According to the analytical center of SOKOLOV jewelry holding, in the first half of 2024, the Russian jewelry retail market in monetary terms reached 199 billion rubles, which is 29.3% higher than in the same period last year.
The share of online sales increased from 24% at the beginning of the year to 28% by the end of June. According to SOKOLOV, the price increase is attributed to official gold prices published by the Central Bank of the Russian Federation which increased 19% over the past 12 months. As a result, the average receipt increased in June 2024 by 18.4% compared to June 2023 and amounted to 8,509 rubles at the end of the half-year. At the same time, the total number of purchases in jewelry retail increased by 13%, and the number of products sold was up 8%.
SOKOLOV's turnover in the first half of 2024 increased by 42% compared to the same period last year and reached 28.1 billion rubles. The volume of retail online and offline sales of the company increased by 43% to 21.6 billion rubles. SOKOLOV's turnover increased by 59% in 2023 and reached 51 billion rubles.
More than 30 million gold and silver products weighing about 40 tons are produced annually under the SOKOLOV brand at four factories in the Kostroma, Ivanovo and Yaroslavl regions. SOKOLOV retail chain has 800 stores in 260 cities of Russia and the CIS, including 210 franchises.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
