Page 153 - RusRPTJul24

9.1.3 Aviation sector news
9.1.4 Construction & Real estate sector news 9.1.5 Retail sector news
Jewelry retail in Russia this year will grow by 15.6%, to 430bn rubles, and this is a conservative estimate, Kommersant reported on June 7. Jewelry sales are growing at double-digit rates for the second year (last year the market added 18%), this year some retailers are freely forecasting a growth of 20%. In the Sokolov chain, sales in the first quarter increased by 32.8% y/y, to 106.5bn rubles. Part of the growth is explained by the rise in prices of precious metals and, accordingly, jewelry, part by the growth of networks, aggressive marketing, the development of online sales and installment purchases. However, these are not all factors. A significant part of the new demand came from investment purchases: it is easier to purchase a gold product than a gold bar, says Vladimir Zboikov, executive director of the Russian Jewelers Guild. Sunlight, the leading chain in sales in Russia, agrees with him.
153 RUSSIA Country Report July 2024 www.intellinews.com