Current value growth in fine jewellery was slower than volume growth at the end of the review period. This was attributed to the lowering of unit prices on fine jewellery due to the endless discounts and promotions throughout 2018 and 2019, as well as ongoing reductions in consumer disposable incomes.
With regard to the breakdown of fine jewellery into diamond and non-diamond collections, the value share of diamond collections remained unchanged at the end of the review period. The majority of diamond fine jewellery offered at the end of the review period was made of gold metal.
In Russia, consumers do not tend to purchase costume jewellery instead of fine jewellery. At the end of the review period, costume jewellery was experiencing difficulties.
Domestic companies dominate sales of jewellery in Russia. The main players are Sokolov OOO, MYUZ OAO, Yuvelirny Zavod Platina OOO and Estet UD in NBO terms, which accounted for around a quarter of total retail value sales in jewellery in Russia in 2018.
Domestic companies will continue to be well established in jewellery in Russia due to the focus on fine jewellery, which generated the majority of jewellery retail sales. Russian fine jewellery is noted for its good quality, attractive designs as well as the wide range supplied by the biggest domestic manufacturers.
The majority of jewellery sales in Russia continued to be made through jewellery and watch specialist retailers. However, other distribution channels performed well in 2019, including apparel and footwear specialists and internet retailing.
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