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The Russian jewellery market, as well as the markets of other countries, in many respects depends on fluctuations of the price for precious metals and stones which are used in the jewellery industry. In 2011 the tendency of price rise for precious metals that increased cost volume of the Russian retail jewellery market continued.
The market appreciation was caused by some increase of import production turnover, and also by the volume growth of domestic marked products, generally of lightweight production from gold and silver. During 2011 the tendency of gold popularity generally as an investment owing to upward correction of the prices for gold proceeded.
According to the Russian State Assay Chamber during 11 months 2011, the share of gold product import in total number of gold marked products raised by 2 % and made about 8 %. The share of import silver products in total number of marked products from silver increased by 2,3 % to 30,6 %.
According to the Federal State Statistics Service, 10,3 million jewels without a stone were made in 2011 in Russia that by 1,7 % higher than the indicator of 2010. Production of jewelry with brilliants increased by 13,8 %. The output volume of jewels with semiprecious stones was lower than the indicator for 2010 by 1,3 %.
According to the research of RBK.Research «Retail jewellery networks», in 2011 in value terms the legal volume of the retail jewellery market of the Russian Federation without taxes grew by 19 %. It should be noted that rates of market increase slowed down that is connected with decrease in low base effect in 2011.
The jewellery companies fully suffer from the events on the world gold market. The main problem in 2010-2011 was the constant price rise for gold that led to numerous price rises for jewellery production. The jewellery companies see the way out of the crisis situation in implementation of new production technologies and sales, in improvement of output product design, more frequent updating of jewellery collections that depends on the producers forming retail.
TOP-5 of retail jewellery networks on the number of working stores *, 2009-2011.
* – data on the number of stores for 01.01.2012.
Source: companies data, assessment of RBK.research
Nowadays among five leaders of the Russian jewellery retail by number of stores there are "Adamas", "Almaz- Holding", "MJZ", « Jewellery network "585", « Yashma zoloto ». The highest stability on the market is continued to demonstrate by the operators, developing jewellery retail «from the producer» ("Almaz - Holding", "Adamas"," MJZ ").
Large retail jewellery networks of federal level continue to strengthen the positions on the most perspective (as regards of sale) markets of the Central FD, the Volga FD, and the Southern FD. Deterrents of federal retail development in Uralsk FD, the Siberian FD and Far East FD is saturation of the local jewellery market by the local operators, access to the market of manufacturing enterprises with own retail and strengthening of the price competition.
Following the results of 2011, according to data of the Federal State Statistics Service, the increase of a total volume of jewelry retail sale in the Russian regions made a little more than 16 % in comparison with 2010. The greatest contribution to consolidated revenues from jewellery trade was made by: the Central FD (more than 30 %), the Ural FD (about 12 %), the Siberian FD (more than 11 %), the Volga FD (11 %), the Southern FD (11 %). It should be noted that in indicators of official statistics the data on great number of individual businessmen and small enterprises in all regions of the Russian Federation aren't considered.
TOP-3 the most popular jewelry purchased by respondents of RBK.research in 2009-2011, % from respondents
Source: poll of RBK.research
As to the consumer demand, it may safely be said that demand for gold products with brilliants remains. According to the data of the poll which has been held by RBK.research analysts in December, 2011, their popularity grew from 34,6 % in 2010 to 48,4 % in 2011. Gold jewels as a whole still remain the most high-demand variant of jewelry.
The largest group – 29 % of respondents – was made by the respondents who have spent for purchase of jewellery and other products 10-25 thousand roubles. The share of the buyers who have spent for purchase till 5 thousand roubles, decreased and made 9,8 %. Thus, results of the poll say about growing jewelry popularity of the mid-price segment.
The most popular place of purchase was a store of the Russian jewellery network – 55,6 % of the respondents who have answered this question made purchases there. It means that buyers trust a brand of jewellery network more because in such stores there are a certain quality standard of service, of assortment, discount programs.
It may safely be said that every year jewellery retail trade becomes more and more civilized: modern jewellery stores, both network and single, gradually increase their consumer audience at the expense of flexible marketing policy, the various and modern assortment and awareness of consumer preferences.