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【Italy】Italian Jewelry Industry Closes 2025 with Sharp Decline: ‘Unprecedented Challenge’

Editor’s Note

**Editor’s Note:** Italian jewelry exports fell nearly 19% in value in 2025, with 90% of production tied to foreign markets. Luxury districts fared better, but the Middle East poses concern. President Squarcialupi calls for support amid an “unprecedented challenge.”

Confindustria Federorafi Data

Italian jewelry closed 2025 with a sharp decline: ‘Unprecedented challenge’

Exports, which involve 90% of production, fell by nearly 19% in value last year. Luxury-focused districts performed better, while the Middle East is a concern. President Squarcialupi: ‘It’s difficult to make forecasts; we need answers and support.’

The decline had already occurred in the first half of 2025, which closed with a year-on-year export drop of 13.9%, and the first nine months marked -15.2%. For the Italian goldsmith-silver-jewelry sector, 2025 closed with a further worsening of the negative trend: according to elaborations by the Confindustria Federorafi Study Center on Istat data, in the 12 months, value fell by 18.9% compared to the January-December 2024 period, to 12.5 billion euros. Considering quantities, with reference to wearable jewelry alone, over the entire 2025, exported volumes showed a significant decrease compared to 2024, equal to -22.7%.

Weighing on these data are the increases in gold and other precious metals, US tariff policies, and geopolitical tensions, with inevitable repercussions on the final consumer. The negative impact is significant due to the trend of exports to Turkey and sales to the United States, while exports to Switzerland (hub for top brands) and the United Arab Emirates remained positive, though the latter is now at the center of new tensions in the Middle East.

In the major districts of the sector, 2025 exports closed with an average annual decrease of -18.1%: Arezzo confirms itself as the first among Italian provinces for export value, despite a decrease of -40.9% compared to 2024; with exports close to 4.6 billion euros, it still ensures 34.8% of the total sectoral exports from Italy. The performance of the Tuscan province is significantly affected by the flow of precious items destined for Turkey. Second, the province of Vicenza shows a countertrend compared to the national and Arezzo data, marking an increase of +6.4%, with a share of 20.3% of the national total (about 2,655 million euros). Alessandria (Valenza) in third place: in line with Vicenza, contrary to the national trend, it closes with a positive variation and grows by 27.3%; the Piedmont province thus covers 17.6% of total exports worldwide. Finally, exports from the Naples and Caserta production district are down by 2.8%.

“2025 closes as unfortunately we had predicted, that is, with a significant loss of export shares of almost 3 billion euros compared to 2024, moreover in a bullish period for precious metal prices which makes the situation even more worrying,” states Maria Cristina Squarcialupi, president of Confindustria Federorafi, in a note. “In fact, exported quantities in 2025 fell even more significantly. These are data concerning exports, but for a sector that exports almost 90% of what it produces, sectoral turnover will have very similar dynamics, which we will analyze in detail as soon as the data are available. This was the trend in 2025, where, even within a negative framework, some signs of a reversal were glimpsed, such as the timid recovery in the last months (but still in negative territory) of performance in the United States and a restart in the Emirates. Today, 90 days later, the picture has changed again with the new US tariffs in February and the third war in the Gulf area, which have put everything back into question. The ongoing tensions, including the Russo-Ukrainian war, affect countries that cover almost 40% of Made in Italy jewelry exports, and evidently the repercussions will be all the more devastating the longer these conflicts last, the unpredictability of American protectionist policies, and the volatility of precious metal prices. In such an uncertain framework, I do not venture into forecasts for the current year: we will already be very good if we manage to limit the damage compared to the reduction percentages we have already recorded in 2025.”
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⏰ Published on: April 02, 2026