Open a Jewelry Business in Russia

Russia is home to some of the wealthiest people in the world which makes luxury a brand of this country. This is one of the main reasons why foreign investors interested in starting a business which renders high yielding should set up a jewelry business. Platinum, gold, silver and gems are among the most sought precious metals which can be found on the Russian jewelry market.

It is also good to know that the Bank of Russia (the central bank) has one of the largest reserves of gold and the country was among the first states in the world to liberalize the trading of gold.

Foreign investors interested in setting up a jewelry company can obtain more information on the regulations related to selling precious metals from our lawyers in Russia.

The jewelry market in Russia

Enterprisers interested in starting a business in the jewelry sector in Russia will be interested to know that during the financial crisis a few years back the industry remained steady. Moreover, the retail of jewels represented around 9% of the country’s total retail sale.

In 2017, the market was dominated by Russian jewelry stores selling silver. Moreover, 51% of the jewels sold in Russia are made of silver.

Prospects for the Russian jewelry market indicate the sale volume of precious metals are expected to grow in the following years.

Registering a jewelry business in Russia

Both foreign and local investors are allowed to create jewelry businesses in Russia. The first step is to register a company with the Trade Register followed by special registration with the Assay Chamber (Probirnaya palata) and connection to the GIIS DMDK precious-metals tracking system.

The metals to be sold can be imported, however, Russia is known for its mining industry which also includes extracting gold and other metals which are then manufactured and turned into bars. These bars can be purchased from distributors authorized by the Ministry of Finance. No matter where the jewelry is bought from, setting up a jewelry shop is accessible for both small and large investors, as the market supports all types of companies.

If you are interested in starting a company in the jewelry industry, do not hesitate to contact our Russian lawyers. You can also rely on our law firm in Russia for assistance with the registration process of the company.