OREANDA-NEWS. The pandemic of the disease caused by a new type of coronavirus caused a 50-70% drop in jewelry sales in Russia, and product production, as a result, decreased by 30-50%. This was reported to the Russian media in the press service of the Ministry of Industry and Trade of the Russian Federation.

As the ministry explained, the main reason for this effect is the shift in consumer demand during the pandemic to essential goods. Another factor is the increase in the cost of raw materials for jewelry production, due to the increased exchange rate: in this regard, the cost of finished products increases by an average of 20%.

At the same time, the press service of the ministry emphasized that the drop in jewelry sales will not have a significant impact on the sales volumes of Russian precious metals producers due to their sales structure.