Summary

Since 2020, the global jewelry market has shown robust growth, with a market value of $330 billion by 2022 and an anticipated annual growth rate (CAGR) of 8%. Digitization is an important driver of this expansion, bolstering global online sales and branded jewelry, which is expected to claim 25-30% of market share by 2025. In Italy, the jewelry sector is an integral part of the economy. The country remains a major exporter, with exports in 2022 up 43% on 2020. The jewelry trade is thriving despite the challenges posed by the Russian-Ukrainian conflict, which has affected supplies, and sanctions on luxury goods, including those involving Russian diamonds and gold. Rising energy costs and raw material prices, particularly for gold, have resulted in higher prices, but consumer interest remains strong.

Market trends in the Italian jewelry landscape

In Italy, jewelry is not only a sign of luxury, it's also a booming sector, with a stable economy and growth potential. The Italian jewelry market, whose operational core is in the north-west of the country, is beginning to recover its traditional role as a symbolic gift to celebrate special moments. Current trends show that consumers are once again turning to luxury jewelry, including necklaces, earrings, rings, bracelets and other ornamental pieces. This trend is fuelled by the vitality of luxury products and by an affluent, lifestyle-conscious consumer base. The Italian jewelry market, with current sales of just under 5 billion euros, is following a slightly upward trajectory. This trend is reinforced by the growing revenues of those who know how to take advantage of digital innovations, in particular e-commerce, and social media communication. As Italy rides the wave of post-Covid-19 optimism, the amplified purchasing power of younger generations suggests a solid future for the jewelry sector. Interestingly, domestic demand for gold and silver jewelry remains high, at around 30% and 20% respectively, with men aged 45-54, mainly in metropolitan areas, most likely to make such luxury purchases. While consumers favor these precious metals for their inherent luxury and investment potential, the environmental and ethical concerns associated with mining are prompting the more socially and environmentally sensitive buyers to adopt a cautious approach. Moreover, with gold prices soaring, price-sensitive consumers have turned to more cost-effective non-precious jewelry. However, precious metals continue to be regarded as sound investments, and speculation points to a resurgence of gold in the years ahead, particularly in the context of global inflationary pressures.

Craft meets innovation: the key players shaping the global jewelry market

When we look at the jewelry market, a network of distinguished companies emerges, each contributing to the tapestry of this dazzling industry with its unique blend of heritage, craftsmanship and innovative spirit. Below, we explore a selection of these eminent forces who are not only guardians of tradition, but also heralds of contemporary trends in the world of finery :

  • Luxury brand innovators: We often see luxury brands pushing boundaries, introducing avant-garde designs while reviving their history to appeal to the modern consumer. These companies have successfully fused their rich heritage with today's taste, reviving iconic logos and anchoring their products in a heritage that speaks of quality and tradition - a move that has fortified their position in an ever-changing market.
  • Digital trendsetters: The rise of e-commerce has opened up a new era for jewelry houses that know how to navigate the digital landscape. The importance of virtual storefronts has enabled these savvy players to extend their reach beyond traditional brick-and-mortar establishments. By harnessing the power of online marketing, social media engagement and cutting-edge digital tools, these businesses have secured superior revenue streams and expanded their global footprint.
  • The rtisans of Vicenza and Arezzo: Nestled in the rich Italian landscape, these regional meccas have gained international renown for their exquisite jewelry craftsmanship. Their production facilities and family-run workshops are not just workshops, but repositories of intergenerational know-how and passion. Their remarkable rebound and export growth are a testament to the resilience and adaptability of these provincial artisans.
  • Sustainability pioneers: At a time when ethical sourcing and environmental awareness are playing an increasingly important role, a wave of sustainability-focused brands has emerged. These pioneers are setting new industry standards by adopting practices that promote the responsible sourcing of precious metals and gemstones, aligning themselves with the eco-conscious values of contemporary consumers.
  • Experts in Indian craftsmanship: Thanks to its renowned prowess in diamond processing, India has become an indispensable hub in the global jewelry ecosystem. Indian companies play an essential role in transforming rough and uncut diamonds into masterfully crafted gemstones, ready to be incorporated into breathtaking pieces of jewelry.
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  • Number of pages : 30 pages
  • Format : Digital and PDF versions
  • Last update : 09/10/2023
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Summary and extracts

1 Market Summary

1.1 Definition and presentation

A piece of jewelry is an ornament made of precious metal, worked and embellished with gems, pearls or other types of precious stones.

