The jewelry market - Italy (2023)

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 rate (***) of* percent.

Global jewelry market World, ****-****, US$ million Panbianconews Boosting growth and changing market dynamics are three factors: digitization: global online sales increase demand for the product; consumers expect to have the same level of customer service and attention to detail online that they experience in stores rise of luxury brands: branded jewelry is expected to reach **-**% of the market in **** sustainability-oriented consumption Reflection on the geographic market According to Altagamma's Consensus **** analysis, rising energy costs, rising inflation, commodity shortages, geopolitical tensions, and declining purchasing power of certain consumer groups will have a circumscribed impact on market performance, which will still remain high. In Europe, * percent growth is expected, thanks to increased international trade relations with the U.S. and Arab countries; as for the U.S., domestic demand is stronger than in Europe: high-end consumers are less affected by cost increases, thanks to a more powerful ...

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 turnover **.* percent of the total.[***]

Italian jewelry stores turnover Italy, ****-****, € billion Istat

Value of production

In order to know the value of the Italian jewelry production market, it is not possible to make a consideration of local production in relation to the value of imports and exports, because the data reported by UNComtrade, refer to items belonging to the jewelry sector and their parts. Consequently, the value of the Italian market is analyzed on the basis of production and turnover degl last years. Specifically, the production of articles belonging to the sector is reported, divided by product type. Thus, it can be seen that the most popular production is related to the precious materials sector.

Sold production of jewelry Italy, ****-****, millions of € Istat

**** **** **** Goldsmithing: silver ***.*** ***.*** ***.*** Goldsmithing: precious materials *.***.*** *.***.*** *.***.*** Goldsmithing: base metals, plated or covered with precious materials ***.*** ***.*** ***.*** Goldsmithing: precious metals; articles of fine or cultured pearls, precious ...

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 Istat data.

Thanks to the craftsmanship and long tradition in the sector, the value of jewelry exports in Italy represents the flagship of the Italian industry. Italy's exports increased significantly in ****, with a percentage growth over **** of ** percent.

Value of jewelry exports Italy, ****-****, billion $ UNComtrade

Italy has established a strong global market presence, with exports reaching countries in North America, Europe and the United Arab Emirates. The Italian jewelry industry is known for its ability to adapt to international trends and tastes, while maintaining its distinctive style and quality craftsmanship. The U.S. is the top consumer country for Italian jewelry, with **.* percentage points.

Main jewelry consuming countries Italy, ****, % UNComtrade With its long history of appreciation for beauty and design, Italy welcomes jewelry from countries with unique traditions and styles. Jewelry import is a useful channel for acquiring precious stones and rare metals used in the Italian jewelry industry. ...

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 diamond jewelry-announced a ban on diamond imports from Russia, which is the world's largest producer of mined carats. However, it should be noted that this restriction may have limited impact, as the industry has reported that Russian rough diamonds still keep open an important trade channel with India, a leading diamond-processing nation and one of the ** countries that abstained from voting on the U.N. Assembly's resolution condemning the Russian invasion.

What could have further consequences forItalian exportsis the possibility of a boycott of jewelry containing "blood diamonds" (***), a term that could now be applied to Russian diamonds as well. In addition, Russian gold could suffer the same fate, as advocated by the Global Gold Transparency movement, which originated in the United States with the aim of raising awareness of this issue among companies in the industry. These developments could have a significant impact on the jewelry industry in Italy ...

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 to a survey conducted by Federpreziosi,**.* percent of Italian consumers have purchased gifts in the past two years for birthdays(***).

Occasions for which people give jewelry as a gift Italy, ****, % Federpreziosi

Precious and jewelry purchases prevail among male consumers, aged ** to **, residing most often in the country's large metropolitan areas.[***]

Men Woman Northwest Northeast Center South and Islands Jewelry and Watches **.*% **.*% **.*% **.*% **.*% **.*%

**-** years old **-** years old **-** years old **-** years old Over ** years Jewelry and watches **.*% **.*% **.*% **.*% **.*%

Spending Item (***)

it is evident that the item of spending on jewelry varies greatly in different regions of Italy.These data suggest that people in northern Italy tend to spend more on jewelry than people in other regions. it is interesting to note these differences and could be due to a number of factors, including disposable income, regional culture and traditions, and individual preferences for jewelry. Item spending by macro region Italy, ...

