Russians are currently spending almost $2 billion US in New Year`s jewelry presents, according to the chairman of jewelry maker Choron Diamond.

Russians spend about $6 billion per year on jewelry. Thirty percent of this is during the New Year holiday, the biggest holiday in Russia. Precious metals and stones make up about 50 percent of sales right now.

Interest in expensive jewelry has gone up in the last few years. More than 20 percent of Russians will buy jewelry as their New Year presents.

Moscow citizens plan to send up to $2,000 on New Year gifts. Still, jewelry is not the most popular gift in Russia. Perfumes, cosmetic products, toys, CDs, DVDs and cell phones are more popular. Also popular on the more expensive side are computers, trips abroad and cars.

Jewelry became more popular in Russia starting in the 1940s after World War II, as people became interested in again in the arts and leisure. In this period, the designer Georg Jenson became famous as designers in Russia began to advance the concept of "wearable art."