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
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

War in Ukraine and jewelry: what impact will it have?




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 Cazzaniga Nobili
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
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, laboratorio de Grisogono
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
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.

Lavorazione di gioielleria
Lavorazione di gioielleria







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