Editor’s Note
This article examines the shifting dynamics of Italy’s jewelry sector, focusing on the decade-long decline in pearl imports. While “Made in Italy” craftsmanship remains a global hallmark, the data reveals a significant contraction in this specific market and a growing reliance on Chinese suppliers.
Italian jewelry manufacturers import rare materials from around the world, process them in Italy, and sell the “Made in Italy” jewelry domestically and internationally.
Italy’s total pearl import value in 2022 was approximately 13 million euros, a 49.2% decrease compared to 2012 a decade ago. The import value has been on a declining trend year by year. The largest source country was China, accounting for 58.4% (about 8 million euros) of total imports, followed by Japan at 23.0% (about 3 million euros). Japanese pearls have low production volume, and the products available in European markets like Italy are extremely limited, giving them high rarity value.
Reflecting the growing interest in Japanese pearls, a talk session themed on Japanese Akoya pearls was held at Vicenzaoro, one of Europe’s largest jewelry trade fairs, which took place from September 8 to 12 in Vicenza, northern Italy. Vicenzaoro is held twice a year, in January and September. This edition attracted visitors from 132 countries and featured 1,200 exhibiting brands.
The talk session titled “The Beauty of Japanese Akoya Pearls” on September 10 was attended by approximately 70 people. From Japan, Mr. Kaoru Akamatsu, Vice Chairman of the CIBJO Pearl Commission, and Ms. Yumiko Ijichi, Managing Director of the Japan Pearl Exporters Association, took the stage.
Mr. Akamatsu reviewed the history of Japan’s cultured pearl industry and pointed out that the future of the pearl industry requires a shift from labor-intensive to technology-intensive farming techniques.
Ms. Ijichi introduced initiatives such as upcycling discarded fishing nets and other efforts to make Japan’s pearl industry sustainable.
Many participants expressed a desire to learn more details about the efforts towards building a sustainable pearl industry, indicating a high level of interest in sustainability. There was also strong demand for detailed information on the history and technology of Japan’s pearl industry, suggesting an expectation for further information dissemination.
According to statistics from the Italian National Institute of Statistics (ISTAT), Italy’s jewelry exports (items made of or coated with precious metals) in 2022 amounted to 9.311 billion euros, a 19.9% increase year-on-year. In the first half of 2023, exports reached 5.257 billion euros, a 14.4% increase compared to the same period the previous year, showing momentum to exceed 10 billion euros for the full year 2023.
Furthermore, according to a survey report released in January 2023 by Federpreziosi (the National Federation of Gold, Silver, Jewelry, and Watch Traders), the total sales of jewelry stores in Italy (including watch and silverware retailers) in 2021 were 4.9 billion euros, an increase of 700 million euros compared to the previous year.
In Italy, jewelry is often purchased as gifts. According to the aforementioned survey report, in response to a question about the most purchased items as gifts over the past two years, jewelry/watches ranked third at 35.0%. The breakdown showed that gold jewelry was the most common (31.0%), followed by silver jewelry (22.4%), and third were jewelry adorned with gems such as pearls, diamonds, sapphires, and coral (19.0%).
