Seems the United States isn't enough for the Italian jewelry industry. They now are beginning to target Russian customers, especially those who are starting to make money from oil. They are interested in spending money, and that includes statues symbols like gold and diamond jewelry.

From Reuters: Italian jewelers say they are looking to expand into oil-rich Russia as the strong euro against the dollar and growing competition from countries with lower labor costs hit sales in their key U.S market.

The United States accounted for about 20 percent of Italian gold jewelry exports in 2005, down from about one third of exports a few years ago and jewelers said Russia is becoming an attractive market as incomes and consumer demand grow there.

"Russia is a big opportunity for luxury goods. It is already one of the most important markets," Paolo Novembri, chairman of the advisory board at research and consultancy firm TJF, said on the sidelines of a trend-setting gold fair in Vicenza.

Russia's economy has grown rapidly over the past years, fueled by soaring international oil prices and household consumption growth -- at above 11 percent per year -- nearly doubled the pace of economic growth in Russia in 2004 and 2005.

Jewelry consumption in Russia nearly tripled over the past six years to 64.5 tonnes in 2005 from 23.3 tonnes in 1999, according to data from international jewelry consultancy GFMS.