In 2023, the turnover of the goldsmith sector in Italy grew by 7.4%. This is indicated by the Goldsmiths’ Club-Intesa Sanpaolo Report commented during the association’s annual meeting, hosted at the Unoaerre headquarters. According to the report, the sector exported over 10 billion in 2023, with growth of 11% in value and 7.1% in quantity. The top markets are the USA (+7%) and Switzerland (+20.7%). But 2024 opened with the prospect of a slowdown: according to the analysis, clear signs of a change in direction of the international cycle have emerged. The survey of business sentiment carried out by the Club degli Orafi and Intesa Sanpaolo at the end of 2023 had already shown that the main concern is the decline in orders, in particular on the domestic market, which in the space of a few months has overcome all other critical issues, also that of finding manpower. Corporate investments, however, do not appear to have slowed down. Investments continue to be made in Italian companies. Craftsmen at work in the Boccadamo laboratory
During the meeting, the passing of the baton also took place between the outgoing president, Giorgio Villa (8853 spA) and the newly elected Maria Cristina Squarcialupi (Unoaerre Industries) and the vice president Mauro di Roberto (Bulgari).
They have been three exciting years, which have seen the Goldsmiths’ Club strengthen its activity in terms of promoting goldsmith excellence, developing new project ideas and meeting opportunities. We have brought the world of jewelery even closer to that of art, launched the observatory on digital marketing, created a project in response to the training needs in the field for Italian companies, a study on the new dynamics of retail and implemented the work of investigation into the sector thanks to the increasingly close collaboration with Intesa Sanpaolo. I leave to my colleague Maria Cristina Squarcialupi a representative Club recognized as a privileged interlocutor on the national and foreign scene, with the certainty that it will continue and strengthen the development process undertaken.
Giorgio Villa
Giorgio Villa
I am honored by the trust placed in me by the Club Members and I particularly thank Giorgio Villa for his extraordinary commitment. I intend to continue on the path traced, working for the increasingly clear recognition of the uniqueness of the Italian gold and jewelery sector. I know I can count on the precious contribution of all the Club Members and a strong Board of Directors representative of all the souls of the sector.
Maria Cristina Squarcialupi
The presidential team is completed by the councilors Candido Operti (Antica Orologeria Candido Operti), Antonio Songa (Songa Antonio), Giorgio Villa (8853 spa), the past presidents Andrea Broggian, Luciano Mattioli and Augusto Ungarelli and the arbitrators Francesco Bonacci, Giancarlo De Paulis and Paolo Valentini. Jewellery manufacturing in the Crieri atelier
2022 went well, but the Italian gold and jewelery sector above all hopes that the war in Ukraine will end. According to the survey among sector operators commissioned by the Club degli Orafi to Intesa Sanpaolo, the largest Italian bank, 56% of the operators interviewed believe that the invasion of Ukraine has negatively affected the sector’s opportunities. And the hope of a resolution of the conflict, in terms of influence on business, even exceeds the hope of a strong recovery of international tourism, to which a part of jewelry sales is linked. Le opportunità di sviluppo
In any case, the Report on the Italian gold sector indicates a very positive balance for 2022. The turnover of companies increased by 22.1%, an increase that follows the post-pandemic rebound that already accrued in 2021 (+55.3%). The good positioning on international markets supported these results, with jewelery exports exceeding 9 billion euros in 2022, with a full recovery of pre-covid levels both in value (+41%) and in quantity (+5 %). Le maggiori difficoltà
Among the various markets, the United States confirmed its first place with 1.5 billion euros (+12% in 2022), also supported by the strengthening of the dollar. In second place is exports to Switzerland (1.3 billion euros, + 21%) and the United Arab Emirates. For the current year, apart from the hopes related to an end to the war, a positive majority sentiment prevails for the largest companies both for the domestic market and for the international markets. But the main obstacle seems entirely internal: the difficulty of finding specialized manpower, which is indicated by more than half of the sample of respondents (51%) as a critical issue. According to the companies, it is a bigger problem than the increases in the prices of raw materials, despite the fact that gold is now above the $2,000 mark. Export italiano di gioielleria
Le previsioni per il settore della gioielleriaProduzione e fatturato del settore orafo-gioielleriaLe quotazioni di oro, platino e argento
What is the state of health of the gold sector in Italy? For three years the Club degli Orafi, an association that brings together some of the large companies in the sector, has been asking the main Italian bank, Intesa San Paolo, for it. The result is a Conjunctural Survey which by now seems to be a necessary appointment for those who work in the world of jewellery.
