Jewelry prices to drastically go up in Russia

It is expected that in September, gold jewelry may become 30% more expensive compared to the beginning of the year, according to the Russian Jewelers’ Guild.

The price hike will be due to the growing prices on precious metals in the global markets. Jewelry will be going up in price gradually as older items will be sold for their original prices and only new items will have a higher price.

Experts note that as of today, the precious metal rates have increased by 32% since January. So far, the increase has not affected the retail price of jewelry as the items were purchased for older prices.

In fact, the prices are already growing, Izvestia reports. Prices on wedding bands have gone up 10%.

Experts believe that the cost of gold jewelry is prone to a steady growth. In the past five years, the average cost of gold jewelry went up 50%.  

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