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Investing in jewelry is beautiful, but not profitable. The Russian jewelry market is steadily declining Is there a demand for jewelry

Wealthy Russians have always looked at buying jewelry as one of the most effective ways to invest their money. This type of investment, of course, is inferior in popularity to buying real estate and bank deposits, but the interest in jewelry in Russia is so great that in 2016 it entered the top 10 countries with the highest demand for gold jewelry. According to Irina Stepanova, executive director of Sotheby’s representative office in Russia, in recent years, interest in expensive jewelry and rare diamonds is partly due to turbulence in the economy.

They invest in jewelry, of course, not only in Russia. Along with other luxury items (antique furniture, Chinese ceramics, collectible watches, retro cars, etc.), jewelry is included in the Knight Frank Luxury Index. Over the past year, they have risen in price by 4%, over 5 years - by 49%, over 10 years - by 142%. In the top ten luxury goods of Knight Frank, jewelry is second only to classic cars in terms of profitability over a long investment horizon, and.

What is easier to make money on?

Not all jewelry is suitable for investment. Mass-produced products are usually not suitable for these purposes, it makes sense to invest only in products that meet a number of criteria. When buying jewelry, experienced investors follow the same rules as when buying art. Not all paintings will rise in price in the future, but you can safely invest in the works of top artists and generally recognized masterpieces.

Experts argue that conventional mass-market jewelry is not an investment vehicle. The products that fill the windows of chain jewelry stores are sold at a very high mark-up, not to mention taxation. According to Otkritie Broker analyst Andrei Kochetkov, such jewelry is 2-3 times more expensive than the precious metal and precious stones from which they are made. After the purchase, the jewelry immediately loses in value, since during resale it will not be possible to compensate for various markups - they will only look at the cost of the material and the artistic value, if any.

Only certain categories of jewelry can grow in price in the future. According to the General Director of the Guild of Russian Jewelers Eduard Utkin, these include:

  1. Jewelry decorated with large natural stones. It makes sense to invest in them, since stones rise in price much faster than precious metals. Gems from 1 carat and semi-precious stones from 5 carats are considered large.
  2. With the second category, everything is more complicated. Only a specialist will be able to assess the complexity of making a piece of jewelry, to determine the growth potential of the price of a product that is a historical value or an object of contemporary art.

In any case, such investments involve costs in the hundreds of thousands of rubles. If we are talking about a product of the 21st century, then, perhaps, it will be appreciated only in 20-30 years. Very few people manage to make money quickly in this area.

According to the president of the Singapore Castle Family office, Eldiyar Muratov, investment in jewelry is the privilege of wealthy investors. This is done only by the wealthy public, which is not concerned with immediate benefits, but expects to earn good money in the future. By rich investors, Eldiyar Muratov means people who manage $ 5 million or more of their own funds.

However, not all experts agree with Eldiyar Muratov. For example, Andrei Kochetkov claims that you can make money on relatively inexpensive products intended for the mass consumer. One of the options involves a train to the UAE. A large assortment of gold jewelry is always on sale in the Emirates, which is only 10-15% more expensive than scrap gold by weight. Such an investment can be profitable pretty quickly.

Advantages and disadvantages

It is not without reason that jewelry has been used for many centuries as a tool for savings. The price for them rarely shows a sharp rise, but almost never falls. Usually, after purchase, it remains constant for some time, and then gradually grows depending on the dynamics of prices for stones and precious metals, as well as on how interesting the product is to collectors. It is almost impossible to lose money on such investments. Another plus is the high capital intensity of assets. Expensive jewelry solves the problem of concentrating a large amount of money in a small item. A safe the size of a shoebox can hold a huge fortune.

The main disadvantages: low market liquidity, a long investment horizon, an unaffordable entry threshold for many. The optimal investment horizon is approximately the same as at 20–30 years. In order to have enough funds to purchase a suitable product at an auction, it is desirable to have $ 300-400 thousand. It is difficult to determine the exact amount that may be required. It happens that the auction starts at $ 100 thousand, but in the process of the competition for the possession of a promising lot, the bar rises to $ 2 million.

