Focus on Russia – Made in Italy jewellery is growing stronger. Notwithstanding, Italian jewellery showed excellent performance
To our surprise, Russia is among the markets that are leading the new start. Italian exports have increased by 22.2% in 2017. Medium level target, mostly female customer base.
Russians seem to appreciate Italian-made jewels. In the period between January and August 2017 (Russian Customs data), the “Bel Paese” reached the third place (after China and Thailand) in the exportation of items in silver, gold, platinum, precious metal plates, jewels with pearls, precious and semi-precious stones, costume jewelry, increasing its exports to Russia by 22.2% compared with the first eight months of 2016: 27.8 million euro and 15.38% of the market against 22.7 million euro and 17.5% (Moscow ICE data).
Exports of made in Italy jewels are on the rise
Notwithstanding, Italian jewellery showed excellent performance also in 2016; despite the negative numbers in the exports to Russia (-27.07% compared with 2015), Italy had increased its exports by 9.72% compared with 2015. In the last years, the highest per capita outlay for jewellery items was registered in the Central Federal District of Russia, slightly below the district of Vladivostok in the Far East, while the northwest Federal District of San Petersburg reached the third place.
Profile of the Russian customer
In general, the Russian buyer is oriented towards medium-level jewellery and, for the last two years, this tendency has intensified. The average ticket in a jewelry store is not higher than 18-20 thousand rubles (approximately 300-350 euro). After the period of crisis in these recent years, silver jewellery sales have been stronger than gold jewellery sales. 80% of jewellery items is addressed to a female clientele. According to Alto Consulting Group, 15-20% of the sold jewellery items belong to a luxury-target audience.
Less loyal to a specific brand, Russians choose jewels not as an investment, but as a daily accessory.
In Russia, buyers have not yet developed the concept of loyalty to a production brand: 90% of buyers purchase gold products with different producers and only 10% of them show loyalty to a specific brand.
Besides, the Russian consumer does not consider golden objects as a sort of investment. The daily use of rings, earrings, bracelets and necklaces, especially in the capital city and in other big cities, is seen as a way of accessorizing one’s own image.
by Antonella Lanfrit