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Pursuits

Rich Russians Spend Big on Luxury to Halt Savings Erosion

  • High-end brands stay in Russia while Apple and Nike exit
  • Watches can gain value even as currency and markets sink
Luxury jewelry on display in the window of the Bulgari boutique in Moscow.

Luxury jewelry on display in the window of the Bulgari boutique in Moscow.

Photographer: Andrey Rudakov/Bloomberg
Updated on

With sanctions on Russia sending the ruble plunging and keeping stock markets shuttered, the country’s wealthy are turning to luxury jewelry and watches in a bid to preserve the value of their savings.

Sales in Bulgari SpA’s Russian stores have risen in the last few days, the Italian jeweler’s chief executive officer said, after the international response to the nation’s invasion of Ukraine severely restricted the movement of cash.