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【Italy】Jewelry Exports Plunge by a Fifth, War Shakes the Industry

Apr 2, 2026

Editor’s Note

**Editor’s Note:** Italian jewelry exports fell nearly 19% in 2025, with the Arezzo district bearing the brunt. Federorafi warns that prolonged conflicts will deepen the industry’s crisis.

Investments and Markets

Jewelry Exports Plunge by a Fifth, War Shakes the Industry
The Arezzo district is particularly hard hit. Federorafi: “The longer these conflicts last, the more devastating the repercussions will be.”
By Emanuela Meucci
April 2, 2026
A black year for Italian jewelry: the gold, silver, and jewelry sector closed 2025 with a total export value drop of -18.9% compared to January-December 2024. This was revealed by analyses from the Study Center of Confindustria Federorafi based on Istat data. The negative impact was driven by rising gold and precious metal prices, US tariffs, and geopolitical tensions.

Individual Countries

There was a significant negative impact from the decline in exports to Turkey and sales to the US, while exports to Switzerland (a hub for top brands) and the United Arab Emirates—now at the center of the war in Iran—remained positive.
In terms of quantity, considering only wearable jewelry overall, exported volumes for the full year 2025 showed a notable decrease of -22.7% compared to 2024.

Districts

At the district level, Arezzo remains first among Italian provinces in export value, despite a -40.9% decrease compared to 2024; with exports nearing €4.6 billion, it still accounts for 34.8% of Italy’s total sector exports. The performance of this Tuscan province is being significantly affected by the decline in exports to Turkey.
Second, the province of Vicenza shows a countertrend compared to the national and Arezzo data, recording an increase of +6.4%, representing 20.3% of the national total (approximately €2,655 million). Alessandria (Valenza) is in third place: in line with Vicenza, contrary to the national trend, it posted a positive change, growing by +27.3%; this Piedmont province thus covers 17.6% of total exports worldwide. Finally, exports from the production district of Naples and Caserta fell by -2.8%.

The Gulf War

Maria Cristina Squarcialupi, President of Confindustria Federorafi, commented:

“The picture has changed again with the new US tariffs in February and the third war in the Gulf area, which have called everything 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 scenario, I will not venture predictions for the current year: we will be very good if we manage to limit the damage compared to the reduction percentages we already recorded in 2025. These concerns have been at the center of several meetings I recently had with the top management of the Ministry of Foreign Affairs and ICE, where we presented some proposals to study new routes and new tools for the internationalization of goldsmith companies without ‘abandoning’ North America and the Middle East. The responses were positive, and we expect rapid implementation.”

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⏰ Published on: April 02, 2026