The Russian Ministry of Finance summed up the results of 2023, noting positive changes in the jewelry industry.
Deputy Minister of Finance Alexey Moiseev commented on the situation in the jewelry industry at the end of the year.
In 2023, gold jewelry production increased significantly. In 2022, the Assay Office hallmarked 26 million items (48.5 tons), and last year – 30.8 million items (55.5 tons). The production of gold items in pieces over the year increased by 18.5%.
Positive dynamics can also be seen in the silver jewelry market: the total volume of domestic and imported silver products entering the market increased by 28.9 million items over the year, reaching 56.7 million items.
The multiple increase is noticeable compared to the results of 2021, when the total volume of products submitted for hallmarking amounted to only 15.9 million items.
In 2023, 43.7 million domestically produced silver products were registered in the GIIS DMDK (while in 2018-2019, the volume of hallmarking of domestic silver products averaged 18 million products per year). The more than two-fold increase was caused, among other things, by the recovery of the market, but the main effect was achieved through legalization. Branding of domestic silver products is now optional, while their registration in the state information system GIIS DMDK is obligatory. It is obvious that the system also included the volume of products that had not previously been presented for marking, which means that the share of legal turnover has increased significantly, almost 2.5 times compared to previous years.
Regarding the effect of re-registration from one taxation system to another, the number of market participants increased by 3% to 22,049 entities, from 22,722 entities in 2022.
The Russian Ministry of Finance also proposed updating the requirements for the sale of jewelry.
The corresponding draft was published on the Unified Portal for posting draft regulatory legal acts. The new requirements may come into force on September 1, 2024.
Galina Semyonova for Rough&Polished