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, in particular, is often considered a safe haven in times of economic uncertainty, as its historical value has generally been stable or rising over the years. However, it is also important to dwell on the fact that the consumption of gold and silver jewelry has crucial environmental and ethical implications. The mining and processing of these metals can cause negative impacts on the environment, such as deforestation and water contamination. In addition, the jewelry industry has been the subject of concerns about metal sourcing, with the goal of reducing the use of gold and silver from unsustainable mines or conflict-affected regions.

Preferred type of jewelry Italy, ****, % Federpreziosi

Young people are an important segment for this market. These represent a new consumer model, and are driven by different characteristics in their purchasing choices. If, in fact, according to Quaeris, total consumers gave great importance to the materials utlized (***) and bracelets.

Favorite ...

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, precious metals have always been considered an excellent investment, so much so that leading financial observers believe that **** will be the year of gold's comeback.

The effects of inflation and real rates on gold's performance

In ****, gold's price performance was strongly influenced by inflation and real rates, both of which rose significantly. These factors have put downward pressure on gold. However, in the U.S. context, a strong dollar and uncertainty in the markets have triggered an upward trend in gold prices, as gold tends to rise when there is high volatility in financial markets.

The outlook for **** suggests that downward forces on gold will be less predominant than upward forces. According to the United Bank of States (***), investor uncertainty is expected to decrease in the new year, leading to greater confidence in the gold market.

This outlook seems to be supported by historical data, which indicate that a decrease ...

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 the territories of the South and Islands, accounting for **.* percent of the total (***).

Regional enterprise distribution

From a regional perspective, nearly ** percent of jewelry stores are concentrated in Campania, Lombardy and Lazio.

Campania **.*% Liguria *.*% Lombardy **.*% Sardinia *.*% Latium **.*% Abruzzo *.*% Sicily *.*% Marche *.*% Apulia *.*% Umbria *.*% Piedmont *.*% Friuli-Venezia Giulia *.*% Tuscany *.*% Basilicata *.*% Veneto *.*% Trentino-Alto Adige *.*% Emilia-Romagna *.*% Molise *.*% Calabria *.*% Aosta Valley *.*%

Provincial Analysis

Below is a distributional analysis of the provinces that hold the largest share of the jewelry market in Italy. With market shares ranging from **.*% to **.*%, these provinces make the market highly concentrated. For this reason, understanding the recovery of these three provinces also helps to understand the evolution and performance of companies in the industry. In detail, the provinces of Arezzo and Vicenza proved to be the most dynamic, marking an overall rebound from **** of +** percent for Vicenza and +** percent for Arezzo, while growth in the Valencia district stood at +** percent. These dynamics ...

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 average.

Jewelers in Italy by size class Italy, **** Istat Legal form The Italian jewelry business scenario is dominated by individual firms (***).

Legal form of active firms Italy, ****, % Istat

Employment Compared to ****, there is a decrease in the number of people employed in the sector. Probably this reduction is influenced by the automation of work, which may have reduced the need for the employment of human labor, leading to a decrease in the number of employees; in addition, with the increase in online sales and the evolution of distribution models, there may have been a decrease in the need to employ staff in physical jewelry stores. Employment trends in time series Italy, ****-**** Istat Analyzing the decline in the number of employed people by macro-region, it can be seen that compared to **** there was a reduction of ** percent in the territories of the South and Islands; as for the territories of ...

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 a mix of branded and non-branded products; Traditional jewelry stores in shopping malls Multi-brand chains:independent stores or large chains located within malls with displayed prices and no barrier to entry. They are characterized by a multi-brand assortment and items created specifically for the chain based on their own ideas and designs (***); such chains sell mainly low-cost types of jewelry. E-commerce sites (***): Marketplaces are intermediary websites where commercial exchanges of goods or services take place. The main characteristic of Marketplace is the breadth of supply and the presence of multiple sellers. Compared with individual e-commerce, Marketplace is able to provide a greater range of products and greater security at the purchase stage Online stores of famous brands(***): Single-brand e-shops of well-known brands represent a competitive reality for traditional jewelry stores as they come with a refined and elegant design, user-friendly features and specialized sales staff. Jewelry store website.: E-commerce represents ...