The new edition of the research, presented during Vicenzaoro January, indicates widespread optimism among operators. The balance sheet for 2022 in each size class of companies records an increase in turnover for around 70% of those who responded to the survey. Although the final data for 2022 are still provisional, Banca Intesa’s research confirms the change in the Istat index (the Italian public statistical body), which stands at +25% in the January-October period, better than the sectors of fashion and manufacturing chain. Settore orafo, commercio con l’estero
Optimism confirmed by the industrial production of the gold sector, with a growth trend in the January-November period both compared to 2021 (+15%) and in comparison. with 2019 it becomes +28%. After the two difficult years of covid, in short, and in spite of the geopolitical crisis involving Ukraine and Russia, exports have not stopped: in the first nine months of last year there was growth both in value (+30%), both in quantity (+11%), with a full overcoming of the pre-pandemic crisis values (+40%). Fatturato del settore orafo
Italy ranks as the sixth exporting country of jewelery and semi-finished products, with a growing market share, especially in the United States, where it has managed to consolidate its positioning (12.5% market share in November 2022) .
What about 2023? The survey indicates generalized expectations of a slowdown and greater prudence: for larger companies, however, the sentiment remains positive both for the domestic market (56% of respondents) and for the foreign market (61%). Obviously everyone hopes that the Russian invasion will end and with it the war. Quotazione dell’oro
The analysis of the data relating to 2022 shows how the positive trend recorded in recent months was not temporary and in response to the decline in 2020, but rather a sign of extraordinary structural growth in the Italian gold sector. The companies have managed to directly address most of the critical issues that aroused the greatest concern in recent months, such as the geopolitical situation, increases in energy costs and difficulties associated with raw materials. The end of travel restrictions with the consequent recovery of trade fairs and tourism have given further impetus both in terms of further strengthening of exports and as regards the recovery of retail. The by now undeferrable issue of finding human resources remains, becoming stronger, which has become a priority for almost all companies, especially large ones.
Giorgio Villa, President of the Club degli Orafi Italia
Giorgio Villa, presidente del Club degli Orafi Italia e Stefania Trenti, Responsabile Industry Research, Direzione Studi e Ricerche Intesa Sanpaolo sul palco di Vicenzaoro. Copyright: gioiellis.com
But for Italian companies, the game is played above all in comparison with other national or European operators, while the greatest difficulties are represented by the finding of manpower, indicated by one respondent out of two (rising to 87% of cases for production) and which, due to a progressive downsizing of the problems related to the management of raw materials and supplies, is in first place. Lavorazione di gioielli nel laboratorio di Pedemonte Group
Also in 2022, the Italian gold sector confirmed its high level of competitiveness, especially in international markets, with export growth of 30% in value and 11% in quantity, fully exceeding the pre-crisis values. The contribution of the US market stands out in particular, also supported by the favorable exchange rate, returning to first place among the destinations of Italian jewelery which has progressively strengthened its positioning so as to represent 12.5% of total American imports in November 2022. Overall, the sector has shown great resilience and competitiveness over the last two years, the result of a long process of selection and requalification of the offer that has led Italy to become the main production hub for high-end jewelery . It will be essential, also given the more uncertain context that lies ahead, to continue along the path of strengthening the offer thanks to investments aimed at making production processes more efficient and supporting the know-how necessary for the development of the sector.
Stefania Trenti, Head of Industry Research, Intesa Sanpaolo Studies and Research Department
Una fase di lavorazione dei gioielli Crieri Lavorazione dell’anello Bohemian Dream di Sicis
How is the jewelry market in Italy going? This question is answered by the second edition of the economic survey organized by the Goldsmiths Club and Banca Intesa Sanpaolo. The results were defined with a survey among the members of the Goldsmiths’ Club, an association that brings together the most important companies in the Italian goldsmith industry. The survey was presented in a talk during the first day of Vicenzaoro. Result: everything is fine for now. More than half of the operators hypothesize a growth in turnover, also confirmed by the change in the Istat index, which stood at + 32% in the first half of 2022, better than the sectors of the fashion sector and the average of Italian manufacturing.
