in 2023, prices for jewelry in Russia increased by 20% – Kommersant
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At the end of 2023, average retail prices for jewelry in Russia increased by almost 20%, and the average bill by 15%, to 7.5 thousand rubles, said Artem Sokolov, managing partner of the Sokolov jewelry holding. He noted that prices for jewelry depend on the ruble exchange rate and the cost of the metal, but so far there are no prerequisites for a large jump in value.
“Average retail prices over the year increased by 19%, the average bill in the market by 15%, to 7.5 thousand rubles. At the same time, there are regions that are significantly ahead of the market in terms of growth rates, both in sales volumes and in average checks. For example, Rostov-on-Don, Omsk and Krasnodar grew by more than 30%. Average checks in Chelyabinsk, Volgograd and Voronezh increased by more than 20%,” Mr. Sokolov said in an interview with RIA Novosti.
Managing partner Sokolov noted that in 2023, sales of jewelry on marketplaces increased significantly. At the same time, some buyers began to give preference to the more affordable silver segment, and those who bought foreign luxury brands moved to the gold segment and began ordering exclusive jewelry.
According to Artem Sokolov, in the absence of any shock events, the Russian jewelry market will continue to grow in 2024, and the share of both online and offline sales will increase. At the same time, in 2023, market dynamics were varied, Mr. Sokolov emphasized. If at the beginning sales figures were declining due to the high base of the first quarter of 2022, then in the spring they began to grow and ultimately exceeded last year’s results by 15%.
According to forecasts by the information and consulting agency Infoline, jewelry sales by the end of 2023 could grow to 330–340 billion rubles, which corresponds to the level of 2021. In 2022, according to analysts, the turnover of the Russian jewelry market decreased by 6.7% year-on-year, including due to consumer savings.
Read more in the Kommersant article. “Reality has become embellished”.
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