In the first half of 2026, Russia-based jewellers have scaled down the production of their goods amid declining demand and rising prices for precious metals.
During the reporting period, 10.18 million gold items were put into circulation on the Russian market, 11.5% less than in the same period of 2025, while silver jewellery output was down 13.5%, to 29.3 million pieces, according to calculations performed by Izvestia, based on data from the Federal Assay Chamber.
In the first half 2026, sales of gold jewellery in Russia decreased by 4% year-on-year, to 41.3 million pieces. Sales of silver products, on the contrary, increased by 7%, to 115.1 million pieces. This dynamic indicates a redistribution of demand in favour of more affordable and lightweight jewellery, as well as gilded silver.
During times of uncertainty, Russian citizens are less likely to make spontaneous purchases that are not essential. In addition, consumers prefer to spend money on travels and other entertainment, experts say.
The cost of jewellery production is also negatively affecting demand. Over the past three years, the cost of key raw materials - gold and silver - has increased by 75% and 90%, respectively.
The market prospects will largely depend on the dynamics of raw material prices, experts say. With a new increase in the cost of metals, the Russian market may face an additional increase in jewellery prices due to the weakening of the ruble against the US dollar. This, in turn, may increase the flow of consumers into the silver jewellery segment.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