La cerimonia inaugurale di Vicenzaoro, con Lorenzo Cagnoni, presidente Italian Exhibition Group, Elena Bonetti, Ministro per le Pari opportunità e famiglia, Erika Stefani, Ministro per le disabilità, Francesco Rucco, sindaco di Vicenza, Roberto Luongo, Direttore Generale ICE Agenzia, Maria Cristina Franco, vicepresidente della Provincia di Vicenza, Claudia Piaserico, presidente Federorafi, Roberto Marcato, Assessore allo Sviluppo Economico ed Energia Regione Veneto
Still according to the survey, in terms of industrial production, jewelery and costume jewelery ranks among the best performers of the Italian industry, both in comparison with the first half of 2021 (+ 23%, in fourth position among the manufacturing sectors) and with respect to first six months of 2019 (+ 30%, which earned it third place in the ranking).
Vetrine di Piovani a Vicenzaoro September. Copyright: gioiellis.com
However, some shadows loom. One is brought about by Russia’s war in Ukraine. The second, on the other hand, concerns the increase in interest rates. Furthermore, the inflationary phenomenon is historically accompanied by the increase in the price of gold. At the beginning of September, the survey confirms, compared to previous editions, a downward revision of expectations was recorded which, however, seems to involve only smaller operators. The larger companies, on the other hand, confirm their stability for the current year with 70% of participants declaring a growth in turnover. It should be added, however, that the quantity of what is sold does not always correspond to the profits written in the financial statements.
Vicenzaoro
In any case, in the first five months of 2022 there was a growth of 41% in value and 15% in quantity of exports. The Made in Italy jewel has managed to consolidate its positioning towards the main commercial competitors. In particular, it gained positions in the United States where it represents the second partner with a share of 12.7% in the first part of 2022.
However, it is surprising that, faced with this uncertain picture, companies complain in particular of the difficulty in finding labor, a problem indicated by 80% of the largest companies, while among smaller companies the attention to transport costs is growing.
What impact will the invasion of Ukraine and the war unleashed by Russia have on the world of jewelry? A question posed in Italy by the Goldsmiths Club and Intesa Sanpaolo, the largest bank in Italy. To understand this, an investigation was carried out for the first time involving the members of the Goldsmiths’ Club, an association that brings together the most important companies in the Italian goldsmith industry. The result is a photograph of the state of health of the sector, but also of the strategic indications that follow the conflict. It is not hazardous to think that the same concerns also involve jewelry companies residing in other countries. The result, presented in the context of Vicenzaoro, leaves no doubt.
Laboratorio orafo
About 78% of respondents, after the conflict, show a negative impact, with the increase in the prices of raw materials as the greatest criticality indicated by all survey participants. But the ability to react is also significant: 30% of companies are already thinking about organizational changes, in particular through a review of supply channels, but also of price lists and sales channels.
Visitatori a Vicenzaoro. Copyright: gioiellis.com
And to say that the picture that emerged on the Italian goldsmith industry, before the war, is positive. Almost 60% of the interviewees did not suffer a decrease in turnover even during the pandemic year 2020, or it has already completely recovered them in 2021. The Istat turnover index (Italian statistical body) shows a growth in gold and costume jewelery by over 50% in 2021 which brings the levels of 17% above those of 2019, a figure clearly above the manufacturing average (+ 9%) and above all to the other fashion sectors, which still suffer from a gap with respect to pre -pandemic.
L’incastonatura di uno smeraldo
Competitiveness on international markets is crucial for the recovery of the sector, with exports reaching an all-time record of 8.5 billion euros for gold and costume jewelery and 7.5 billion for gold jewelery alone, thanks to the excellent results achieved on all markets, in particular the United States, which strengthen its role as a first outlet. But in this atmosphere of widespread optimism, with over 73% of companies expecting further growth in turnover in 2022, the investigation by the Goldsmiths Club highlighted concerns as early as January, due to the increase in the prices of raw materials. and delays in procurement.
Laboratorio Garavelli, la scelta delle pietre
The companies in the sector, however, seem ready for the challenge: 60% have increased their investments in the last two years, despite the pandemic, with particular attention to training and human capital, which received the highest scores in terms of priority and was indicated by only 5% of the sample as not relevant. This is followed by the digitization of the production phase, Research and Development and the enhancement of the brand. In short, the gaze goes beyond war.
