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.
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 %).
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.
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