Russia's retail market for jewelry jumps 26% to 460 bln rubles in 2024

MOSCOW. Feb 20 (Interfax) - Russia's retail market for jewelry jumped 25.6% year-on-year to 459.4 billion rubles in 2024, the Sokolov jewelry holding said.

Retail prices surged 34% over the past year, with the average ticket on the market rising 19% to 9,000 rubles.

"Record growth in the volume and share of online sales of jewelry drove market development. The share of jewelry e-com increased from 23.4% to 28% over the year. Meantime, 35.5% of all online sales, or 10% of the total market, were sales through marketplaces. In December 2024, these figures were even higher than the annual average. Then the total share of online sales was 30%, and the share of marketplaces reached a record 42% of e-com, or 13% of the entire market," Alina Kolpakova, head of the Sokolov Analytical Center, said.

The rise in average retail prices also substantially affected growth in the market in monetary terms owing to the dynamics of the Russian Central Bank's official prices for gold. Gold prices surged 45% to 8,552 rubles per gram from January to December 2024.