Russian Federation: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in the Russian Federation

In 2022, the Russian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by -58.8% to $X, falling for the second year in a row after two years of growth. Overall, consumption continues to indicate a precipitous contraction. Consumption of peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in the Russian Federation

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 55,127%. As a result, production attained the peak level of $X. From 2021 to 2022, production of growth remained at a lower figure.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from the Russian Federation

For the third year in a row, Russia recorded growth in overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, which increased by 100% to X kg in 2021. In general, exports showed a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,975%. As a result, the exports reached the peak of X kg. From 2014 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver skyrocketed to $X in 2021. Over the period under review, exports posted a prominent expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 5,877% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Kazakhstan (X kg), Ukraine (X kg) and Moldova (X kg) were the main destinations of exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Russia, with a combined 75% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ukraine (with a CAGR of +200.0%), while the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X) remains the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Russia, comprising 65% of total exports. The second position in the ranking was held by Germany ($X), with a 16% share of total exports. It was followed by Moldova, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Kazakhstan amounted to -10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+15.2% per year) and Moldova (+43.9% per year).

Export Prices by Country

In 2021, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, growing by 58% against the previous year. Overall, the export price recorded a mild increase. The pace of growth was the most pronounced in 2019 an increase of 320% against the previous year. Over the period under review, the average export prices reached the maximum at $X per kg in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Kazakhstan ($X per kg), while the average price for exports to Belarus ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into the Russian Federation

In 2022, the amount of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver imported into Russia contracted markedly to X kg, with a decrease of -61.4% compared with the year before. Over the period under review, imports showed a precipitous contraction. The pace of growth was the most pronounced in 2021 when imports increased by 2,489%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver fell markedly to $X in 2022. In general, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2021 when imports increased by 74,034% against the previous year. Over the period under review, imports of attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X kg) constituted the largest non-silver precious metal goldsmiths ware articles supplier to Russia, accounting for a 41% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Germany exceeded the figures recorded by the second-largest supplier, the UK (X kg), twofold. The third position in this ranking was held by Poland (X kg), with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at +28.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-13.9% per year) and Poland (+47.6% per year).

In value terms, Germany ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Russia, comprising 46% of total imports. The second position in the ranking was held by the UK ($X), with a 5.1% share of total imports. It was followed by Poland, with a 0.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +30.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-13.9% per year) and Poland (+67.6% per year).

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, rising by 30% against the previous year. Over the period under review, the import price saw a strong expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 2,764%. Over the period under review, average import prices attained the maximum at $X per kg in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per kg), while the price for Kazakhstan ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+116.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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