The jewelry market is segmented according to the type of gemstone used or according to the type of product considered:

  • Necklaces;
  • Earrings;
  • Rings;
  • Bracelets;
  • Other.

Globally, the jewelry market is estimated to be worth $330 billion in 2022 and is expected to grow, with an annual rate (CAGR) OF 8%.

This growing trend is dictated by the continued interest shown by consumers in luxury products and their propensity to purchase these particular products as a symbol of a wealthy and luxurious lifestyle.

In Italy, the jewelry market remains one of the most dominant sectors of the national economy.While jewelry had lost its role as a symbolic gift to celebrate moments or events a few years ago, it is now coming back into vogue, and this is also evidenced by the over-performance of many jewelry brands as of 2019.

The jewelry sector in Italy is basically stable, we can see a slight growth in the total number of jewelry stores on Italian soil and a decline in the number of people employed in the sector due to the automation of work. Most jewelry stores are rooted in northern Italy, and those considered most solid are definitely those that have focused most oninnovation through digital tools such as e-commerce, social communication, etc.

it has been proven that those operating on the web generally have higher revenues.

According to the most recent trends, the jewelry market has all the good prerequisites to drag the luxury market into the near future, both by taking advantage of the returned post-Covid-19 optimism and the increase in purchasing power among the younger generations.

it is very important for those who want to enter this market to stay abreast of the latest digital trends and constantly look for innovative digital solutions.

1.2 The growing world market

The jewelry market is growing strongly, thanks to strategic incentives put in place by major players in the industry. Earrings, pendants, brooches, bracelets, small decorative items and cufflinks are increasingly in demand by global consumers; with combined annual sales of $*** billion, the jewelry market is estimated to grow at an annual ...

1.3 Domestic production

Turnover

The total turnover of jewelry stores in Italy is estimated at just under * billion euros. More than ** percent of total turnover is produced by operators in the Northwest regions. The number of people employed by jewelry stores in Italy is **,***. Large enterprises account for *.* percent of Italian jewelry stores and ...

1.4 Jewelry trade exchanges

The following data report values belonging to the UNComtrade term "articles belonging to the jewelry sector and their parts"; for this reason, the import and export values turn out to be radically higher than the value of domestic production of articles belonging to the jewelry sector, constructed on the basis of ...

1.5 The Russian-Ukrainian conflict and the impact on the market

International sanctions imposed on Russia have had a significant impact on the jewelry industry. As part of the measures taken by the European Union, a ban on exports to Moscow of luxury goods worth more than *** euros was established, and on March **, the U.S. government-one of the largest consumers of ...

2 Demand analysis

2.1 Customer Demand and Characteristics

The jewelry market has always been an area of great fascination and interest, both for beauty and luxury enthusiasts and for investors looking for profit opportunities. Demand for products in this market reflect a wide range of aspects, including consumer tastes and trends, material quality, sustainability, design innovation and more.

According ...

2.2 Favorite types of jewelry

Italian consumers prefer to purchase gold (***) jewelry. Today, the consumption of gold and silver jewelry continues to be a crucial part of the fashion and accessory industry. People buy jewelry composed of these metals for a variety of reasons, including self-expression, celebration of special moments such as weddings and anniversaries. Gold, ...

2.3 Demand trend: the gold market

One of the factors that most influences the operation and demand ofjewelry stores is the trend in the price of gold. Indeed, the rise in the price of the material in recent times has led to a change in consumption, with a shift toward non-precious jewelry for price-conscious consumers. Despite this, ...

