Russia's accession to the customs' union (with Kazakhstan and Belorussia) and to the World Trade Organization (WTO) is aimed to strengthen international economic relations and intensify the integration of Russia into the world's economic system. Until now Russian jewellery market has kept high level of its autonomy and individuality. In this connection it seems actually to analyze the impact of globalization processes over Russian jewellery market development and to reveal the risks, related to these processes. The following article presents specific characteristics of the Russian jewellery market and discusses some problems, which demand attention and analysis. The paper considers the system of state regulation of the market of precious metals and precious stones and provides its comparison with such one in other countries of the world. The paper shows that despite rich sources of raw materials, Russia still is one of the biggest importers in this branch of the economy. Jewellery goods, produced in Russia, cannot compete with the prices of imported goods in the segment of «mass market», which constitutes the biggest part of jewellery sales in Russia. The imperfection of the Russian tax and custom regulation contributes to this increase of imports. Thus, taxes and fees automatically increase the value of goods of Russian production by 38%. Competition on the inner-country market has led to a decrease of prices, which disturbs the customer to consider other criteria when choosing products and deprives the Russian jewellery market of its image as «luxury». However, due to the rich sources of raw materials and the unique tradition of the jewellery production, well-known and valued all over the world, Russian jewellery market has very wide possibilities of development and already today is characterized with stable growth.