Italy’s jewellery sector experienced a remarkable surge in 2024, with exports reaching €15.5 billion—a 41% year-over-year increase. This growth was largely driven by soaring precious metal prices and a significant uptick in demand from Turkey, which accounted for 34.5% of total exports despite involving fewer than 3% of Italian companies in the sector.
However, Claudia Piaserico, President of Confindustria Federorafi, cautions that raw material prices heavily influence this impressive growth. When excluding these price effects, the volume of finished jewellery exports rose by a modest 0.7%, and without the impact of Turkey’s demand, the growth figure would turn negative.
Looking ahead to 2025, the industry faces potential headwinds, notably the risk of U.S. tariffs increasing from 10% to 25% as of July 9. Such tariffs could significantly impact small and medium-sized enterprises (SMEs), which make up nearly all of the 7,000 companies in the industry. Given that raw materials can account for up to 90% of a jewellery item’s final price, duties applied to the full value could erode company margins, making Italian jewellery less competitive in key markets like the United States.
In terms of trade with Canada, Italy’s exports of gold, unwrought or in semi-manufactured forms, amounted to US$372,370 in 2024. While this represents a small fraction of Italy’s total gold exports, it underscores the global reach of Italy’s jewellery sector.
