the jewelry market | Italy

1.1 Definition and presentation

A piece of jewelry is by definition a precious metal ornament worked and embellished with gems, pearls or other precious stones.

The jewelry market can be segmented according to the type of product considered:

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

Or even based on the gemstones used.

Globally, the jewelry market is estimated to be worth $330 billion in 2019 and is expected to progress at a CAGR of 3% by 2027.

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 lifestyle considered happy and luxurious.

In Italy, the jewelry market is experiencing a propitious moment. If a few years ago jewelry had lost its role as a gift symbolizing an important moment in life outclassed by technological gifts it is now coming back into vogue, and this is also demonstrated 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 (+ 3.6 percent from 2016 to 2017) and a total number of 36,243 employees (+ 4.8 percent from 2016 to 2017). Most of the jewelry stores were opened in northern Italy, and those considered most solid are certainly those that have focused most on innovation 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.