It is very difficult to sell jewelry profitably and quickly, since prices rise slowly, and the associated costs are high: you have to pay a commission to the auction or another intermediary. Buying is also associated with serious expenses: you need to pay for an examination, ensure safe transportation. The appraisal of the jewelry will cost at least 35 thousand rubles, the commission to the intermediary will be 0.5-3%.

According to Muratov, you can earn money on jewelry within one to two years. The profit in this case does not come from the fact that the jewelry becomes more valuable from a historical point of view (this should wait 10–20 years), but from the rise in price of precious metals and stones, an increase in demand and the ability to find a buyer. It is rare to manage such a business, it requires a certain amount of luck.

A Singapore Castle customer recently made good money reselling a rare blue diamond gold ring. He bought this piece of jewelry from a private collector for $ 2.1 million, and in the process of bargaining, the price was reduced by 8% from the original. After 4 months, the investor sold the ring at a closed auction for $ 2.75 million, the profit exceeded $ 500 thousand.

Nuances of choice

Among the factors affecting the value of jewelry, one can single out: the name of the jeweler, uniqueness, ownership history, characteristics of stones and production time. The quality of the product, of course, must be at its best. The cost of an adornment is largely determined by the gem. When buying, an investor should pay close attention to its uniqueness and quality.

Irina Stepanova claims that there is a good demand for colored diamonds, emeralds, sapphires and rubies. Also, non-precious stones have recently become more expensive: beryls, aquamarines, turquoise and tourmalines. The dynamics for them can be traced differently, but some stones seriously add to the price. For example, 15 years ago, a carat of aquamarine was given $ 15, and now - about $ 300.

According to Muratov, if an investor wants to make money on the rise in the price of a precious stone, then it may make sense to order jewelry from professionals. This is easy to do: you need to buy a rimless stone and find a jeweler whose work is in demand on the market. It will be easier to sell an exclusive product for a good price. The cost of work will be 2-3 times less than if you take a similar decoration in a store. Savings will be obtained due to the absence of an intermediary and logistics costs. The total cost of stone, precious metal and work is always less than the finished product in the store.

Another important nuance is the origin of the product. Usually, jewelry worn by famous personalities grows in price faster, and collectors' interest in them is higher. You can get information about the history of the jewelry from the jewelers. Jewelry houses usually keep archives; it is often possible to find the customer by the registration number of the product.

When it comes to jewelry houses, Buccellati, Bulgari, Cartier, Chopard, Harry Winston, Graff, Mikimoto, Piaget, Tiffany & Co and Van Cleef & Arpels are now all over the place. However, not all products of these companies are getting more expensive every year. Exclusive jewelry is appreciated, and the cost of mass products does not change much over time.

Experts recommend not to let out of sight and the work of individual masters known for their unique works. In recent years, jewelry from Georges Braque, Peter Chang, Coco Chanel, Andrew Grima and Suzanne Belperron has been highly regarded in the jewelry market.

In addition to the creations of recognized masters, the products of young jewelers are very promising. In particular, experts recommend investing in young Russian brands. So far, their cost is understated, since they have not yet become widely known, but the quality of work and artistic design are sometimes at a very high level. Such jewelry is clearly underestimated and in 5-7 years will become much more expensive. As examples of promising companies, Eduard Utkin cites participants in an international jewelry exhibition that was recently held in London. These are "Russian Gems", jewelry houses: Ringo, Argentov, Kabarovsky, Chamovsky, Echo, Treasure House and Aldzena.

Jewelry, which became widely known in certain historical periods, for example, in 1900-1920, can also rise in price. or in the 1950s. Such jewelry is constantly growing in value, since it has cultural and historical value, and is in demand by wealthy collectors. According to Knight Frank, in the last decade, antique jewelry has risen in price by 63%, products created in 1945-1975. - by 73%, products of the Belle Epoque (1971-1914) - by 93%.

Collectors are in a better position when selling jewelry. For example, if there are several Van Cleef brooches of a rare series, then such a collection can sell for more than all the pieces individually. It makes sense to collect not only the creations of one author, but also the jewels of the same era. By selling all the jewelry of one historical period at once, you will probably be able to earn more. But the search for a buyer can be delayed.

The crisis has seriously affected the Russian jewelry market. During a period of decreasing purchasing power, buyers do not first of all, to put it mildly, think about buying expensive jewelry. And it is in such conditions that it is especially interesting to find out the expert's opinion on the trends in the development of the segment, and on the most promising niches.

