Russian Federation: Jewelry Market 2024

Jewelry Market Size in the Russian Federation

The Russian jewelry market shrank remarkably to $X in 2021, reducing by -29.9% against the previous year. Over the period under review, consumption recorded a noticeable curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Jewelry Production in the Russian Federation

In value terms, jewelry production soared to $X in 2021 estimated in export price. In general, production saw a abrupt setback. The most prominent rate of growth was recorded in 2017 with an increase of 47% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Jewelry Exports

Exports from the Russian Federation

Jewelry exports from Russia soared to X tons in 2021, with an increase of 52% compared with 2020. In general, exports recorded modest growth. The growth pace was the most rapid in 2013 with an increase of 209%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, jewelry exports soared to $X in 2021. Overall, exports, however, saw a perceptible curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 300% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Belarus (X tons), Kazakhstan (X tons) and the United Arab Emirates (X kg) were the main destinations of jewelry exports from Russia, with a combined 95% share of total exports.

From 2012 to 2021, the biggest increases were in Kazakhstan (with a CAGR of +21.1%), while shipments for the other leaders experienced a decline.

In value terms, Kazakhstan ($X) remains the key foreign market for jewelry exports from Russia, comprising 46% of total exports. The second position in the ranking was taken by Belarus ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Kazakhstan stood at +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (+1.2% per year) and the United Arab Emirates (-53.6% per year).

Export Prices by Country

The average jewelry export price stood at $X per kg in 2021, picking up by 3.7% against the previous year. Overall, the export price, however, continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2018 when the average export price increased by 36%. Over the period under review, the average export prices reached the peak figure at $X per kg in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Belarus ($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 Belarus (+5.8%), while the prices for the other major destinations experienced a decline.

Jewelry Imports

Imports into the Russian Federation

In 2021, overseas purchases of jewelry were finally on the rise to reach X tons after two years of decline. In general, imports, however, continue to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2018 with an increase of 40%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, jewelry imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 when imports increased by 75%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Italy (X tons) and Thailand (X tons) were the main suppliers of jewelry imports to Russia, with a combined 80% share of total imports. These countries were followed by Switzerland, Armenia, India, France, Turkey and Greece, which together accounted for a further 15%.

From 2012 to 2021, the biggest increases were in Armenia (with a CAGR of +31.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and Thailand ($X) appeared to be the largest jewelry suppliers to Russia, with a combined 54% share of total imports. These countries were followed by France, Switzerland, India, Turkey, Armenia and Greece, which together accounted for a further 22%.

Switzerland, with a CAGR of +4.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average jewelry import price stood at $X per kg in 2021, growing by 24% against the previous year. Overall, the import price, however, saw a noticeable setback. The growth pace was the most rapid in 2014 an increase of 44% against the previous year. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per kg), while the price for Greece ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+19.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :