The golden year of jewelry

Made-in-Italy jewelry has shone in 2023. This year will be remembered as one of the industry’s best times in history, with a revenue of 10.9 billion (2022 turnover), despite recent slowdowns. Unless there are major obstacles, exports are expected to maintain double-digit growth by the end of the fiscal year. Federorafi confirmed a projected decrease in exports for the remainder of 2023, with an increase of 12.8% in the first eight months, resulting in a total value of just over 7 billion euros. In comparison to 2019, the gold and jewelry industries exhibit strong export health with a growth rate of 57.5% in the first eight months prior to Covid-19. However, according to the Confindustria moda study center’s data, the percentage increase in the first half of the year was 2.5 points higher, equivalent to a +15.3% increase compared to 2022.

For Confindustria federorafi’s president, Claudia Piaserico, the slowdown in the current period was expected. «The end of revenge shopping, the ongoing Russia-Ukraine conflict, and the latest Middle East crisis are the major factors behind it. However, the employment rate remains positive (+1.5%), which is reassuring». Looking ahead, «we must hope that the situation in the Middle East does not worsen, as it would have widespread ramifications on key commodities like gas, oil, and precious metals. Such a development would, in turn, affect inflation rates and impede businesses. We are already witnessing signs of difficulty in prominent export markets. In any case, our companies’ promotional policies, the launch of a significant institutional communication campaign with the Ita-Italian trade agency in the Anglo-Saxon markets, and the continuous research into product and process innovation by our entrepreneurs, combined with investments to remain at the forefront of circular economy and Esg-Environmental, social, governance, will undoubtedly keep the Made in Italy brand at the top of the world ranking», Piaserico noted.

At the production level, the Arezzo hub confirms its leadership in export value and achieved a year-on-year increase of 5.6% in the first six months. «The growth is fueled by strong export performance and the vitality of local companies, who, drawing on their experience and tradition, have innovated and developed by skillfully combining creativity and style with new techniques and materials», Giordana Giordini, president of the jewelry and gold section at Confindustria Toscana sud, stated, emphasizing that Arezzo producers’ commitment to high quality, traceability, and sustainability is highly valued in international markets.

«Vivi Oro, the first collective brand of Italian goldsmithing, was born from the Arezzo district. Its aim is to promote and enhance Italian excellence in the sector. This heritage is crucial, and should be conserved, developed, and communicated to younger generations through modern means filled with stories and emotions that highlight the history of gold and precious metals». Vicenza ranks second in the province ranking, with export growth in the first half limited to +3.5%. Massimo Lucchetta, president of the Confindustria Vicenza section, expressed concern for 2024 due to a «slowdown that began in the second quarter of this year. Currently, companies aim to expand in their strategically significant markets. However, the prevailing challenge pertains to investing in specialized personnel training at the territorial level and reviving focus on the gold sector», Lucchetta said.

Finally, the Valenza Po jewelry district is experiencing a double-digit growth rate, with an 11.3% increase in the last six months. «The growth of the Valenza district is confirmed, with specific focus on exports, investments, and employment. The emphasis on training and communication in the industry, crucial components for enhancing the appeal of the district and the goldsmith trade as a whole, remains significant», Alessia Crivelli, president of Confindustria Alessandria’s jewelry companies group, commented. According to national statistics, the secondary provinces in the jewelry sector that experienced the highest growth in the first half of 2023 were Milan (up 74%) and Florence (up 68.2%). Switzerland ranked first among foreign destinations, with a growth rate of 52.5% in January-June of last year. It surpassed the US and France and the UAE came in fourth place.

The world has a high demand for jewelry, and the sector is notable among those monitored by Altagamma for its dynamism, comparable to apparel. According to the November 14th analysis by Bain & company, this sector is projected to experience global growth of 5-6%, with anticipated revenues of 29 billion by year-end. Demand is focused on custom jewelry and the higher price point, while fashion jewelry, genderless, and even men’s products continue to experience growth.

According to Kantar, physical stores will remain crucial for the sales of jewelry and timepieces

Federico Capeci, the managing director of Kantar Italia, a global company that specializes in insights, consulting, and data management, emphasized in his speech at the third edition of Gentleman Twt-Top world treasures, the exclusive conference dedicated to jewelry and watches held last night at the Principe di Savoia hotel in Milan, that the success of luxury brands lies in hedonism, iconicity, and storytelling. Given the premises, it is evident that the jewelry and watch customer’s pursuit of satisfaction does not align with the digital shopping experience. «The point of sale is critical since pleasure-seeking culminates in the traditional store. And meeting these needs online is unfeasible», Capeci commented. The demand for something special in terms of product and uniqueness thus pushes the customer experience toward the physical space, despite the leverage already exerted by digital in communication, storytelling and even sales. The use of Ai-artificial intelligence in the future is prominent, as Capeci highlighted the clear benefits of its application. AI is capable of designing and predicting future trends by «identifying niches and interpreting them with brand logic, ultimately becoming the trend to follow». Additionally, AI enhances the shopping experience by creating a more immersive and authentic environment. (All rights reserved)