The jewelry market needs to be analyzed in the context of the overall consumer market situation. In 2017, against the background of improved macroeconomic indicators and the strengthening of the ruble exchange rate, a feeling of market stabilization was formed, the level of negativity in assessing their prospects on the part of consumers decreased. At the same time, there are no sufficient grounds for a breakthrough upward and a significant rise in sales in consumer markets.

According to a study by Fashion Consulting Group, jewelry imports to Russia continue to decline, and according to the results of three quarters of 2016, even the relatively low indicators of the previous year decreased by about a quarter. The growth in the cost of imported products, which occurred for Russian buyers after the depreciation of the ruble, forced some of the players who manufactured products abroad to consider options for transferring production to Russian territory, and look for local manufacturers. There was hope that the import rollback would free up market space for local producers. In addition, due to the difficult economic situation, as well as the state policy of promoting projects under the “Made in Russia” brand, Russians' loyalty to local products is growing.

Over the past 3 years, Russian jewelry retailers and brands have been testing new projects and carefully studying local production opportunities, especially in the middle segment, where consumers are expecting something more unconventional. If in 2013 about 65-70% of jewelry in Russia was accounted for by foreign products, then in 2015 this share began to decline noticeably in favor of Russian goods. The Guild of Jewelers is optimistic that more than three quarters of the items on the market today are domestically produced.

Nevertheless, despite the decline in the share of imports, against the background of a sharp drop in the purchasing power of the population in comparison with the pre-crisis period and, accordingly, a catastrophic drop in demand for jewelry, Russian manufacturers suffered no less than buyers of imported goods: the volume of production in Russia (-45% gold and -20-30% silver). There was an outflow of buyers from brands in the middle price segment to brands in the budget segment.

To what extent has the jewelry market been affected by the crisis as a whole?

Volume and dynamics of the gold jewelry market, tons, 2012-2016

During the peak of the crisis in 2015, the demand for gold jewelry in Russia fell back 14 years ago - the market (in currency terms) decreased by 43% compared to 2014. In 2016. demand continued to fall - sales fell by another 11% compared to 2015.


Jewelry market volume and dynamics, rubles, 2012-2016Q4 / 2017F

The jewelry market (including gold jewelry) is experiencing negative dynamics: 2015 showed a decrease in almost half and reached its lowest level in the last 10 years. In 2016, the market fell by another 18% and amounted to $ 172.2 billion. The forecast for 2017 is stabilization to 3% in the optimistic scenario and a decrease to -10% in the pessimistic scenario.


Specificity of the jewelry market in Russia 2016

Until recently, the jewelry market was heavily influenced by the “post-Soviet legacy”. Only a small number of foreign jewelry companies, represented in mono and multi-brand stores, exclusively in large cities, have been able to gain a foothold in the market over the past decade.

  1. The market was formed by large “historic” brands capitalizing on the reputation of Soviet-era manufacturing plants;
  2. The dynamics of development is slow and inert. Models created in the 70s - for example, Bismarck chains, are still popular today.
  3. In a simplified way, the specifics of the Russian jewelry market in comparison with the European market can be described as “conservative demand”. Products and collections on the shelves reflect the population's love for demonstrative decorativeness on the one hand and for tradition and classics on the other.
  4. High-quality expensive jewelry is not perceived as an adequate substitute for jewelry, even for everyday and daytime use.
  5. In contrast to the European market, the daily wearing of jewelry is the norm since school age.

Major players account for about 40% of the jewelry market

At the moment, the top 7 players stand out on the jewelry market in Russia, which together occupy 32% of the market. The largest jewelry chain in terms of revenue in 2016 is the Adamas chain - 11.6 billion rubles. and 6.7% of the total market. The second place is taken by Pandora with revenues of 8.6 billion rubles, the third place is taken by the Moscow Jewelry Factory, 8.3 billion rubles. respectively. The luxury segment brands also account for about 10% of the market; they enter the retail market through such large distributors as Mercury Group, Jamilco, Cosmos Gold, Bosco di Ciliegi.


