Jewellery and precious metal wares market in Russia

Earlier Report Observations

The Russian jewelry market expanded in 2018, supported by the growth of retail networks and a consumer shift toward more affordable silver items, while being dominated by large state-owned and private companies such as Almaz-Holding and Russkie Samotsvety. The onset of the COVID-19 pandemic in 2019 led to rising precious metal prices, and in 2020 the pandemic continued to dampen demand, resulting in a sharp market contraction alongside tighter state control over precious metals circulation through the GIS DMDK system.

Market recovery commenced in 2021 as gold and silver prices climbed further, boosting production value. Increased consumption of silver jewelry and the rise of online sales became prominent trends. Sanctions in 2022 triggered the exit of foreign brands, accelerating import substitution and supporting domestic production. By 2023, the market surged due to substantial gold price increases, expanded online retail, and new customer segments including families of military personnel and returning shoppers.

In 2024 and 2025, the market maintained its growth trajectory driven by ongoing price rises, robust domestic demand, and import restrictions. Russian producers strengthened their positions by expanding production capacities in regions like Kostroma, Vladimir, and Yaroslavl, while silver jewelry imports fell sharply.

Production jewellery and precious metal wares in Russia

In value, 2018-2021, M $ US

In 2021, Russia's output of jewellery and precious metal wares reached 1 526 million US dollars, marking a sharp increase of 38.5% compared to 2020. Over the period from 2018 to 2021, production grew by 17.8%, with a compound annual growth rate of 5.6%. The lowest value was recorded in 2020 at 1 102 million US dollars, which also saw the largest decline of 19.1%.

Annual dynamics of production in Russia in value, 2018-2021, M $ US

Exports jewellery and precious metal wares from Russia

Exports in kind, t

Exports of jewellery and precious metal wares from Russia showed significant fluctuations during this period. From a peak in 2018 to a trough in 2020, exports changed by a factor of 9.2. In 2021, Russia exported 126.8 tonnes, representing a steep rise of 245.7% from the previous year. The minimum value was recorded in 2020 at 36.7 tonnes, which also experienced the largest decline of 81.8%.

Annual dynamics of product's exports from Russia in kind, 2018-2021, t

From 2018 to 2021, Belarus and Kazakhstan dominated Russia's exports of jewellery and precious metal wares in kind, together accounting for 96.7% of total flows, with other destinations making smaller individual contributions.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Russia in kind, 2018-2021

Exports in value, M $ US

In 2021, Russia exported 144.6 million US dollars worth of jewellery and precious metal wares, which is 58.0% higher year-on-year. Over the period from 2018 to 2021, exports increased by 70.9%, with a compound annual growth rate of 19.5%. The largest decline was recorded in 2020 at 8.9%.

Annual dynamics of product's exports from Russia in value, 2018-2021, M $ US

From 2018 to 2021, the leading destinations for Russia's exports of jewellery and precious metal wares in value terms were Kazakhstan, accounting for 41.0% of exports, Belarus with 32.0%, and Moldova at 8.3%. Together, these three countries represented 81.3% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Russia in value, 2018-2021

Imports jewellery and precious metal wares to Russia

Imports in kind, t

Russia's imports of jewellery and precious metal wares increased for the second consecutive year. In 2021, a total of 101.4 tonnes were imported, constituting a gain of 38.7% compared to 2020. Over the period from 2018 to 2021, imports grew by 15.6%, with a compound annual growth rate of 5.0%. The minimum value was recorded in 2019 at 73.1 tonnes, which also saw the largest decline of 19.9%.

Annual dynamics of product's imports to Russia in kind, 2018-2021, t

From 2018 to 2021, China, Italy, and Thailand continued to be the main suppliers of jewellery and precious metal wares to Russia in kind, with shares of 28.2%, 19.9%, and 14.1% respectively. Together, they formed 62.1% of total imports in kind.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Russia in kind, 2018-2021

Imports in value, M $ US

After a two-year decrease, Russia's imports of jewellery and precious metal wares increased in 2021, with the import volume amounting to 410.6 million US dollars, reflecting a sharp rise of 59.1% compared to 2020. Between 2018 and 2021, imports grew by 6.7%, equating to an annualized rate of 2.2%. The minimum value was recorded in 2020 at 258.1 million US dollars, which also experienced the largest decline of 20.8%.

Annual dynamics of product's imports to Russia in value, 2018-2021, M $ US

Throughout 2018 to 2021, Italy, China, and Thailand formed the core of Russia's imports of jewellery and precious metal wares in value terms, with shares of 22.3%, 19.3%, and 12.1% respectively. Together, they accounted for 53.7% of total import flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Russia in value, 2018-2021