Editor’s Note
**Editor’s Note:** As gold prices reach historic highs, the Italian jewelry sector faces mounting pressure from geopolitical tensions and trade instability, leading to declines in demand, revenue, and exports.
International geopolitical tensions, conflicts in the Middle East, and instability in U.S. trade policies are putting pressure on the Italian jewelry sector. This emerges from an analysis presented in Arezzo during a meeting organized by the Club degli Orafi Italia together with Intesa Sanpaolo, as part of the OroArezzo event.
According to data presented during the event, the price of gold saw an impressive 44% increase in 2025, reaching continuous historic highs. In the first quarter of 2026, the average price stood at $4,877 per ounce.
However, the surge in raw material costs had direct effects on global demand for gold jewelry, which fell by 18% in 2025 and declined a further 24% in the first quarter of 2026, with a sharp 44% drop in the United States.
The Italian sector also shows signs of a slowdown after years of strong growth. Following revenue increases of +19% in 2022, +6% in 2023, and +4% in 2024, 2025 closed with a 5% decline, while the first two months of 2026 recorded even more severe data: -10% in revenue and -29% in production.
On the export front, Italian gold jewelry exports halted at €10.8 billion in 2025, a 21% reduction. This figure was heavily penalized by the Turkish market; excluding Turkey, exports would have recorded a 7.6% growth, driven by Switzerland (+27%), Hong Kong (+9.7%), Canada (+111%), and the United Arab Emirates (+13%).
Particular attention was given to the United Arab Emirates, a strategic market for Italian jewelry both as a final destination and as a commercial hub towards Asia. However, the conflict in Iran is significantly slowing trade flows to the Middle Eastern region, increasing international uncertainty and volatility in the gold market.
The OroArezzo meeting was moderated by Laura Biason, General Director of the Club degli Orafi Italia. Economic insights were provided by Daniela Corsini, Senior Economist at Intesa Sanpaolo, Stefania Trenti, Head of Industry Research, and Sara Giusti, Economist at the bank’s Research Department. Giordana Giordini, entrepreneur and President of Confindustria Toscana Sud, also spoke.
The joint survey by Club degli Orafi Italia and Intesa Sanpaolo also reveals a climate of growing caution among businesses. The share of companies expecting a decline in revenue in 2026 rose from 34% recorded in December to 63% in April.
Investment intentions remain relatively stable: 23% of companies say they plan to increase investments in 2026, a sign of the desire to maintain competitiveness and innovative capacity despite the difficulties of the international context.
The main critical issues reported by companies concern the cost of raw materials (68% of the sample), the worsening of domestic demand (60%), and geopolitical tensions (53%).
According to the companies surveyed, the conflict in Iran has already produced concrete effects: a reduction in jewelry consumption (68%), an increase in raw material costs (43%), and a slowdown in international demand (33%). To react to the new scenario, the most indicated strategies are seeking new commercial partners, revising products, and strengthening e-commerce.