Russia's jewelry market expected to grow 12%-15% in 2023 - Sokolov jewelry company

MOSCOW. Oct 31 (Interfax) - Russia's retail jewelry market will grow by 12%-15% this year, the analytical center of jewelry retailer Sokolov forecast.

Retail jewelry sales in Russia grew by 13% year-on-year to 246 billion rubles in the first nine months of 2023. The average ticket rose 15% to 7,365 rubles. However, average retail prices on the jewelry market in September 2023 were up 18.45% from December 2022, the Federal Statistics Service reported.

"The market's recovery has been driven by online sales, the share of which grew from 19% to 23% and totalled 50 billion rubles. The 95% increase in jewelry sales on marketplaces played a key role here. The growth of the Central Bank of Russia's book price for gold - by 40% since the start of the year - also had a significant impact on the dynamic of the market," Sokolov chief analyst Alina Kolpakova said.

Sokolov is Russia's leading jewelry maker, according to data from the Assay Chamber. More than 30 million items made from gold and silver weighing over 50 tonnes are manufactured under the Sokolov brand annually at three production facilities in Kostroma and Ivanovo regions. Sokolov's retail chain has 590 stores, including 135 franchises in Russia and other CIS countries.