ANALYSIS OF THE JEWELRY MARKET

Abstract

The article deals with the dynamics of development of the Russian and foreign jewelry market over the
past five years. The statistics of the demand for jewelry is given and reasons of the annual growth in sales of
jewelry through indicators, marketing tools, as well as by the views of analysts and experts from the field of
jewelry are analyzed.
The increased competition of imported jewelry brands in the Russian Federation, formed due to the current
unstable economic situation, which reached a large number of countries, was taken into account. Russian
large manufacturers sell jewelry in their own networks; small producers sell in ordinary jewelry stores. Jewelry
shops, which sell products of Russian factories, have to set prices based on the segment of economy-class
customers, without any hope to attract customers of the higher segment. In a crisis, the demand for exclusive
products and precious stones, as the most reliable investments, especially in Russia, sharply increases, which
certainly affects the revenue side of the state in decline. However, in the coming days the Russian jewelry
market is waiting for a shift towards the mass market, i.e. the economy and middle class, as well as appearance
of new players in the market.
The authors note the fact that Russia has a large territory with necessary raw materials for achieving
success in the jewelry industry, both domestically and externally. Realizing the jewelry products in eight
countries (USA, China, India, Italy, UK, Japan, Turkey, the Middle East), Russia is a leader in the field of
jewelry trade, competing with major foreign brands. Thus, favorable prospects for development of the jewelry
industry are considered.