A surge in the premium segment of the jewelry market is predicted

At the end of June, the EAEU signed an open-ended free trade agreement with the United Arab Emirates. The document envisages zeroing duties on 86% of the product range, or 98% of the total volume of EAEU exports to this country.

Photo: Zuma/TASS

The zeroing of duties with the Emirates worries Russian jewelers. They say that a stream of cheap jewelry from India and China will flow into the Russian market via Dubai and domestic producers will not be able to withstand the competition. Business FM has already reported on this.

But there is another opinion. For those who work in the premium segment, the opening of the Russian market is new opportunities for development.

Marina Kudrina, President of the Association of National Jewelry Brands of Russia, comments:

Marina Kudrina, President of the Association "National Jewelry Brands of Russia"

Agreements on the creation of a free trade zone with the Emirates were signed at the end of June at the EAEU summit in Minsk. After their ratification and entry into force, duties on 85% of the product range, including jewelry, will be zeroed out.