Jewelry production in Russia has plummeted due to consumers cutting back on spending
Russian jewelry manufacturers are cutting back on production amid declining demand. In the first half of 2026, 10.18 million gold items and 29.3 million silver items entered the market—down 11.5% and 13.5%, respectively, compared to the same period last year.
According to analysts, from January through June, the number of purchases at jewelry stores in Russia fell by 13% year-over-year. At the same time, the average receipt amount rose by 11% to 13,600 rubles.
One of the reasons cited is the sharp rise in the price of precious metals. Over the past three years, the price of gold in Russia has risen by approximately 75%, and silver by 90%, while household incomes have not kept pace. As a result, shoppers are increasingly opting for cheaper and lighter jewelry.
This is reported by Russian propaganda media.
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