Federpreziosi survey on jewelry sales in Italy: they hold up, but caution and uncertainty weigh on them.
The Italian jewelry sector is taking stock after the Christmas season. This snapshot was taken by Federpreziosi, with a survey of industry professionals: 524 responses were collected. Retailers represented almost all of the participants (88.9%). The result: when asked to assess overall sales trends for December compared to the previous year, only a minority reported a growth in sales (18%), most of which was moderate (14.9%). A significant share indicated substantial stability (26.7%), while the percentage of those reporting a decrease significantly exceeds that of those seeing positive signs, with 33.6% reporting a moderate decline and a further 21.8% reporting a sharp decline in sales. Overall, Christmas did not provide a general boost for the sector: there was no collapse, but neither did it reflect the expansionary momentum that previously compensated for the difficulties of other months.
A comparison with pre-Christmas expectations reinforces this interpretation. For almost half of operators, the result was in line with expectations (45%), while for over a third, the Christmas period proved to be lower than expected (33.1%). This figure is particularly significant because it reflects a sector that approached the holidays with already cautious expectations and, in many cases, subsequently had to scale them back. Christmas, therefore, did not disappoint due to an exceptionally negative performance, but rather because it failed to reverse a climate of caution that now appears structural. An analysis of product categories further confirms this trend. Silver jewelry emerged as the most successful type in terms of sales (42.7%), followed by jewelry with precious stones (35.5%). Interest in jewelry with synthetic stones is more limited (6.5%), while watches continue to be a marginal category, reported as significant by only 28 stores.
Customers remain predominantly local (87%), with a residual international presence (2.3%). This average figure does not take into account the specificities of large urban centers or tourist destinations, but it accurately describes the situation of most stores, which are strongly tied to their local catchment area. Furthermore, a significant portion of retailers noted a greater focus on price (32.8%) and, above all, a tendency toward more rational and less impulsive purchases (40.5%). Only a minority reported substantially unchanged behavior compared to the past (15.6%), while a greater focus on product quality and design was highlighted by 11.1% of the sample.
The physical store continues to be the central sales hub for almost all retailers (97.3%), but the margin data paints a more complex picture. Only 14.5% reported an increase in margins, while 42.4% reported stable margins and 43.1% reported a decline. This is where the tension in the sector is most clearly evident: sales are holding up, but profitability is increasingly under pressure. This scenario is inevitably reflected in the climate of confidence about the future. Nearly 40% of operators express doubts about the sector’s performance in the coming months, while 22.5% are neutral and 19.8% say they are fairly confident. A significant portion of the sample (16.4%) says they are decidedly not confident. Yet, nearly six in ten operators declare their intention to invest in 2026 (approximately 60%), albeit selectively for the majority (49.6%), while 21.4% do not plan any investments. These investments are being directed evenly across product selection and expansion, marketing and communications, sales channel implementation, and the in-store experience.
The trend in raw material prices is the most significant concern (81.7%), followed by declining purchasing power (56.5%) and general economic uncertainty (47.7%). Competition from other sectors is perceived as a risk by nearly a third of the sample (29.4%). The mood also reflects this complexity: 40% of operators say they are confident but cautious, approximately 30% express concern, a marginal share is openly optimistic (2.7%), while 138 operators are adopting a wait-and-see attitude.
