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Summary and extracts
1 Market Summary
1.1 Definition and presentation
A piece of jewelry is an ornament made of precious metal, worked and embellished with gems, pearls or other types of precious stones.
The jewelry market is segmented according to the type of gemstone used or according to the type of product considered:
- Necklaces;
- Earrings;
- Rings;
- Bracelets;
- Other.
Globally, the jewelry market is estimated to be worth $330 billion in 2022 and is expected to grow, with an annual rate (CAGR) OF 8%.
This growing trend is dictated by the continued interest shown by consumers in luxury products and their propensity to purchase these particular products as a symbol of a wealthy and luxurious lifestyle.
In Italy, the jewelry market remains one of the most dominant sectors of the national economy.While jewelry had lost its role as a symbolic gift to celebrate moments or events a few years ago, it is now coming back into vogue, and this is also evidenced by the over-performance of many jewelry brands as of 2019.
The jewelry sector in Italy is basically stable, we can see a slight growth in the total number of jewelry stores on Italian soil and a decline in the number of people employed in the sector due to the automation of work. Most jewelry stores are rooted in northern Italy, and those considered most solid are definitely those that have focused most oninnovation through digital tools such as e-commerce, social communication, etc.
it has been proven that those operating on the web generally have higher revenues.
According to the most recent trends, the jewelry market has all the good prerequisites to drag the luxury market into the near future, both by taking advantage of the returned post-Covid-19 optimism and the increase in purchasing power among the younger generations.
it is very important for those who want to enter this market to stay abreast of the latest digital trends and constantly look for innovative digital solutions.
1.2 The growing world market
The jewelry market is growing strongly, thanks to strategic incentives put in place by major players in the industry. Earrings, pendants, brooches, bracelets, small decorative items and cufflinks are increasingly in demand by global consumers; with combined annual sales of $*** billion, the jewelry market is estimated to grow at an annual ...
1.3 Domestic production
Turnover
The total turnover of jewelry stores in Italy is estimated at just under * billion euros. More than ** percent of total turnover is produced by operators in the Northwest regions. The number of people employed by jewelry stores in Italy is **,***. Large enterprises account for *.* percent of Italian jewelry stores and ...
1.4 Jewelry trade exchanges
The following data report values belonging to the UNComtrade term "articles belonging to the jewelry sector and their parts"; for this reason, the import and export values turn out to be radically higher than the value of domestic production of articles belonging to the jewelry sector, constructed on the basis of ...
1.5 The Russian-Ukrainian conflict and the impact on the market
International sanctions imposed on Russia have had a significant impact on the jewelry industry. As part of the measures taken by the European Union, a ban on exports to Moscow of luxury goods worth more than *** euros was established, and on March **, the U.S. government-one of the largest consumers of ...
2 Demand analysis
2.1 Customer Demand and Characteristics
The jewelry market has always been an area of great fascination and interest, both for beauty and luxury enthusiasts and for investors looking for profit opportunities. Demand for products in this market reflect a wide range of aspects, including consumer tastes and trends, material quality, sustainability, design innovation and more.
According ...
2.2 Favorite types of jewelry
Italian consumers prefer to purchase gold (***) jewelry. Today, the consumption of gold and silver jewelry continues to be a crucial part of the fashion and accessory industry. People buy jewelry composed of these metals for a variety of reasons, including self-expression, celebration of special moments such as weddings and anniversaries. Gold, ...
2.3 Demand trend: the gold market
One of the factors that most influences the operation and demand ofjewelry stores is the trend in the price of gold. Indeed, the rise in the price of the material in recent times has led to a change in consumption, with a shift toward non-precious jewelry for price-conscious consumers. Despite this, ...
3 Market structure
3.1 The structure of companies active in jewelry production
There are about ***,*** active retail enterprises in Italy in ****. Of these, **,*** are enterprises in the retail trade of watches, jewelry and silverware (***).[***]
Trend of jewelry stores in time series Italy, ****-**** Federpreziosi
Distribution of businesses by macro area
Geographically, the approximately **,*** watch, jewelry and silverware retail businesses are mainly located in ...
3.2 The fabric of jewelry stores
In the Italian economic context, the presence of micro and small enterprises dominates, and this is also attested in the jewelry sector. Italy, unlike other countries, is composed of **.*% of this type of enterprises, therefore, according to Istat, only *.*% of the total enterprises in the territory are large (***) than the European ...
3.3 The various types of jewelry stores and the growing importance of e-commerce
The main distribution channels active in the jewelry and costume jewelry market in Italy are:
Traditional jewelry stores: Traditional jewelry stores are identified with the figure of the jeweler and remain one of the most popular places to buy jewelry, watches and silverware. Within a jewelry store you can choose from ...
3.4 The rise of responsible jewelry
Interest in synthetic diamonds has increased in recent years in response to the controversial production of diamonds in the underdeveloped countries of Africa under precarious and dangerous conditions. This interest is in line with contemporary values of an increasingly responsible society.[***]
There is a developing trend toward the purchase of what ...
3.5 Traffic Analysis of major jewelry brands in Italy
Focusing on online activity, there is a decrease in web traffic*, reflecting a slight decline in online demand for jewelry. This trend is repeated when distinguishing between Italian and international brands. At the same time, we see a growth in paid traffic, bucking the negative trend in the market.
Analyzing in ...
