What difficulties is the jewelry business undergoing in connection with the recent events on equity markets?
A.: There is a slowdown in all segments. Generally speaking, a downtrend in the growth of jewelry retail sales outlined in Russia already in 2007. Let me remind you that after the default of 1998 and some pause, the rates of sales growth in the 2000s reached 20-30 percent that essentially exceeded the Gross National Product growth ratio. Naturally, that could not proceed for long. The first shot across the bow was in March of 2008: everyone marked low sales, though, in view of the International Women’s Day, this month traditionally showed peak rates of sales. Because of the inertial character, jewelry production volumes in the Russia remained at the level of 2007. However, starting September, when financial instability in the Western markets showed up and quotations in the Russian share markets went downwards, a sustainable decrease in sales in the retail jewelry field began. During September and October, jewelry sales across Russia decreased 5 percent in money terms that, taking into