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 is called "the diamond of the future." Quesot has properties identical to those of mined diamonds, but has the advantage of being ethical. This synthetic diamond has been the subject of extensive technological research since the ****s, but it is only in recent years that scientists have been able to create diamonds that are sufficiently white and brilliant to be used in the jewelry creations of top designers. [***]

Synthetic diamond is evaluated according to four criteria, just as with natural diamond: the * Cs:

Carat (***) Color (***) Clarity (***) Cut (***).

To these *Cs, Courbet adds a fifth: C of Awareness . [***]

The synthetic diamond market is still a niche market, as shown in the chart below, but it is expected to grow in the near future:

Production de diamants naturels et synthétiques Monde, ****-*****, en millions de carats Source: ****

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 detail the content of the adwords advertising campaigns of the Stroilli brand, it can be seen that its paid traffic increased from **,*** visits in January to ***,*** in February.

This is why we focus on the Stroilli brand and its campaigns.

Indicateur du trafic organique et payant sur le marché de la joaillerie en Italie Italie, ****, en milliers de visiteurs Cumul des estimations du trafic des principaux sites de joaillerie en Italie (***) Source: ****

The following data are the sum of the estimates of the main jewelry websites in Italy, including foreign brands.

The sites used to construct this indicator are : Cartier, De Beers, David Morris, Pandora, Kennet Jay Lane, Les Nereides, Piaget, Boucheron, Bulgari, Damiani, Pomellato, Fope, Boccadamo, Miluna, Stroilli, Breil.

Évolution du trafic organique et payant Stroili En milliers de visiteurs Source: ****

Note: The decline is not specific to Italian brands and thus reflects a global market trend.

Évolution ...

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 inflation and price stability in a specific geographic area and to make cross-country comparisons in the EU context.

Harmonized Index of Consumer Prices Italy, ****-****, base ****=*** Istat

A steady increase in prices in the jewelry sector is denoted in the years analyzed. In **** there was an increase of *.* percentage points compared to ****, while in **** there was an increase of *.* percent. In the last year analyzed, ****, there is a further price increase of*.* percent. This suggests that factors such as inflation and changes in consumption have led to a change in producer prices.

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 pairing of jewelry and accessories.Creating flawless outfits inspired by the runways is a key step in staying on top of the latest trends.

Below is a mirror of the most popular trends proposed by London Fashion Week and New York Fashion Week.

The mono earring, which is distinguished by being the one and only on the ears, no matter the material or size. Layered necklaces are another fashion item, with three necklaces of similar lengths, shapes and materials. This trend is perfect to enrich a minimal outfit. The earcuff is back in vogue among earrings, offering the flexibility to place it along the edge of the ear without the need for a hole at the lobes.Finally, silver chain necklaces are very popular for fall-winter ****-****, adding a touch of rock flair to the style. These chains often feature wide, eye-catching rings. you can exaggerate the effect by pairing ...

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. * regulating the gold trade, indicating what is meant by "gold" and how it should be marketed.

Specifically, Legislative Decree **.**.****, No. *** (***) states what are the legal titles to be guaranteed at casting, for each part of the precious objects, and they are: for platinum ***/****, ***/**** and ***/****; for palladium ***/**** and ***/****; for gold ***/****, ***/**** and ***/****; for silver ***/**** and ***/****. In addition The Consumer Code (***) harmonizes and reorganizes the regulations relating to the processes of purchase and consumption, in order to ensure a high level of consumer and user protection in compliance with the Constitution and in accordance with the principles of European Union law. Safety, composition and quality of products constitute the essential content of information obligations towards the consumer (***). With regard to jewelry products, the information provided to the consumer must be: Adequate to the communication technique used; Expressed in a clear and comprehensible manner; Such as to ensure the consumer's awareness. (***). In addition, they ...

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)