Key trends in the consumer market

  • Natural "silvering" and an increase in the offer in the category of lightweight gold items. Repetition of fluctuations in demand, which were also observed during the 2008 crisis. Buyers who do not consider a piece of jewelry as an investment, but buy it as an accessory piece, pay more attention to silver items. The assortment and variety of silver jewelry increases during the period of decreasing purchasing power
  • Relatively stable demand for niche offers. Such products of original design, clearly targeted to a specific target audience, always find their buyer. Jewelry, in which you can express your individuality, is the result of careful selection and in times of crisis have a more stable demand.
  • Carte blanche to a Russian manufacturer. The work of foreign jewelers has risen in price due to changes in the exchange rate in Russia, so they do not see any particular prospects in selling their products in Russia, and temporarily give way to Russian manufacturers in the market.
  • Most trade enterprises have taken the concentration of efforts on special price offers and on assortment optimization as the basis of their marketing policy. The number of intermediary companies between the manufacturer and the retailer has decreased. Retailers are actively developing their own brands and are gradually ousting brands that do not have distribution networks from the mass market.

Retail gold jewelry has lightened by a quarter over the past five years, the Russian Jewelers Guild told Rossiyskaya Gazeta.

The taste of Russians is improving, and massive chains as a sign of success are gradually going out of fashion. Photo: Viktor Vasenin / RG

People are buying products that are lighter in weight. For example, ball earrings, hollow chains, or actually wire rather than solid rings.

"If five years ago the average weight of gold items was 2.6 grams, now it is 1.9 grams. That is, jewelry has become 27 percent lighter," says Eduard Utkin, General Director of the Guild of Russian Jewelers.

Buyers save because revenues have declined and are not growing. Jewelry demand has dropped this year, he notes.

Buyers can save money in other ways. Synthetic inserts are widespread on the market. Their use can significantly reduce the cost of products.

Stores regularly offer discounts, which sometimes go up to 70 percent. Before the New Year, jewelry stores will also be selling jewelry at a discount. But it’s not just about saving, experts at Rossiyskaya Gazeta say.

On the one hand, gold jewelry was a sign of prosperity, but now many do not have the opportunity to buy expensive jewelry, says Elena Topoleva, director of the Social Information Agency. On the other hand, aesthetic preferences have changed. “We have already become less prestigious to wear massive gold jewelry. It is also an improvement in the taste of our citizens,” she notes.

Average weight of jewelry dropped by 27 percent in five years

The economic motives for buying jewelry are also changing. "Weight loss may indicate that the population ceases to perceive gold jewelry as an investment tool," says Oleg Chernozub, head of the VTsIOM monitoring research department. The urge to purchase heavy gold jewelry as emergency insurance fades into the background. This means that the population is convinced that the economy is stable, the expert concludes.

People in general have started to save less and are buying more and more new things, moreover, those that need to be changed regularly. As a result, gold is being displaced by other commodities such as gadgets.

"Clever and fine-tuned advertising encourages people to constantly update their household appliances, cars. Someone, for example, buys cheap devices, and someone is chasing expensive new items. Moreover, subsequent generations of the same gadgets may not be better than the previous ones," says Elena Topoleva.

But expanded consumption in return for "gold" savings is simply the other extreme. It's not good that people spend extra money on completely unnecessary things. In addition, such behavior harms the planet as a whole. "We stimulate the production of more and more new things that simply litter the environment. This is also worth thinking about before buying something," advises Topoleva.

But if you really want to get some new thing, experts suggest another way. Today there are many opportunities to rent household appliances, furniture, gadgets. You can see, try and evaluate whether the coveted item is so necessary or not worth spending money on unnecessary.

Conscious consumption has also reached the luxury market. Jewelry is bought not only because it is “beautiful and desirable” - it becomes an object of investment. Nadia Mendelevich, gemologist, editor of vogue.ru and curator of private jewelry collections, gives advice on how to invest correctly in jewelry.

Let's not be cunning: the jewelry industry has always developed thanks to the desire of people to demonstrate their own well-being. As wonderful as the stone is in itself, the desire to own it is determined not only by its beauty, but also by the price that emphasizes the status of the owner. And what happens to the value of the stone after purchase: does it fall or rise? Is it possible to buy jewelry without losing money and even earning money? Quite. And you don't have to be on the Forbes list for that. Consider strategies within a budget comparable to the annual salary of a novice financial analyst -£ 40 thousand.

