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Golden year for the goldsmith sector

Published on January 20, 2023

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 — 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%).

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 — 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

The fair price of a ring

Published on January 1, 2023

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Anello indossato da Jessica Wang. Credit: German Larkin

What is the right price for a ring? Does it depend on the stone? From the metal? From the brand? A research has established that the price of a ring is determined by … ♦

What is the most valuable part of a jewel, especially a diamond engagement ring? The stone? The metal used for the mount? The jeweler’s name? Wrong: what can change a lot the price is your judgment. Or, perhaps, prejudice.

Anello con diamante a cuore indossato — Anello di Rrecarlo con diamante a cuore indossato

This is shown by a study published time ago in Advances in Strategic Management of Anne Bowers, Associate Professor of Strategic Management at the University of Toronto. According to her, the emotions have a strong weight in the attribution of value. The idea is supported by an experiment. Anne Bowers has analyzed 15,000 rings on eBay and, later, tried to sell the same ring in three different ways. The first time presented the ring as a legacy of a divorce. The second time she said to live a happy marriage, but the ring sale was simply because she plays a manual work and can not wear. In the third announcement she offered the ring as a mere remnant of a store.

L'anello di fidanzamento di Zara Phillips — L’anello di fidanzamento di Zara Phillips

Experiment results
Result: in the first case the ring was evaluated on average 550 dollars, in the second case the offer is increased to 740, while for the special sales, the price has risen to 820 US dollars. In short, different ratings for the same ring. An effect that jewelers know well: “The story behind a jewel has the utmost importance,” said Bowers. Even if those who make the purchase are not aware of. “I asked why people were willing to pay a certain price, and they replied that they knew that they should not pay attention to the rest, it was just the ring that mattered.” Yet the price difference was very clear.

Anello in oro rosa e diamanti by Alex Ball indossato

The ring, in a nutshell, is seen as a representation of a commitment, love test, the strength of a relationship. “Call it value or sentimental weight: is the dream that gives value to a diamond and a diamond engagement ring. It is much more than the sum of its parts, “concluded the expert. Federico Graglia

The jewels of the Millenials

Published on September 21, 2018

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A survey on Millenials reveals the jewels preferred by young people. The most worn type is … ♦ ︎

There are jewelry company giants that are in alarm: the Millenials, the generation born at the turn of the year 2000, will still love diamonds, expensive sets, necklaces with precious stones? An international research, conducted by the Milan Polytechnic, dedicated to the Millenials, has tried to answer the question. The research was conducted on over 500 young people (351 girls and 170 boys from 30 countries, for 65% Italians). The result was presented at Homi, the fair (also) of bijoux that took place in Milan from 14 to 17 September, with 650 exhibitors in the pavilions dedicated to the fashion jewel.

The conclusion of the study should reassure those who produce jewelry: more than two thirds of the young people interviewed wear them.

But, attention: it is not clear what the venal value is attributed. Indeed, according to the research, young people are indifferent to the material with which the jewels are made: precious and bijoux. The value that young people seek is not in the material or in the shape, but in the pleasure that each accessory evokes. In short, the emotional side is more attractive, the story that a piece of jewelry can tell.

Il 52% delle ragazze sceglie di indossare orecchini

The choice falls mainly on earrings (52% chosen for their practicality), followed by rings (44%), necklaces (37%) and bracelets (32%).

It is not surprising, however, that the younger ones wear jewels in their spare time, at school or at work. Apart from the purchases of bijoux in the street markets (28%), probably also due to lower costs, it is interesting that they like the jewels of independent designers (25%) who are followed through social profiles or the web, are first evaluated online , but also in specialized shops. In short, less bijoux of an industrial type, and more exclusive products or with unique characteristics.
A less positive figure, however, is the tendency of boys to buy basically on impulse. In short, with less information they tend to buy the first thing that moves them. Millenials girls will have different tastes but, like their mothers, they like to receive jewelry as gifts (it happened to 39% of the interviewees), even if some (about 24%) choose to buy them personally.
Which style prefers a Millenials? Nobody in particular, even if the choice is mainly on minimal or classic jewelry. For two thirds of the boys interviewed, jewels and bijoux have a special meaning and also represent a memory, the symbol of a relationship or a special moment of their life. But this also applies to their parents.

L'area di Gemmarium a Homi — L’area di Gemmarium a Homi