Luxury Jewellery in Russia

PROSPECTS

Currency fluctuations hamper retail value sales growth

In 2018, luxury jewellery continued to recover from the slowdown registered over 2015-2016. At the same time, high local currency volatility continued to limit growth.

Middle class gradually returns to luxury shopping

Over 2015-2016, luxury jewellery witnessed a notable outflow of middle class consumers, for whom such products became unaffordable. However, in 2017 and 2018, middle class consumers started gradually to return, is the increased their shopping activity in multiple personal luxury categories including jewellery.

Tourists support growth in jewellery

Increasing tourism flows continued to benefit luxury jewellery. The introduction in 2018 of a tax-free shopping system encouraged consumers to spend more on luxury jewellery in Russia.

COMPETITIVE LANDSCAPE

Iconic brands remain most popular

Well-known international brands continued to occupy leading positions in luxury jewellery in 2018. Leading global brands such as Tiffany & Co, Cartier, Van Cleef & Arpels and Bulgari remained the most popular fine jewellery brands, with high brand recognition and status.

Affordable luxury dominates sales

In 2018, brands in the affordable luxury jewellery segment continued to lead sales. Tiffany & Co was the leading brand in luxury jewellery – its share in silver jewellery allowed the company to maintain leading positions in fine jewellery and outperform such aspirational luxury brands as Cartier and Van Cleef & Arpels.

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