The event organized by Club degli Orafi Italia and Intesa Sanpaolo at Vicenzaoro is now a tradition. Objective: to present a snapshot of the sector, updated with data from the research office of the Italian bank. Furthermore, it serves to take the pulse of operators on the big issues, through a survey that this year focused on the theme of sustainability and traceability of raw materials. As for business, Italian operators confirmed their expectations for 2024: a third expect an increase in turnover (28% in the December 2023 survey). A result that, according to the analysis, is consistent with the change in the Istat turnover index, which in the first half of the year showed an increase of 4%, in contrast to the fashion system (which instead suffered a reduction of -8%).
This is mainly due to exports, which for jewelry in the January-May period reached 6.6 billion euros, up +63.3% in value and 15.6% in quantity. The market that explains a good part of these increases is Turkey (including costume jewelry and silverware) where overall exports were 2.6 billion euros. This result, in addition to reflecting the strengthening of the hub role of this market, may also have been caused by the attempt to counteract the effects of the country’s high inflation through the purchase of gold. A metal that has seen its cost soar in recent months: a factor that explains the increase in turnover, but also in costs for those who work with it.
The survey of entrepreneurs’ sentiment carried out between June and July 2024 highlights how the sector continues to hold up well, with a third of respondents expecting further growth in turnover compared to the previous year, despite the complexity of the global scenario. We expect, for the second half of the year, a perhaps more cautious attitude but without drastic changes of direction.
Cristina Squarcialupi, President of the Club degli Orafi Italia
The goldsmith sector is rather optimistic: the prospects for investment are positive for 29% of the sample interviewed, which declares investments growing compared to 2023. Investments are necessary to face the competitive context for 42%. Furthermore, fears related to the cost of debt and the cost of energy have decreased, due to the introduction of more accommodating monetary policies and the progressive reduction of energy costs. The survey also showed that companies are attentive to issues related to sustainability, usually in proportion to their size. In this sense, the most widespread practice is separate waste collection, which affects almost all of the sample (77% for manufacturing companies, 95% of retail companies), also because it is mandatory. Among manufacturing companies, there is good attention to the reduction of packaging (59%) and hazardous materials (55%) and a high presence of specific certifications (55%) among which the most widespread is the RJC certification. Among retail companies, more than half of the sample declares the presence of measures for the reduction of paper consumption (57%) and for the use of sustainable packaging (52%). Customer sensitivity towards these issues is particularly high among young people (76%).
Among other things, certified companies show a better growth dynamic in turnover (median change in turnover between 2022 and 2019 of 45% versus 19% for the rest of the sample), greater profitability (difference of approximately 4 percentage points in terms of Ebitda margin), but also higher productivity measured in terms of added value per employee (68.8 thousand euros versus 43.7).
Looking ahead, despite a complex and highly uncertain context, the sector should benefit from the progressive reduction in inflation, the drop in energy raw material prices and the introduction of less restrictive monetary policies already underway in the euro area. Goldsmith companies are ready to seize the opportunities offered by the market, also through more investments, aimed at introducing technology into the company, strengthening the corporate image, focusing on sustainability, with significant returns in terms of competitiveness.
Sara Giusti, Economist Research Department Intesa Sanpaolo