4 Supply analysis
4.1 Precious metal prices
Jewelry is made from precious metals. The metals mainly used for jewelry production are:
Gold Silver Platinum Palladium
Average price for each metal:
Source: ****
4.2 Prices
The Harmonized Index of Consumer Prices category "Jewelry and HORogerie" (***) includes precious stones and metals and jewelry made from such stones and metals; the Harmonized Index of Consumer Prices is analyzed below and is updated periodically to reflect changes in consumption patterns. Changes in the HICP can be used to assess ...
4.3 New supply trends
During Milan Fashion Week, one of the most acclaimed moments in the fashion world, new proposals for the Fall-Winter ****-**** Collections were presented.
From Feb. ** to **, renowned fashion houses, including Diesel, Emporio Armani, Philipp Plein and many others, took to the runways to present new trendy looks that require the perfect ...
5 Rules and regulations
5.1 Regulation
Several laws apply to jewelry articles. The most important decrees are :
LEGISLATIVE DECREE **.*.****, No . *** and the Regulation of Law No. *** regulating the production and marketing in Italy of titles and identification marks of precious metals, indicating what precious metals are, the identification mark, responsibility, certification systems, supervision and sanctions. lAW **.*.****, No. ...
6 Positioning of actors
6.1 Segmentation
- LVMH ITALIA S.P.A.
- Chanel
- Cartier (Richemont groupe)
- Hermès International
- Swarovski Group
- Angela Caputi Giuggiù
- CA&LOU
- Bulgari
- Buccellati (Richemont Group)
- Damiani
- Pedemonte (LVMH Groupe)
List of charts presented in this market study
- Global jewelry market
- Main exporting countries
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Latest news
Inauguration of a Hermès site in Riom, land of volcanoes - 17/09/2024
- 1. Number of Hermès leather factories in France: 23.
- 2. Frequency of new leather goods factories opened by Hermès: one per year.
- 3. Length of training for a leatherworker at Hermès: 18 months for basic training, and 5 years to master the craft.
- 4. Standard capacity of Hermès leather goods factories: 300 employees, including 260 craftsmen and 40 supervisory and support staff.
- 5. Year Hermès launched its leather goods division: 1923.
- 6. Change in contribution to Hermès sales: initially 55% from silk and 9% from leather goods; today, these percentages are largely reversed.
Louis Ferla, the Frenchman who takes the reins of the jewelry icon - 03/07/2024
- Vacheron Constantin: sales of just over 1.1 billion euros.
- - Van Cleef & Arpels: sales in excess of 5 billion euros.
- - Cartier: sales of 8.3 billion euros, up 6% by 2023
Chanel seeks new impetus with the departure of its artistic director - 06/06/2024
- - The Chanel group employs over 36,500 people worldwide.
- - Chanel sales 19.7 billion dollars in 2023
- - Chanel sales rose by +15.8%.
- - In the United States, Chanel sales rose by less than 3% to $3.9 billion.
- - In Asia, Chanel sales rose strongly by 17.7% to $8.4 billion.
- - Chanel's distribution network has doubled over the last five years.
Luxury: Chanel on the right track - 22/05/2024
- - Chanel 2023 annual sales: $19.7 billion (approx. €18.2 billion), an increase of 14.6%.
- - Workforce: 36,500 employees.
- - Number of Chanel boutiques worldwide: over 600.
- - Sales in Asia: $8.4 billion, up 17.7%.
- - Sales in Europe: $4.7 billion.
- - Sales in the United States: $3.9 billion, with growth of less than 3%.
- - Number of Chanel stores in mainland China: 18.
From Bulgari 700,000 euros for the setting up of the Mausoleum of Augustus in Rome - 26/03/2024
Funding: 700 thousand euros
- - Project: Museum arrangement of the Mausoleum of Augustus in Rome
- - Architect in charge: Rem Koolhaas
- - Expected opening year: 2026
- - Museum size: Largest in Rome
- - Previous restoration and enhancement by Bulgari:
- - Restoration of the Golden Staircase of the Doge's Palace in Venice (2006)
- - Restoration of the Spanish Steps at the Spanish Steps in Rome (2014)
- - Restoration of the polychrome mosaic of the Baths of Caracalla (2015-16)
- - Restoration of more than 90 Greek and Roman sculptures from the Torlonia collection (2017)
- - Restoration of the Sacred Area of Largo Argentina (2021)
- - Funding for the lighting of the Ara Pacis
- - Number of monuments restored thanks to Bulgari patronage: 6
- - Statements:
- - Jean-Christophe Babin (CEO of Bulgari and president of Bvlgari Foundation): commitment to the preservation of artistic heritage
- - Mayor of Rome, Roberto Gualtieri: importance of public-private partnership and Bulgari's contribution to the restoration of significant monuments
Lvmh: Belloni steps down as general manager and will be president of Lvmh Italy - 22/03/2024
- **Toni Belloni**
- - Period in LVMH: more than 23 years
- - Roles: General manager and chairman of the executive committee of LVMH
- - Next role: In charge of some strategic missions and president of LVMH Italy
- **Stéphane Bianchi**
- - Date of hire at LVMH: 2018
- - New roles: He will chair the executive committee and lead the group's geographic divisions and digital and data transformation, working in close collaboration with Bernard Arnault. 3.
- **Wei Sun Christianson**
- - Proposed Position: Administrator on the board of directors
- - Skills: Financial literacy, knowledge of the luxury market and China
- - Proposed co-option date: April 18 board of directors meeting
- **Bernard Arnault**
- - Roles: chairman and chief executive officer of the LVMH Group
- - Comment on Belloni: Describes him as critical to LVMH's success, citing his vision, loyalty, and participation in the group's acquisitions.
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