New general manager of the Club degli Orafi Italia, an independent association that brings together the most important companies in the Italian goldsmith industry. The club will be managed by Laura Biason, engineer, graduated from the Polytechnic of Turin, expert in business organization. The manager has a long experience in supporting Italian companies and on the issues of institutional relations in Italy and abroad, which have led her to promote Made in Italy on international markets. She is passionate about communication, technological and digital innovation and change management, over the years she has made her skills available to companies of various sectors, serving, first as an officer and subsequently as director, in various components of the Italian representation system. Biason also directed Vitrum, an international fair for the glass sector, and a foundation operating in the social sector. Laura Biason
I am honored to have been called to direct the Club degli Orafi Italia, an association that expresses the Italian excellence of the goldsmith industry in all its forms. I will put my skills at the service of this extraordinary sector by continuing the path already well traveled and supporting the associates in their challenges. Culture, communication, internationalization, promotion of the uniqueness of the Italian style, growth in visibility and business are just some of the lines on which we are already implementing the recommendations of the Summit. The Club is a unique catalyst of opportunities and we will work to maximize the value of membership and participation.
Laura Biason
Unoaerre is the member number 23 of the Goldsmiths’ Club, an association that brings together some of the major companies in the sector.
We are very proud to rejoin the Club. Unoaerre was in fact at the origins of the Club as a founding member more than 40 years ago. We fully share the Club’s values and its strategy, especially with regard to sustainability, innovation and communication. We are confident that it will be a very fruitful collaboration.
Cristina Squarcialupi, President of Unoaerre
Cristina Squarcialupi, presidente di Unoaerre
Unoaerre was founded in 1926 by Leopoldo Gori and Carlo Zucchi, and is one of the leading companies in the world specialized in the production, distribution and export of jewelery products, with distribution in over 40 countries and direct branches in France and Japan. In particular, in Italy the Tuscan company is the leading brand in the wedding ring market (over 70%) with over 6,000 points of sale served and a network of about one hundred distributors and agents.
Since 2013 Unoaerre has been part of the largest Italian integrated goldsmith group.
It is a pleasure for all of us to welcome Unoaerre among our members, in this moment of optimism and restart. We are very excited to share this journey together.
Giorgio Villa, President of the Goldsmiths Club Italy
During his life he won several gold medals competing in extreme sports. Now, however, Giorgio Villa is tasting a gold won at his desk: he was unanimously elected, in fact, the new president of the Goldsmiths’ Club for the three-year period 2021-2024. This was decided by the assembly of the club’s members, which brings together the most well-known companies in the made in Italy jewelry industry. Giorgio Villa
I am truly honored with this highly prestigious post. I would like to thank all my team for the commitment they have taken on with great enthusiasm. I am sure that together with them, we will develop a rich program of services dedicated to our members. Never before have we needed to create a system and share strategic choices for the benefit of the entire sector.
Giorgio Villa, president of the Goldsmiths’ Club
Lavorazione orafa. Foto: LaPresse
Villa will be supported by a team composed of Eleonora Rizzuto, Chief Ethics & Compliance Officer – Director Corporate Sustainability & Responsibility Bulgari, Simona Demeglio, Production Manager Roberto Demeglio as vice-presidents. Board members are Azzurra Cesari, Project Manager Cesari & Rinaldi Gemmai, Futurgem group, Andrea Liverino, Production Manager, Candido Operti, Antica Orologeria Candido Operti Cagliari and Antonio Songa, CEO Antonio Songa. Furthermore, Isabella Traglio, Deputy General Manager Vhernier and Costantino Papadimitriou, Marketing Consultant, as well as the past presidents Augusto Ungarelli, president of Vendorafa Lombardi, Andrea Broggian, Chief Operating Officer Vhernier and Luciano Mattioli, President of Mattioli, will be advisors to the president.
The general management remains with Alexandra Trosin. Pepite e lingotti
Giorgio Villa is president of 8853, a milestone in the industrial panorama of Italian and international Precious Metals Banks. In recent years he has bet on digital transformation, building three platforms ranging from gold to silver, from palladium to platinum, from bars to coins to dental. Villa is also known as a lover of extreme sports: he was a three-time Offshore World Champion, as well as boasting seven world speed records and winner of two Paris-Dakar in the truck category. Today, however, he is dedicated to golf.
