Russians getting a taste for gold

Italian jewellery specialists are eyeing up Russia as a potentially lucrative new market for gold exports.

Industry figures at a gold fair in Vicenza, a region well known for its jewellery skills, told Reuters Russia had a growing appetite for new lines.

The chairman of the TJF consultancy, Paolo Novembri, said the growing Russian economy and the emergence of a wealthy consumer class spelt good news for jewellers.

"Russia is a big opportunity for luxury goods. It is already one of the most important markets," he explained.

It was a sentiment confirmed by other luxury good makers, including Chimento marketing director Andrea Cesarotto.

"The Russian market did not exist for us a couple of years ago. Now it is becoming more and more interesting," he said.

Gold has become a popular precious metal with consumers in Russia, with large pieces and coloured stones proving a hit.

Jewellery consumption has soared in Russia, rising from 23 tonnes in 1999 to 64 tonnes last year according to GFMS.