In period January-September of 2024 The Italian gold sector achieved 9.8 billion euros in exports.a value that is even higher than the total annual figure to be achieved in 2023 (9.2 billion), according to Intesa Sanpaolo’s regular report on the sector. Although global demand for gold jewelery recorded a decline of -10.7%, the Italian gold sector’s exports Value increased by 44.5% and quantity by 28.6%.. This result is mainly explained by the strong increase in sales to Turkey, which went from 556 million to 3.6 billion euros, noted economists Stefania Trenti and Sarah Giusti. The Turkish market thus becomes the first outlet market, also as a result of import trade policies introduced by the country and geopolitical tensions that strengthen the role of the hub. If the contribution of these exchanges were not considered, exports would have remained stable at the values of the first nine months of 2023 (-0.3%).
Global numbers and China’s role
In the first nine months of 2024, global demand for gold jewelery stood at 1,328 tonnes, down -10.7% mainly in the second quarter (-18.5%) and the third quarter (-11.8%), while gold in euro The price was expressed. /oz which increased by 18.4% in nine months. There China With a value of about 400 tons (including Hong Kong and Taiwan) Confirms itself as number one market for gold jewelery demand despite 22% contraction. Collected in the first nine months of 2024. The weakness of the Chinese market is mainly attributed to the slowdown in economic growth, persistently high gold prices and low levels of consumer confidence. Despite the presence of holidays in the third quarter to support demand (Chinese Valentine’s Day, Mid-Autumn Festival and National Day of the People’s Republic of China), the trend decline was -33%, the most significant of the 2024 quarters. is
Italy in the European landscape
Although the competitive context and scenario prospects are subject to uncertainty and complexity, during 2024 The Italian goldsmith sector has consolidated its leadership in the European panorama.: Italy is confirmed as the first country in the EU27 for exports with a value of 9.8 billion euros, equivalent to 54% of the total (in the period January to September 2023 it was 48%), 44.5% in value and There has been an increase of 28.6%. Exports from France (6.5%) and Germany (+6.6%) also increased in volume. Notably, the jump in exports from the Netherlands (156.8%) stemmed from higher sales to Japan (+59 million) and France (+47 million) and Austria, above all to Switzerland (+115 million). Focused on sales. These data are also subject to statistical effects arising from small amounts in value.
Italian exports to Turkey jump
The good performance of Italian exports was achieved both in value evolution (44.5%) and in quantitative terms (+28.7%) in the three quarters of 2024, with a continuously increasing average unit price and which, overall, January In the period of It stood at 47.7 euros per gram in September, up 12.3 percent from the average for the first nine months of 2023. A good portion of the sector’s export growth is linked to this. Higher sales to Turkey, which increased from 556 million euros to 3.6 billion euros in the first nine months of 2023. In the January-September 2024 period and with volume increasing by 345% from 14 tonnes to 61 tonnes in value. Thanks to this significant growth, Turkey has become the first outlet market for the sector, clearly outpacing other markets that are suffering instead. lower exports from countries such as Switzerland (-16.5%) and the United States (-8.1%); Excluding Turkey, exports would have been flat in 2023 (-0.3%).
Performance of districts
The strength of the Turkish character is also clearly visible among the district specializations, even if the strong acceleration of sales towards this market has affected the districts with a different consistency. The most affected district is Arezzo, where sales to Turkey increased from 428 million to 3.2 billion (+641%). In the district of Vicenza they also more than doubled (+104%), while in Valencia the quantities remained at lower values and recorded a slight contraction (-7%).
In 2024 also of Sunar district Arezzo Offers the highest gold export values among the Italian provinces. In the January to September period it achieved 5.3 billion euros in overseas sales (+119%; 2.9 billion). Thanks to the development of more than 200 million euros, the goldsmith district Vicenza reaches a value of 1.8 billion euros (+13.1%). District of Valencia Exports for the period January to September 2023 are confirmed to be worth 1.4 billion euros.
Next year’s view
gave Prospects for 2025 are subject to strong uncertainty.US trade policy issues, affected by tariffs, and volatility in the price of gold are also fueled, but expectations are focused on a recovery in the economic cycle thanks to higher consumption growth that could benefit from the recovery. will Even in international competition in terms of purchasing power, the sector can count on its high quality of production which is recognized and enhanced by its excellent positioning and which is increasingly competitive against foreign competitors. will represent a strategic lever.
