Friday, 13th February 2004 (5045 views)

The Russian Jewellery Market grew by 30 per cent year-to-year figures show.

The news is good for gold producers and retailers as 45 tonnes was used in the production of decorative jewellery, statistics compiled for 5th All-Russian Jewellery Congress claim.

The research document 'The Jewellery Market: World Tendencies - Outlook for Development in Russia' said the overall volume of official jewellery sales in 2003 was $1.5 billion.

A total of 45 tonnes of gold was used in the production of jewellery items, 15 tonnes more than was used in the Soviet era.

'Even the steep upswing in the price of gold to $410 per troy ounce did not seriously affect the market. Nor did the higher price of gold lead to much higher prices for jewellery, since countervailing steps had been taken in the form of the elimination of the duty on jewellery and the sales tax,' the report stated, according to the Rosbalt news agency.

 

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