Russia’s retail jewelry sector posted 13% year-on-year sales growth in cash terms in the nine-month period January-September 2023 for a total increase of 246 bln rubles ($2.7 bln), the Sokolov jewelry holding company reported.
"According to data of the Sokolov analytical center, the retail jewelry market of Russia reached 246 bln rubles in monetary value over [the first] nine months of 2023, which is 13% above the metric for the like period of last year," the company said.
The average purchase amount jumped 15% year on year to 7,365 rubles ($79.50) in the reporting period. According to official data, average retail jewelry prices gained 18.45% in September 2023 versus December 2022, the holding company noted.
Online sales acted as a driver for the recovery of the retail jewelry sector, Alina Kolpakova, head of Sokolov’s analytical center, commented. "We forecast [full-year] market growth at the level of about 12-15% as of the year-end, factoring in the upcoming high pre-New Year holiday season and November clearance sales," Kolpakova said.