An Analysis of the Russian Amber Market: Industrial Trends, Governance and Market Competitiveness

Abstract

The paper quantifies trends, patterns and controversies in the industrial amber market. To achieve the common goal, the amber market was assessed taking into account geographic data and companies' technology entrepreneurship opportunities in order to determine the competitiveness of the suppliers from economies with large amber reserves. The analytical study integrates a statistical approach and technical analysis of data, including correlation. The statistical approach describes the structure of an amber mining company through estimated profits. In a comprehensive way, the estimated indicators explain the amber industry's production and economic activities, with an emphasis on the Russian Federation. The findings suggested that the Russian Federation, with its Kaliningrad Amber Factory with a weak business infrastructure, is the global leader in the amber market. The economic interests of the company's corporate governance focus on exporting raw amber and rebooting the production system based on transparent and legitimate economic relations, and the development of own jewelry production facilities. The findings can be used by companies to plan effective growth strategies and prepare for future challenges in the amber industry, as well as by companies that plan to implement startup ideas in the amber deposit areas. In particular, the strategies may include investing in new technologies, cooperation with scientific institutions, development of processing facilities, compliance with international quality standards and product certification, as well as effective marketing strategies. These measures can help solve challenges and increase the position of companies in this area in the global market. Aimed at supporting the sustainable development of the amber industry, these strategies will help it achieve greater stability and success in the future.