VicenzaOro January in an edition dedicated to sustainable jewelery. With many new features ♦ ︎
VicenzaOro January it’s back (Friday 18 – Wednesday 23). For the main italian fair dedicated to jewelry is, this time, the first appointment completely organized by the new management of Italian Exhibition Group, that is without the presence of former manager Corrado Facco and former vice president Matteo Marzotto. Not only that: it will also be the first time, after 25 years, without an important exhibitor like Pasquale Bruni, but with the presence of new brands and some returns, like Chantecler. But this does not changes the importance of the appointment, a firm reference point for the gold industry and for jewelry lovers. Easy to summarize the official data of VicenzaOro January.
More than 59,000 square meters gross of spaces set up, 36,000 expected visitors, including international buyers, producers and designers from more than 130 countries: 60% of visitors come from abroad.
Il brand di VicenzaOro
As usual, the exhibitors are divided into homogeneous areas: Icon, Look, Creation, Expression, Essence, Evolution, to which is added the Design Room with 12 invited brands. For companies, in conjunction with Vicenzaoro, also returns T.Gold, the exhibition dedicated to machinery and innovative technologies applied to jewelery and precious objects. And for visitors, following the Milan Design Week model, the program outside the Fair is back: Vioff Golden Wood edition (from Friday 18 to Sunday 20 January).
The program of initiatives will be dedicated, among other things. fundraising for the reconstruction of a wood on the Asiago plateau after the flood last autumn. The Fuori Fiera created by the City of Vicenza to promote the city and its excellences includes a program of initiatives dedicated to art, culture, entertainment and sporting exhibitions, widespread crafts & design shows, products of local businesses.
In addition to the stands with the new collections, VicenzaOro January also offers a series of training events as usual.
The Club degli Orafi Italia, for example, has organized a conference on the hot topic of sustainability: Sustainable (R) evolution: creating value through social purpose, scheduled for Sunday morning, January 20th, with Gabriele Aprea, president of the Club degli Orafi Italia and Chantecler , and by Marco Carniello, director of Ieg’s Jewelery & Fashion division, Eleonora Rizzuto, director of Sustainable Development for Bulgari and Lvmh, Aram Shishmanian, CEO of the World Gold Council, Enzo Liverino, president of Enzo Liverino 1894, Gaetano Cavalieri, president of Cibjo . In fact, the fil rouge of the appointment is sustainable creativity. Starting from the conference of Visio.Next, to continue in the Digital Talks, in the Gem Talks and in the presentation of Trendvision, will be the main theme in the six days of Vicenza.
Alexandra Trosin to the general direction of the Club degli Orafi Italia ♦ ︎
At the Club degli Orafi, an independent association that brings together the most important companies in the Italian goldsmith’s industry, Alexandra Trosin arrives as general manager. Expert in fashion and luxury goods, Trosin has an international experience in fashion houses such as Dior, Brioni, Valentino and Giambattista Valli, as well as consultancy collaborations both for strategic subjects and for financial investors. Graduated in Economics and Management of Arts, Cultures, Media and Entertainment at the Bocconi University of Milan, she is also responsible for BocconiAlumni’s Topic Fashion Luxury Design.
“In my new role at the Club degli Orafi starting from the enhancement of the extraordinary heritage of the Club, together with the board, we will implement the strategic plan we have developed in recent months with the help of the consulting firm Valdani Vicari & Associati. This is an ambitious but sustainable business plan, whose objective is to put the interests of the members at the center, bearing in mind the strategic importance of our sector for the enhancement of Made in Italy and the economy of the country in general.”
The point on the jewelery market in Italy: in 2017 sales were growing. And export boom especially to France (thanks to Bulgari) ♦ ︎
Immediately after the complaints about the weather (it’s too hot, too cold, too rainy, too dry), the second favorite sport of Italians is pessimism. That of the Italians is a people of dissatisfied, much more unhappy than those who live in countries with less wealth, less beauties to admire, less exquisite foods to taste. So, if goldsmiths say that 2017 was a golden year, you really have to believe them.
