Analysis of the jewelry market

The article deals with the dynamics of development of the Russian and foreign jewelry market over the past five years. The statistics of the demand for jewelry is given and reasons of the annual growth in sales of jewelry through indicators, marketing tools, as well as by the views of analysts and experts from the field of jewelry are analyzed. The increased competition of imported jewelry brands in the Russian Federation, formed due to the current unstable economic situation, which reached a large number of countries, was taken into account. Russian large manufacturers sell jewelry in their own networks; small producers sell in ordinary jewelry stores. Jewelry shops, which sell products of Russian factories, have to set prices based on the segment of economy-class customers, without any hope to attract customers of the higher segment. In a crisis, the demand for exclusive products and precious stones, as the most reliable investments, especially in Russia, sharply increases, which certainly affects the revenue side of the state in decline. However, in the coming days the Russian jewelry market is waiting for a shift towards the mass market, i.e. the economy and middle class, as well as appearance of new players in the market. The authors note the fact that Russia has a large territory with necessary raw materials for achieving success in the jewelry industry, both domestically and externally. Realizing the jewelry products in eight countries (USA, China, India, Italy, UK, Japan, Turkey, the Middle East), Russia is a leader in the field of jewelry trade, competing with major foreign brands. Thus, favorable prospects for development of the jewelry industry are considered.