Monday, 6th September 2004 (4294 views)

The Russian jewellery industry is set for a period of production growth according to analysis from one of the country's leading experts.

Alexander Ivanyuk, general director at Moscow Special Alloys Processing Plant, says that the industry is preparing to mount a sustained increase in production - with output set to rise by as much as 30 per cent this year.

Gold jewellery production will rise by 26 per cent, with silver output also set to increase.

One reason for the increase is the new stringent rules governing the temporary import and export of jewelry products - which have prevented the influx of cheap goods.

However, Mr Ivanyuk made clear that the domestic industry could potentially face difficulties if the World Trade Organisation (WTO) manages to lift controls currently regulating the industry.

"The first problem is the World Trade Organization," he told Tacy. "If the WTO era arrives, our industry will find it very tough going, since it will be hard to compete with Europe. Europe is seeing a jewelry industry crisis and their prices have gotten very near to production costs."

 

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