial stones, and 9.5% by chains. Silver jewelry accounts for 33% of revenue, 5% of which is occupied by watches.”
According to the SOKOLOV Analytical Center, “market growth in 2022 will decrease to 10-15%, and the market volume will reach 330-335 billion rubles.”
