According to the SOKOLOV Analytical Center, in the first 9 months of 2024, the Russian jewelry market grew by reached 26.3% compared to the same period last year to 312 billion rubles ($3.16 billion).
The average consumer spending on jewelry for the same period increased by 17.7% and reached 8,632 rubles ($88).
Marketplaces contributed to the growth, their share reached a record of 37% of all e-commerce jewelry sales, or 10.5% of the entire market.
The main growth factor was a sharp rise in gold prices (+44%) and the expansion of online sales, which account for 34% of all jewelry sales on the Internet.
According to forecasts of the Analytical Center, by the end of the year, the jewelry retail market will reach 450 billion rubles, which is 23% higher than in 2023 (365 billion rubles).
SOKOLOV's analytics on the dynamics of the jewelry market are based on its own market research and aggregated data from SberAnalytics, AKIT and Rosstat.
Galina Semyonova, Editor in Chief of the Russian Bureau, Rough&Polished
