Sokolov: Russia’s jewelry market should rise by 5% in 2023

MOSCOW, Jun 1 (PRIME) -- Russia’s jewelry market may expand by 5% on the year to a record of 315 billion rubles in 2023, Nikolai Polyakov, CEO of jewelry holding company Sokolov, said on Thursday during the Russian Retail Week.

“We have drafted an analysis and a forecast for 2023. We are sure that it would reach 315 billion rubles … It would be an all-time market peak,” he said.

The market shrank by 9% on the year to 301 billion rubles in 2022. In 2021, the market was estimated at 330 billion rubles thanks to delayed demand from the pandemic year of 2020. Without it, the market stood at 300 billion rubles, Polyakov said.

(80.9942 rubles – U.S. $1)

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