Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki

The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...

14 october 2024

James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration

London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...

07 october 2024

Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products

Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...

30 september 2024

Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices

The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...

23 september 2024

Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets

Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.

16 september 2024

585*GOLDEN calculated how the demand for jewelry is related to the level of income in Russian cities

16 october 2023

The analytical center of the 585*GOLDEN jewelry chain found that in cities where the average income of the population is higher, jewelry with precious and semi-precious stones is bought 20% more often.

The difference can be traced in the motivation to buy. With an income of up to 30,000 rubles per person and from 30,000 to 45,000 rubles, the chain's customers are mainly guided by rational reasons: the price of gold per gram, a favorable discount offer, or as an investment opportunity.

With a high level of income – from 55,000 rubles per person – products with precious and semi-precious inlays are chosen by 31.7% of customers. At the same time, the emotional motive for buying comes to the fore such as jewelry design and fashion trends.

In Moscow, the average income is 85,931 rubles, and the average receipt for jewelry is 19,012 rubles, which is equal to 22% of income. The most frequent purchases in the capital are jewelry with precious stones: rings, including wedding rings, pendants and earrings.

A high proportion of products with precious and semi-precious stones is also noted in sales statistics in Surgut, Tyumen, Nadym, Yuzhno-Sakhalinsk, Nizhnevartovsk, Naryan-Mar. The average income there ranges from 57,960 rubles in Tyumen to 98,692 rubles in Naryan-Mar.

In St. Petersburg, the hometown of the 585*GOLDEN jewelry chain, \the average income is 57,614 rubles, and the average purchase receipt is 11,692 rubles (20.3% of the income).

Alex Shishlo for Rough&Polished