Gold cutoff: low demand for jewelry has brought down their production
Jewelers began to reduce the production of jewelry amid declining demand and rising prices for precious metals. In the first half of the year, 10.18 million gold products entered circulation, 11.5% less than in the same period of 2025, and silver — by 13.5%, to 29.3 million pieces, Izvestia calculated based on data from the Federal Assay Chamber. At the same time, sales of gold jewelry decreased by only 4%, while silver jewelry, on the contrary, increased by 7%. This indicates a gradual shift in demand towards more affordable products. In addition, consumers prefer to direct spending on travel and other entertainment, experts say.
How the jewelry market is changing
According to the results of the first half of the year, Russian jewelers put 10.18 million gold jewelry into circulation — 11.5% less than in the same period of 2025, Izvestia calculated based on data from the Federal Assay Chamber. The data includes imports and Russian production.
Compared to the peak of 2008, the demand for gold jewelry has almost tripled, said Vladimir Zboikov, Executive Director of the Guild of Jewelers of Russia. According to him, the reduction is also observed in the silver segment. According to the assay chamber, 29.3 million such jewelry were put into circulation in January–June, which is 13.5% less than in the same period a year earlier.
Sokolov's volume of its own products put into circulation remained "unchanged," said Nikolay Polyakov, the company's CEO. According to him, this was due to the growth of certain categories (for example, sales of jewelry with grown diamonds by 128%) and a silver gift line at a fixed price, sales of which increased 1.3 times.
Adamas, the Moscow Jewelry Factory and 585 Gold did not respond to inquiries.
What has affected the decline in jewelry production
The pace of jewelry production has slowed down amid falling consumer demand, said an interlocutor of Izvestia in a large jewelry company. In conditions of uncertainty, Russians are less likely to make spontaneous purchases that are not essential, agrees Ekaterina Kosareva, managing partner of VMT Consult.
According to her, demand is also holding back the growth in the cost of jewelry production. The cost of key raw materials — gold and silver — has increased by 75% and 90%, respectively, over the past three years, Nikolai Polyakov noted. Since July 2025, the discount price of a gram of gold has increased by 19%, silver — by 45%, according to the Central Bank. Against this background, jewelers are forced to increase the production of hollow products, which are about twice as light as ordinary ones, Vladimir Zboikov drew attention.
The trend corresponds to global dynamics. In the second quarter, sales of gold jewelry in the world decreased by 17% year-on-year, to 278.2 tons, while in monetary terms the market grew by 14%, to $40 billion, according to the World Gold Council report. In Russia, the market volume decreased by 10% over the same period, to 7.2 million tons, which is the minimum since 2020.
According to the Jewelers Guild Association, the average weight of gold jewelry put into circulation in January–June decreased by 54% year—on-year to 0.93 g per unit. Despite the decrease in gold prices compared to November 2025, when they amounted to $3.9 thousand per ounce, the metal is still expensive, said Vladimir Zboikov. At the same time, consumer incomes are not growing at such a pace, and the structure of demand has "its limits," Nikolai Polyakov emphasized. Young people, for example, prefer to spend money on travel and other forms of entertainment rather than buying jewelry, Vladimir Zboikov added.
According to the results of the first half of the year, sales of gold jewelry decreased by 4% year-on-year, to 41.3 million pieces, according to data from the Federal Assay Chamber. Sales of silver products, on the contrary, increased by 7%, to 115.1 million pieces. This dynamic indicates a redistribution of demand in favor of more affordable and lightweight jewelry, as well as gilded silver, explained Nikolai Polyakov.
In January – June, the number of purchases in jewelry stores decreased by 13% year-on-year, while the average receipt increased by 11%, to 13.6 thousand rubles, analysts at the Check Index of the OFD Platform calculated.
At the same time, online jewelry sales continue to grow. At Wildberries, their turnover increased by 26% in the first half of the year, an RWB representative said. Turnover in the main categories — earrings, rings, pendants, chains, bracelets and necklaces — increased by 15-37%. The demand for jewelry watches increased most noticeably among the mass categories: by 69% in monetary terms and by 78% in physical terms, said a company representative. He attributed this dynamic to the growing consumer confidence in online jewelry purchases.
The market prospects will largely depend on the dynamics of raw material prices, Ekaterina Kosareva believes. With a new increase in the cost of metals, the Russian market may face an additional increase in the cost of jewelry due to the weakening of the ruble against the dollar, Vladimir Zboikov expects. In his opinion, this will increase the flow of consumers into the segment of silver products.
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