3 Market structure

3.1 The structure of companies active in jewelry production

There are about ***,*** active retail enterprises in Italy in ****. Of these, **,*** are enterprises in the retail trade of watches, jewelry and silverware (***).[***]

Trend of jewelry stores in time series Italy, ****-**** Federpreziosi

Distribution of businesses by macro area

Geographically, the approximately **,*** watch, jewelry and silverware retail businesses are mainly located in ...

3.2 The fabric of jewelry stores

In the Italian economic context, the presence of micro and small enterprises dominates, and this is also attested in the jewelry sector. Italy, unlike other countries, is composed of **.*% of this type of enterprises, therefore, according to Istat, only *.*% of the total enterprises in the territory are large (***) than the European ...

3.3 The various types of jewelry stores and the growing importance of e-commerce

The main distribution channels active in the jewelry and costume jewelry market in Italy are:

Traditional jewelry stores: Traditional jewelry stores are identified with the figure of the jeweler and remain one of the most popular places to buy jewelry, watches and silverware. Within a jewelry store you can choose from ...

3.4 The rise of responsible jewelry

Interest in synthetic diamonds has increased in recent years in response to the controversial production of diamonds in the underdeveloped countries of Africa under precarious and dangerous conditions. This interest is in line with contemporary values of an increasingly responsible society.[***]

There is a developing trend toward the purchase of what ...

3.5 Traffic Analysis of major jewelry brands in Italy

Focusing on online activity, there is a decrease in web traffic*, reflecting a slight decline in online demand for jewelry. This trend is repeated when distinguishing between Italian and international brands. At the same time, we see a growth in paid traffic, bucking the negative trend in the market.

Analyzing in ...

4 Supply analysis

4.1 Precious metal prices

Jewelry is made from precious metals. The metals mainly used for jewelry production are:

Gold Silver Platinum Palladium

Average price for each metal:

Source: ****

4.2 Prices

The Harmonized Index of Consumer Prices category "Jewelry and HORogerie" (***) includes precious stones and metals and jewelry made from such stones and metals; the Harmonized Index of Consumer Prices is analyzed below and is updated periodically to reflect changes in consumption patterns. Changes in the HICP can be used to assess ...

4.3 New supply trends

During Milan Fashion Week, one of the most acclaimed moments in the fashion world, new proposals for the Fall-Winter ****-**** Collections were presented.

From Feb. ** to **, renowned fashion houses, including Diesel, Emporio Armani, Philipp Plein and many others, took to the runways to present new trendy looks that require the perfect ...

5 Rules and regulations

5.1 Regulation

Several laws apply to jewelry articles. The most important decrees are :

LEGISLATIVE DECREE **.*.****, No . *** and the Regulation of Law No. *** regulating the production and marketing in Italy of titles and identification marks of precious metals, indicating what precious metals are, the identification mark, responsibility, certification systems, supervision and sanctions. lAW **.*.****, No. ...

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Latest news

From Bulgari 700,000 euros for the setting up of the Mausoleum of Augustus in Rome - 26/03/2024