Buying jewelry that will hardly lose value

difficulty level:short

budget: from £ 3 thousand to £ 10 thousand

The easiest way is to buy cult jewelry that everyone wants to own for at least five years. There are several collections of well-known brands, jewelry from which will hardly lose in price on the secondary market. The Alhambra collection by Van Cleef & Arpels is a perfect example. The second and third places are shared by Cartier jewelry in the form of nails and Bvlgari's B.Zero line. In early spring and late autumn, limited editions are released: if you are lucky, a popular piece of jewelry in a rare version will not drop in value even by 20%, which is quite humane in the insidious world of jewelers. Some brands are actively investing in promotion, defining fashion and creating a stable demand for their hits. The waves of people's love are enough for those jewelry of these brands that left their native boutique ten years ago. The main disadvantage of such purchases is no originality.


Ring Just un Clou, Cartier. 3050 pounds, on the secondary market in London - from 2200.

Buying a simple piece of jewelry that won't lose value

difficulty level:average

budget: from £ 5 thousand to £ 15 thousand

For those who are not used to obeying fashion and living according to the less is more principle, there is a Rapaport table and scales of color and clarity of diamonds. It sounds scary, but in reality it is no more difficult than classifying airline fares. Having figured out this, you should pay attention to everyday jewelry with diamonds of color F – G (almost colorless) and purity VVS2 – VS1 or VS2 (inclusions are not visible without a magnifying glass), which can be bought from little-known jewelers who order stones on the stock exchange and prefer commercial International Gemological Laboratory (IGL) certificates. But the GIA certificate, which is the gold standard on the market, is not required: than overpaying for it, it is better to gain a couple of extra tenths of a carat.

At the upper limit of the budget of this level, it makes sense to seek advice from a gemologist (his services cost about£ 500) and find a pretty light yellow diamond that has every chance to rise in price. For the same money, you can hire an expert of a different kind - a jewelry historian who will help you choose a worthy antique jewel. The higher the collectible value of such a piece of jewelry (an unusual but striking example of fashion from the 1910s will cost more than the classics of the 1850s), the more confident it behaves as an investment. By the way, an antique jewel worth more than£ 5 thousand, most likely, exists in a single copy.


Earrings with sapphires and diamonds, workshop Giovane. The likes of you will be made to order for £ 7,000-15,000. The final cost is determined by the quality of the sapphires

Buying an unusual piece of jewelry that will rise in price

difficulty level:high

budget: from £ 15 thousand to £ 40 thousand

At the top of the budget of this level, you can find a noticeable (from carat weight) yellow diamond. Unlike colorless counterparts up to five carats in weight, even small colored diamonds rise in value - they can be considered an investment. At the same level, it makes sense to pay attention to colored gems. Rubies, sapphires, Colombian emeralds, Australian opals and natural alexandrites of the highest characteristics and weighing more than two carats are not just money spent, but also a contribution. Certification is indispensable here: GIA, AGL and IGL have priority. If the choice falls on jewelry with the famous brand, then first-class colored gemstones are at least a guarantee of maintaining a high value. By contacting a private jeweler, you can get a piece of jewelry that will most likely rise in price in the first year. As the budget increases, so does the chances of buying museum-level items in the antique market.

At this level, you should be more careful with semiprecious stones: the probability of making a mistake in predictions is high. Firstly, more and more deposits have been discovered in Africa recently, in which gems, which were considered very rare and expensive three years ago, are being mined. Secondly, fashion interferes with the demand for semi-precious stones. The popularity of the gem variety due to the fashionable shade can grow for a couple of seasons. Market prices will rise, but investment potential will remain negligible.


A ring with diamonds and emeralds created in the 1920s. Estimated value £ 15-20 thousand, Jewelery Atelier collection

Top photo: over 50 carat investment diamond in Chopard workshops.

A year ago, representatives of the jewelry market sounded the alarm: in the first quarter of 2016, the demand for jewelry reached its minimum since 2008. 7.7 tons of products were sold, that is, 17% less than a year before. Such data were published by the World Gold Council.

