The leading jewelry items in terms of sales growth were pendants, rings and earrings with semi–precious stones: customers purchased these products by 70%, 57% and 44% more, respectively, than in 2022, a Russian jewelry retailer 585*GOLDEN said.
Semi-precious stones include natural topaz, garnets, amethysts, chrysolite, amber, agate, quartz and others.
Sales of rings and pendants with precious stones such as diamonds, sapphires, emeralds, rubies and pearls, rose by 27% and 23%, respectively.
The prices of gold jewelry with cubic zirconia increased most significantly – up to 27%. The lowest growth was shown by products with natural semi–precious stones, at 4%-8%.
Sales of investment-grade jewelry such as heavy gold chains and bracelets, and jewelry with precious stones, have increased significantly. In autumn, 585*GOLDEN saw sales of gold bracelets and chains grow by 81% and 51%, respectively, as compared to 2022.
This was due not only to marketing campaigns, but also to a sharp jump in gold prices: in September, they increased by 78%.
Another important trend in 2023 was the increased share of e-commerce in the jewelry market. More than 80% of purchases in this retail channel were made through the mobile app.
As for 2024 forecasts, 585*GOLDEN expects gold products to remain in demand due to their investment potential. In the more budget-friendly segment, there will be an increase in demand for alternative designer silverware.
Jewelry with natural precious and semi-precious stones, the cost of which has increased slightly against the background of an active increase in prices for products with cubic zirconia, will also become more attractive for purchase.
Wedding rings made of gold will remain consistently in demand, as it does not depend on fluctuations in the exchange rate and trends.
According to the forecast of 585*GOLDEN, prices for gold jewelry will rise, as jewelry made from raw materials purchased at the peak values of the stock exchange in the fall of 2023 will go on sale. So far, this dynamic has been restrained, partially by holding New Year's sales.
The growth rate of online sales in 2024 is projected at up to 25%.
Alex Shishlo for Rough&Polished
