The consumption of jewellery is increasing by 5 percent per individual according to 2006 data. Rings, chains and earrings are preferred purchases by women consumers whereas 42 per cent men prefer chains and avoid cuff links and tie pins.
The mid-priced product segment jewellery valued between $500 - $1,500 accounts for 25 percent, and is a promising sector, with the increasing population income. It is estimated that the growth will be seen mainly concentrated around the industrial towns.
The Russian jewellery segment is racing with a growth rate of 20 to 30 percent per year, and with that, it estimates to reach beyond $4 billion by 2008. The growth is equally contributed by precious metal jewellery and jewellery with precious stones and gems. In 2006, while its jewellery market stood at $3.8 billion, diamond jewelry contributed $1.8 billion.
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