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Production of decorative jewelry rose 30% in 2003
Production of decorative jewelry rose 30% in 2003, statistics compiled for 5th All-Russian Jewelry Congress claim. The material was compiled under the general title, 'The Jewelry Market: World Tendencies. Outlook for Development in Russia.' Overall volume of official jewelry sales in 2003 was given as US 1.5 billion, with 45 tonnes of gold used in the production of jewelry items, 15 tonnes more than was used in Soviet times. 'Even the steep upswing in the price of gold to USD 410 per troy ounce did not seriously affect the market. Nor did the higher price of gold lead to much higher prices for jewelry, since countervailing steps had been taken in the form of the elimination of the duty on jewelry and the sales tax,' the analytical material says.
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