The demand for jewelry organically decreased by 15–20% of the indicators of the previous year, while in the most favorable periods (end of the 2023rd-beginning of 2024), the sale of jewelry in Ukraine resumed to about 70% of the pre-war level, said Founder of the Kimberli jewelry house Ilchishin agency “Interfax-Ukraine”.
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According to the expert, this year they recorded a record increase in world prices for precious metals, including gold (on average by 30%), on the other, a tendency to reduce solvent demand in the country due to the war, economic difficulties and departure of Ukrainians abroad. .
Ilchishin recalled that an additional stress factor for the jewelry market last year, a project of changes to the Tax Code, which officials proposed increasing the military fee for the sale of jewelry up to 30%,
“This initiative was very confused by the market players, was published. After all, the new tax could bury the entire domestic jewelry industry. Almost every significant market player spoke out on this topic in a public field with the justification of the risks and disappointing prospects for such a decision. Fortunately, our arguments listened, ”he said.
At the same time, the military gathering rate was increased on general conditions, this also influenced the industry – the load on the salaries of workers increased, which in turn was reflected in profitability.
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