At the end of 2016, Russian jewelers reduced the use of gold for making jewelry by 9.5% compared to a year earlier - to 30.984 tons.

Thus, Nizhny Novgorod jewelers have been losing customers significantly since 2013. The answer is simple - there is no demand. According to Newsnn.ru, the main buyers are newlyweds who order rings, sometimes even on credit. Market participants cite the fall in household incomes as the reason for this. So, in January-May 2017, according to Nizhegorodstat, the incomes of the population of the Nizhny Novgorod region decreased by 6%.

The owner of the Nizhny Novgorod jewelry studio, Alexander Molyakov, says that the revenue of his boutique fell a little immediately after the new 2014. “If we compare how much I earned before 2014 and how much now, this is 3-4 times less,” he told Newsnn.ru. - Previously, the average check was in the region of 50-60 thousand rubles, now they do not pull even 20 thousand. "

Mr. Molyakov also noted that colleagues in other regions have a similarly difficult situation. “I communicate with all regions of Russia and always ask everyone“ how are you? ”. And everything is bad for everyone, even in Moscow. Although Moscow, one might say, is a different planet, ”he said.

According to Inkazan.ru, the decline in demand began back in 2014. This happened as a result of the devaluation of the ruble, the imposition of sanctions and a decrease in the state's export revenues from raw materials, wrote the Golden Council. Since then, the industry continued to be in a fever: because of the crisis, the average check and the weight of products sold were falling, and large players were forced to leave the market. As noted by some market participants, only classic pieces with a single large diamond continued to be sold relatively stably. Apparently, this even prompted the Ministry of Economic Development of Russia to think about lifting the ban on the sale of jewelry via the Internet.

And in Rostov, experts suggested that the introduction of paid parking lots also negatively affected the jewelry market in the region. As suggested in an interview with the publication Rostovgazeta.ru p a representative of the Shiko jewelry house, the drop in the number of sales became noticeable after the introduction of paid parking lots in the center, where most of Rostov's jewelry stores are located. "Of course, the jewelry market is oversaturated, but people are still being screened out due to the fact that it has become difficult to park in the center since October 2016. Pedestrian zones have been opened, there are fewer parking spaces, and if there is, then it is all paid. People and stopped coming to the center for shopping, "- said the source of the agency.

Changes in the economy, legal norms, and the structure of the city affected the quality of products, says a representative of Jewelry Workshop No. 1 in Rostov. "Now, to make jewelry cheaper, they are made hollow, light, the sample is lower and are often silent about it. Therefore, buyers need to carefully look at the tags," the expert notes. If the situation worsens, a further drop in the quality of products is possible.

The range and number of employees in the jewelry market are decreasing. “In recent years, fewer enterprises have begun to close, for several years - two or three. But jobs and assortment are being cut everywhere. In general, production stops, losses do not allow development,” says Aleksey Ivanov, director of the Zolotoy Rai firm. He explains these changes by the influence of high rents for jewelers. “If the state controlled rental prices, it would be better,” the director said.

In Stavropol p According to Anton Bykov, leading analyst at Analytic-Service, retail sales of jewelry began to fall in 2014. In 2015, the decline accelerated by about 15%, in 2016 - up to 30%.

“There is a stratification of consumer society. There is a large market for low-quality“ shiny ”products, and there is a market for expensive branded products or custom-made products. products, they try to save money ", - Alexey Smolnyakov, the owner of the jewelry business" Zlatokuznets ", commented to NewsTracker.ru.

He notes that all this is happening against the background of a general decline in the number of clients, which forces jewelers to look for ways to earn money and do work that they would have previously refused because of the simplicity and cheapness. At the same time, according to Smolnyakov, it is now more profitable to purchase custom-made products, since this, when all parameters are agreed with the master, can be cheaper than buying a similar thing in a boutique.

As told NewsTracker.ru, jeweler Alexey Kalashnikov , orders have "lightened" from an average of 4-5 to 2-2.5 grams, and the materials people prefer have been simplified. For example, diamonds have practically disappeared from orders. The fact is that people in the region are ready to pay on average up to 10 thousand rubles per product, while a couple of years ago this figure was kept at the level of 20-25 thousand rubles.

