Russian jewelry industry’s gold consumption rises 18.7% in Jan–Mar

MOSCOW, May 4 (PRIME) -- Gold consumption of Russia’s jewelry industry rose by 18.7% on the year to 9.174 tonnes, or 294,951 ounces, in January–March, a representative for the Assay Chamber of Russia told PRIME on Thursday.

The industry’s silver consumption increased by 9.4% on the year to 35.89 tonnes, or 1.154 million ounces, in the period.

Russia’s gold jewelry production grew to 7.926 million items with a total weight of 15.29 tonnes in January–March from 6.153 million items with the weight of 12.88 tonnes in the same period a year ago.

Russia’s silver jewelry production contracted to 7.825 million items with the weight of 38.8 tonnes from 8.063 million items with the weight of 35.47 tonnes.

In 2016, Russian jewelers’ gold consumption declined by 9.5% on the year to 30.984 tonnes, while silver consumption dropped by 11.5% to 134.1 tonnes.

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