Il Italian goldsmith sector keep growing. After the excellent results achieved in the last two years, le exports they reached for 2,1 billion euros, with an increase both in value (+17,7%) and in quantity (+4,4%).
These are the data that emerge from the last one reporting. di Intesa Sanpaolo on the sector.
La global demand of gold jewelry held steady at 478 tons, marking a marginal increase of 0,5% over the previous year.
USA main Italian market
- United States maintain their position as the main target market for Italian exports of gold jewellery, representing around 13% of sales abroad with over 270 million euros and a growth of 7,7% in value.
- United Arab Emirates , Switzerland they follow with exports of similar value, around 250 million euros. Worth noting in this first half of 2023 is the increase in exports to Turkey (+65,1%), which becomes the fourth outlet market with an increase of about 3 percentage points on total exports. Sales to theIreland (+21%), which in recent years has played an increasingly important role as a logistics hub for Made in Italy jewels.
The district of Valenza, Bene Arezzo and Vicenza is growing again
In 2022, the main Italian districts had recorded a 20% growth for all three, but compared to the pre-crisis period, the district of valence still lagged by 17% (mostly conditioned by the role and pricing policies implemented by multinationals), while Arezzo e Vicenza had clearly exceeded the previous level with +49% and +53% respectively.
In first quarter of 2023, districts have totaled exports for 1,8 billion euros, registering an increase of over 185 million (+11,7%) compared to the previous year, exceeding the growth in foreign production prices (+5,9%).
Vicenza posted exports for 522 million euros, with an increase of approximately 34 million euros compared to the period January-March 2022 (+6,9%). Despite a decrease in sales to the United States (-6,0%), which still remains the main destination market with 113 million euros, this reduction was more than offset by increases in sales to the United Arab Emirates (+13,2 ,124%). Sales to Turkey increased, which more than doubled the value of the previous year (+2023%), positioning itself as the fourth reference market in XNUMX and even overtaking Hong Kong.
Il district of Arezzo marks the highest export figure, with a total of 790 million euro and a growth of 62 million (+8,4%). The main architect of this result is Turkey which has become the second destination market with 134 million euros, surpassing even the United States in terms of export value (up by +3,5% in the half year). The UAE remains the largest trading partner with an increase of +5,4%, after achieving double-digit growth in 2022 (+11,9%).
Il district of Valencia Po register the higher growth rate in the first quarter of 2023, with exports of 459 million euros, representing an increase of approximately 90 million, equal to +24,4% (in line with 2019 values). Sales to Ireland (+22,7%) and to France (+44,5%) are growing significantly. The United States follows in order of importance (+27,6%), while Switzerland is decreasing (-27,2%).
China driving force of the sector
Il Chinese market has been the main driving force of the sector, with over 200 tons of demand, marking the highest figure since 2015 and registering a 14% increase. This was favored by the improvement in consumption, no longer constrained by zero-Covid policies, and supported by the recovery of GDP and the increase in real income.
The India, instead experienced a 17% decrease in demand, reaching 78 tons, in line with 2020, the year of the beginning of the pandemic. The main reason for this decrease was the increase in the local price of gold, which reached its peak in January after showing signs of growth in December; although prices fell in February, this did not compensate for the decline in the previous months.
The question into Turkey it grew significantly by 20% in percentage terms, but suffered an economic slowdown, also influenced by the devastating earthquake that hit the country in early February.
In United States, demand recorded a slight decrease of 4%, while in Europe it remained stable, also thanks to the support of the recovery of tourism.
For 2023 still uncertainty derived from the global context
For 2023, the sector remains impacted by strong uncertainty and risks of a slowdown with persistent concerns related to the conflict between Russia and Ukraine, high inflation and restrictive monetary policies still in place. Despite these problems, the Italian gold sector has nevertheless managed to demonstrate its competitiveness on international markets.