The Guild of Russian Jewelers believes that problem number 1 is a decline in production and sales, a drop in demand. Over the past three years, the average weight of items made from gold has decreased from 2.6 grams to 1.9 grams, experts say. Exports are falling, in 2016 - minus 34%. Added to these problems are claims by tax authorities, which suspect jewelry companies of creating VAT evasion schemes. Jewelry companies, in turn, consider these claims to be inappropriate. Russian banks are reluctant to give loans, considering the industry a high-risk area. Fines and the number of inspections of compliance with the requirements of legislation in the field of regulating the turnover of precious metals and precious stones, in the field of combating the laundering of proceeds from crime, in the field of regulation of retail sales of jewelry, in the field of regulation of jewelry sales by remote methods are growing. And this is not a complete list of problems.

Note that the jewelry market was influenced by new legal regulations. On January 10, 2016, amendments were made to the law "On combating the legalization (laundering) of proceeds from crime and the financing of terrorism." And now, when buying jewelry worth more than 40 thousand rubles in cash or 100 thousand on a card, the buyer must present a passport, and the seller must submit this data to Rosfinmonitoring.

"These are excessive norms today. Those who wanted to launder money, nothing prevented them from doing it," said Sergei Katyrin, President of the Chamber of Commerce and Industry of the Russian Federation. The proposals of the President of the Chamber of Commerce and Industry of the Russian Federation Sergei Katyrin are aimed at ensuring that the state exerts the least possible influence on the development of the industry.

"Most of our proposals do not require any finance at all and are based on the fact that it is necessary not to interfere with the development of the industry and, if possible, remove the obstacles that have arisen today, and it will develop even without any financial support," the president said. Chamber of Commerce and Industry of Russia Sergey Katyrin.

In addition, Russian manufacturers complain about the strict state regulation of the export of precious metals and stones, which was laid down in Soviet times. To export goods for export to the Russian Federation, it is necessary to spend more than 1.5 months to obtain permits, which is much longer than, for example, in China. In this regard, the export of jewelry abroad compared with 2013 decreased by 6 times - from 780 million dollars to 117 million. To reduce costs, some enterprises began to transfer production abroad.

“The fact is that these countries have created more favorable conditions for the production of jewelry, both in terms of taxation and regulation of activities, - explains Mr. Utkin. - For example, the level of taxes in Kyrgyzstan is 2 times less than with us. And taking into account the fact that we now have a common market, it is more profitable to manufacture products in Kyrgyzstan or Kazakhstan and sell them on the territory of Russia. "

The jewelry industry is also part of the economy, and it is natural that all trends - good or bad - have an impact on it, albeit not immediately, says the president of Almaz-Holding. Flun Gumerov... According to him, due to the crisis in 2014, the market for gold products in weight terms sank by a little more than 10%. In 2015, the collapse has already reached 40%, and in 2016 ended with a fall of about 12%. Thanks to the complete restructuring of production, Almaz-Holding itself managed to neutralize the negative consequences and achieve a slight increase. Prospects for growth in sales and production are gradually beginning to appear on the market, says Gumerov.

So, in recent years, the jewelry business in the Primorsky Territory has acquired a colorful regional feature. We are talking about the increased interest in precious metals of Asian buyers - especially with the arrival of the summer tourist season and the arrival of ocean liners from the Asia-Pacific region. Guests - mainly from China - sweep away the entire “average check” like an avalanche: Chinese citizens are most fond of white gold in the middle price range (from 500 to 4000 rubles) and red stones. According to market participants, in the summer months, each Vladivostok jewelry store makes more than 50% of sales in this client segment. Many entrepreneurs for a certain percentage agree in advance with tour guides, and they bring potential customers to the desired store. According to the General Consulate of the People's Republic of China in Vladivostok, in 2016, the regional center alone was visited by 420,000 citizens of the Celestial Empire, this is a record of all time. It is not surprising that the jewelry trade has received a new impetus: in the center of Vladivostok, you can make a jewelry promenade surrounded by signs in Chinese.

In addition, according to nym of the Assay Office, in the first quarter of 2017, almost 8 million gold jewelry was produced in Russia. This is 20% more than in the same period last year. For the first time since 2013, the industry has shown growth. It seems that consumer interest has begun to gradually return, and the industry remains afloat.