Jewelry Demand in Russia Falls by 3% Amid Rising Prices

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In 2025, sales of gold and silver products decreased. According to "Check Index" data, the number of jewelry purchases fell by 4%. This is reported by "Kommersant".

The reason for the decline in demand was the increase in the cost of jewelry products starting from raw materials. Thus, over the past three years, the production cost of gold jewelry with diamond inserts has increased by 35-40%. Gold prices have risen by more than one and a half times during this period, reaching $4,440 per ounce. Silver has doubled in price, reaching $85 per ounce.

According to the "Check Index" service, the average bill for jewelry in 2025 was about 9,800 rubles, which is 5% higher year-on-year.

Market participants expect further price increases for jewelry. In 2026, they may rise by 10-15%. In addition to the rising cost of raw materials, the final price of the product will also be affected by the increase in the VAT rate from 20% to 22%.