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Russian retail jewelry sales post heathy 13% growth in 9M 2023 — major industry player

The average purchase amount jumped 15% year on year to $79.50 in the reporting period

MOSCOW, October 31. /TASS/. Russia’s retail jewelry sector posted 13% year-on-year sales growth in cash terms in the nine-month period January-September 2023 for a total increase of 246 bln rubles ($2.7 bln), the Sokolov jewelry holding company reported.

"According to data of the Sokolov analytical center, the retail jewelry market of Russia reached 246 bln rubles in monetary value over [the first] nine months of 2023, which is 13% above the metric for the like period of last year," the company said.

The average purchase amount jumped 15% year on year to 7,365 rubles ($79.50) in the reporting period. According to official data, average retail jewelry prices gained 18.45% in September 2023 versus December 2022, the holding company noted.

Online sales acted as a driver for the recovery of the retail jewelry sector, Alina Kolpakova, head of Sokolov’s analytical center, commented. "We forecast [full-year] market growth at the level of about 12-15% as of the year-end, factoring in the upcoming high pre-New Year holiday season and November clearance sales," Kolpakova said.

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