The Jewelers Guild of Russia has reported that jewellery sales in the country are up an incredible 50%, according to Rough & Polished.

The mining publication revealed that the total volume of jewellery sales in Russia in 2021 was up to 365.89 billion rubles (almost £5.2 billion).

To give context to this startling rise in total sales, it pre-dates the war in Ukraine and subsequent international sanctions on Russian business, all of which kicked off at the end of February 2022.

Meanwhile, the reason for the rise is likely mostly because the Russian economy, like most others, saw a bounce-back after the initial impact of the pandemic in 2020.

Moscow city was the leading region by sales, followed by Dagestan, the Krasnodar Territory, the Tyumen Region, St Petersburg, the wider Moscow region, the Sverdlovsk region, the Novosibirsk region, the Belgorod Region and the Republic of Sakha.

Israeli Diamonds reported that these 10 areas accounted for 66% of jewellery sales across all of Russia.