Tuesday, 31st August 2004 (3382 views)

Jewelry industry output will increase 30 per cent in Russia in 2004, according to the general director at Moscow Special Alloys Processing Plant, Alexander Ivanyuk.

Production of jewelry using gold will increase between 26 per cent and 27 per cent, using silver between 32 per cent and 34 per cent and platinum by 40 per cent, reports Interfax.

Mr Ivanyuk made the statement at a Tuesday press conference on the opening of the Jewelry 2004 exhibition in Moscow. He did not specify output weight figures.

Russia's jewelry industry is growing steadily, but there are a few problems, he said.

"The first problem is the World Trade Organization. If the WTO era arrives, our industry will find it very tough going, since it will be hard to compete with Europe," Mr Ivanyuk said.

Europe "is seeing a jewelry industry crisis and their prices have gotten very near to production costs", he added.

The second problem for the industry in Russia is the law on the temporary import and export of jewelry products, thanks to which "jewelry smuggling has become virtually legal", according to Mr Ivanyuk.

 

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