The outlook is good for Italian jewelry. Based on Istat data on the first nine months of 2019, the Italian jewelry industry is a true standout, with growth in turnover of 12%. Exports are driving this growth where gold jewelry alone has seen an increase of 8.8%. These numbers are all the more significant if we look to the first semester when gold prices had not yet risen as they did in the summer months. «There is a positive outlook for the jewelry industry», says Stefania Trenti, who heads up the industry department of Intesa Sanpaolo’s research unit. «Based on turnover, if we look to more structured companies with over ten employees, numbers are positive thanks especially to exports. Specifically, France is an ever more important market because many fashion brands there rely on skilled Italian craftsmanship. These pieces are made in our districts though for a foreign company. The UAE is also offering positive numbers, with 18% in growth, becoming a hub for jewelry once again». Italian manufacture, which is characterized by a great focus on design, is also holding up to the volatility in gold prices. «According to quarterly estimates carried out by the World Gold Council, demand for the yellow metal is down 16%, and this mainly impacts India and China where jewelry reflects the price of gold», continues Trenti. «However, Italy is going against the tide and it continues to grow thanks to the intrinsic value of the style in each piece. Thus, it is holding firm in terms of the price of the material, and the impact will be less violent». What about 2020? «According to data by Altagamma, hard luxury will grow by 5% in value. The outlook is also positive if we take into consideration new players like Turkey and the ethical themes, which are becoming a priority for the entire industry. Things also look good for SMEs focused on jewelry, which saw their production increase by 22% despite the slowdown in consumer goods in general, and this goes to show how well the industry is able to respond to the market. Therefore, we anticipate a positive 2020 for all segments, of course, in the hopes that there aren’t any unexpected events or sociopolitical issues».