Demand for jewelry grows fivefold in Russia on eve of New Year

13:14, 24 December 2020
Demand for jewelry grows fivefold in Russia on eve of New Year Photo: Unsplash

Demand for premium jewelry grew fivefold in December 2020 compared to the same period last year. Russians buy gold and diamonds, according to a study conducted by a chain of jewelry shops.

Besides, online jewelry purchases have doubled amid the pandemic, TASS reported.

There is an increased demand for domestic manufacturers' diamond jewelry and 30% growth in online receipts on the eve of the New Year. The receipts for gold also increased by a quarter, which is associated with the exchange-based rise in prices for the precious metal.

Before the holiday, diamond rings are selling well, and both men and women buy them. Also, the demand among men for men's necklaces from precious metals increased by 20%.

In 2020, Russians began to buy wedding and engagement rings for over 100,000 rubles ($1,339) more often.

Online jewelry sales are expected to retain growth in 2021.

The growth of the Russian economy is possible with a revision of the import substitution policy, support for the service sector, and the creation of a national institution to attract investment, according to the WB's recommendations.