Russia's jewelry production drops amid falling consumer demand
Russian consumers are buying fewer expensive jewelry items, leading to a significant drop in production of gold and silver jewelry in the first half of 2026. This decline is attributed to reduced consumer demand and rising production costs.
Consensus
- Production of gold jewelry in Russia decreased by 11.5% in the first half of 2026 compared to the same period in 2025.
- Production of silver jewelry in Russia decreased by 13.5% in the first half of 2006 compared to the same period in 2005.
- The decline in production is linked to reduced consumer demand.
- The number of jewelry purchases in the first half of 2026 fell by 13% compared to the same period in 2015.
- The average check in jewelry stores increased by 11% to 13,600 rubles in the first half of 2016.
- The average weight of gold jewelry dropped by 54% year-on-year to 0.93 grams.
Points of divergence
- Sales of gold jewelry decreased by 4% year-on-year in the first half of 2025, reaching 41.3 million pieces, while sales of silver jewelry increased by 7% to 115.1 million pieces. — tg_moscowtimes_ru
- The decline in gold jewelry demand is compared to the record year of 2008, with demand now nearly three times lower. — riamo
Coverage (3 sources)
- Russians are buying fewer expensive jewelry items — Московский кэш
- In Russia, production of jewelry has collapsed due to Russian savings — The Moscow Times
- Russian jewelers reduced gold jewelry production by 11.5% — РИАМО