Funding: 700 thousand euros

  • - Project: Museum arrangement of the Mausoleum of Augustus in Rome
  • - Architect in charge: Rem Koolhaas
  • - Expected opening year: 2026
  • - Museum size: Largest in Rome
  • - Previous restoration and enhancement by Bulgari:
    • - Restoration of the Golden Staircase of the Doge's Palace in Venice (2006)
    • - Restoration of the Spanish Steps at the Spanish Steps in Rome (2014)
    • - Restoration of the polychrome mosaic of the Baths of Caracalla (2015-16)
    • - Restoration of more than 90 Greek and Roman sculptures from the Torlonia collection (2017)
    • - Restoration of the Sacred Area of Largo Argentina (2021)
    • - Funding for the lighting of the Ara Pacis
  • - Number of monuments restored thanks to Bulgari patronage: 6
  • - Statements:
    • - Jean-Christophe Babin (CEO of Bulgari and president of Bvlgari Foundation): commitment to the preservation of artistic heritage
    • - Mayor of Rome, Roberto Gualtieri: importance of public-private partnership and Bulgari's contribution to the restoration of significant monuments
Lvmh: Belloni steps down as general manager and will be president of Lvmh Italy - 22/03/2024
  • **Toni Belloni**
    • - Period in LVMH: more than 23 years
    • - Roles: General manager and chairman of the executive committee of LVMH
    • - Next role: In charge of some strategic missions and president of LVMH Italy
  • **Stéphane Bianchi**
    • - Date of hire at LVMH: 2018
    • - New roles: He will chair the executive committee and lead the group's geographic divisions and digital and data transformation, working in close collaboration with Bernard Arnault. 3.
  • **Wei Sun Christianson**
    • - Proposed Position: Administrator on the board of directors
    • - Skills: Financial literacy, knowledge of the luxury market and China
    • - Proposed co-option date: April 18 board of directors meeting
  • **Bernard Arnault**
    • - Roles: chairman and chief executive officer of the LVMH Group
    • - Comment on Belloni: Describes him as critical to LVMH's success, citing his vision, loyalty, and participation in the group's acquisitions.
Damiani celebrates 100 years - 08/03/2024
Chanel invests in Italy again: new joint for Gensi Group - 29/02/2024
  • **Chanel investment in the Gensi Group Footwear Factory**:
    • - Inauguration of a new 3,000-square-meter splicing department at the Mosciano Sant'Angelo (Teramo) production site.
    • - Activation of 4 new production lines of 70 meters each.
    • - Currently, 6 production lines are in operation, with a plan to double them in the next 3 years through the inclusion of new professional resources.
  • **Corporate Sustainability Initiatives**:
    • - Formation of 3 working groups dedicated to the company's environmental sustainability a year ago.
    • - Reduction in energy consumption and processing waste.
    • - Advances in recycling and reuse.
    • - Launch of in-house training institute "M'Astri Nascenti" in collaboration with Arsutoria School, with 60 people trained to date.
  • **Workforce and Hiring Plans**:
    • - Currently, the company has more than 660 employees, of whom more than 120 are hemlines.
    • - New hires are planned to further increase the workforce.
  • **Manufacturing Chanel and Italian Supply Chain**:
    • - Chanel shoes are designed in France but produced in Italy.
    • - Italian companies controlled by Chanel involved in production: Roveda of Parabiago (acquired in 1999), Gensi of Giulianova (acquired in 2015), and Ballin Shoes (acquired in 2020).
Buccellati will have a new ceo: from Van Cleef and Arpels comes Nicolas Luchsinger - 07/02/2024

Nicolas Luchsinger will become the new CEO of the Buccellati fashion house as of April 2, 2024.

  • - Currently, Luchsinger is the president Asia Pacific for Van Cleef and Arpels with 17 years of experience in various management positions, including Retail Director and Heritage Director.
  • - Prior to joining Van Cleef and Arpels, Luchsinger worked for about 10 years at Christie's.
  • - Buccellati's outgoing CEO Gianluca Brozzetti will become a director on the board of Buccellati Holding Italia with the role of executive vice president.
  • - Brozzetti has led Buccellati for the past 10 years and played a key role in the integration of the maison into Richemont in 2019 and its evolution into a relevant player in the international jewelry and silverware sector.
  • - Gianluca Brozzetti, also former CEO of Roberto Cavalli, will retain direct responsibility in Buccellati's expansion and consolidation projects, as well as representing the company in trade associations and in its partnership with the Scuola Orafa Ambrosiana.
Chanel creates "La Parcelle", a new green and artistic space - 14/09/2023
  • Le 19M, the space dedicated to Chanel's métiers d'arts, was inaugurated in 2021.
  • Le 19M brings together 600 craftsmen and experts in eleven Maisons d'arts.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

LVMH ITALIA S.P.A.
Chanel
Cartier (Richemont groupe)
Hermès International
Swarovski Group
Angela Caputi Giuggiù
CA&LOU
Bulgari
Buccellati (Richemont Group)
Damiani
Pedemonte (LVMH Groupe)

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