The Goldsmiths Club took the opportunity to take stock of the jewelery market, citing Istat data on the production and turnover of the jewelery and jewelery sector. In 2017, therefore, the two sectors recorded growth of 15.6% and 8.9% respectively in Italy. But since you do not need to get too excited, the Goldsmith Club cools your enthusiasm a little. Yes, it is true that business has gone better, but also thanks to the improvement of the world economy and the specific demand for gold jewelery, as decreed by the World Gold Council. In the world, in fact, in 2017 the worldwide demand for gold jewelery has increased by 4% in quantity, thanks above all to an acceleration at the end of the year. More exports
Italian companies have taken advantage of it to export more. Export to other countries has risen by 12% in value for the jewelery and costume jewelery (12.7% for the precious metal component alone, which also grows by 6% in quantity). In particular, sales to France increased (+ 33.0%, almost 190 million more than in 2016), also due to the entry into production of the new Bulgari plant in Valenza, part of the French Lvmh group, with Alessandria which becomes the first exporting province, exceeding the 2 billion euro threshold.
Good export results also to Switzerland (+ 15.7%, equal to 188 million euro) firmly in first place as a destination, to Hong Kong (+ 16.2%, 109.5 million euro) and to the United States (+19.5, 127.3 million euros). The strong development of direct exports to Turkey, which grew by 29% (+ € 56 million), should be noted. On the other hand, sales to the United Arab Emirates continued to decline (-3.4%): compared to 2013, Italian jewelery sales fell by around 30%, with a loss of 380 million euro. Despite the increase in imports (+ 9.1% and + 23.6% for the precious metal component), the balance of the goldsmith sector has further increased, exceeding 4 billion euros (4.4 billion for jewelery in precious). The analyst’s comment
«The acceleration of the production, turnover and export indices throughout 2017 shows the importance of Italian know-how and expertise in jewelery, able to attract new investments and support the competitiveness of the numerous small and medium-sized businesses companies operating in the sector. The international scenario remains favorable to companies in the sector also in 2018, with the main target markets expected to remain growing», is the comment of Stefania Trenti, of the Research Department of Intesa Sanpaolo. Federico Graglia
Garavelli, prime fasi di lavorazioneLavorazione di un cammeoCollana di Bulgari con gemme di colore
Anello Trombino con rubino burmese di 5,98 carati non riscaldato
Il celebre bracciale serpente, in versione orologioAnello in oro bianco, rubino e diamanti
Bracciale in oro bianco e diamanti
Damiani, orecchini con pendente in oro bianco della collezione Emozioni
The Italian jewelry in 2016 had two faces: fall in exports, but more sales ♦
Jewels Italians a bit ‘less purchased abroad. The data from the Institute of Statistics (Istat) are about on production (-1.9%) and exports both in value (-4.6%) and in quantity (-1.8% only for jewelry precious metals). The figures for 2016 also indicate that the decline has a name, or rather two: China and India, where are decreased imports. But, in reality they were not the only countries to buy less. According to data compiled by the research center of the banking group Intesa Sanpaolo, the Italian exports of jewelery and jewelery lost about 300 million euro compared to 2015, with widespread declines in almost all markets and a major new decline to the United Arab Emirates (-15%, amounting to 160 million Euros less), country of entry for the rest of the Middle East and India. Negative also exports to Switzerland and France (-6.7% and -10.6%), where often the jewels Made in Italy are those made for third parties for large Maison, that is produced in Italy and sold under the brand name of the great signatures, and then for other markets and from Hong Kong (-9.1%).
The statistics on turnover (of companies with more than 20 employees), however, indicate that the jewelry industry and jewelery ended 2016 up 9.3%, thanks to brilliant results on the domestic market (+ 6.7%) of foreign ones (+ 10.7%), since in contradiction with the information about the export flows. How do you explain? Simple: the sector is made up of many micro enterprises and it is very difficult to safely monitor.
According Stefania Trenti, the Intesa Sanpaolo research center, “the 2016 results were affected by unfavorable global demand, particularly in the first half of the year. The international scenario has shown an improvement during the year and the expectations for 2017 are moderate acceleration of world GDP, with exports of jewelry and costume jewelry in the last quarter of last year have stopped the descent, a good sign that could implying a nearby turnaround, despite the climate of uncertainty the purchasing decisions of international jewelry.”
caption id=”attachment_44691″ align=”aligncenter” width=”709″] Gioielleria in Cina[/caption] Baselworld 2017, interno
