Sokolov: Russia’s jewelry retail market falls by 9% in 2022

MOSCOW, Feb 17 (PRIME) -- The jewelry retail market shrank by 9% to 301 billion rubles in 2022, a representative of jewelry holding company Sokolov told reporters on Friday.

However, the average purchase size has grown by 20% to 6,880 rubles since the start of the year. The company quoted the Rosstat statistics agency that the average retail price increased by 14.2% on the year in December 2022, the representative said.

Alina Kolpakova, head of Sokolov’s research department, attributed the market contraction to withdrawal of global luxury jewelry brands from Russia, which accounted for about 20 billion rubles of sales. The second most important factor was a flow of demand to the cheaper silver segment.

“Last year the share of silver in sales grew to 35% from 31%. The average purchase size of silver goods does not exceed 2,000 rubles, while in the segment of gold goods the amount is significantly higher at around 15,000 rubles,” she said.

(74.7638 rubles – U.S. $1)

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