The Record Wake Effect
Turnover up by +11.3% compared to the same period in 2022, driven by a +16.7% increase in exports. A positive performance despite a slowdown compared to the boom of 2022, but still better when compared to other made-in-Italy fashion manufacturing sectors. Processed for Confindustria Federorafi by Confindustria Moda’s Study Centre, these are the figures relating to the first quarter of 2023 and a parallel survey of the sector, which paints a satisfactory picture for made-in-Italy gold, silverware, jewellery and the production of cameos and coral.
According to Claudia Piaserico, President of Confindustria Federorafi, «the sector still benefits from the “wake effect” of 2022, when records were achieved in terms of turnover and exports exceeded 90% of turnover. I am also comforted by the resilience of employment levels, but we must remain vigilant because, in recent months, there have already been signs of a market slowdown that could become more pronounced in the second half of the year. This is also due to symptoms of weakness that are emerging in the global economy.
The USA confirms its position as the sector's top foreign outlet and, despite a moderate +5.9% compared to January-March 2022, has been the fastest growing market in the last four years. Coming up behind are Switzerland (+18.3%), the Arab Emirates (+11.3%) and France (+18.8%), the main EU customer. Sales in Russia and Ukraine (-78.2% globally) plummeted further due to the ongoing conflict. At district level, the export ranking of the provinces sees Arezzo (+8.4%) in the lead, followed by Vicenza (+6.9%), Alessandria (+24.4%) and Milan (+56.2%). The two provinces in the Naples-Caserta district in Campania show a combined +24.9%. From the point of view of sectoral policies, I would like to point out the positive conclusion of the parliamentary legislative decree process that ratifies Italy's accession to the so-called “Vienna Convention for Precious Metals”, a measure we have waited a good four years for that will make it easier to market our jewelry in the 18 EU countries that adopt different control systems to Italy. Moreover, although the sector is already the world leader in voluntary certifications relating to traceability and sustainability, the federation continues to invest resources in order to promote these “good practices” as a guarantee of fair competition and end consumer protection. I hope the forthcoming EU Directives regarding ESG will not complicate or create further burdens for jewellery companies, especially unbranded SMEs, which are the “backbone” of our manufacturing excellence that consumers, buyers and top international brands universally recognize. In order to maintain the current vitality and creativity of our companies, we need to continue to invest in promoting Made in Italy through agreements with international distribution that, with the Italian Trade Agency (ITA), in just a few years, have led hundreds of Italian goldsmith companies to consolidate or start business relationships with dozens of retailers in the USA. We are now working on similar actions with large-scale distribution in Canada, France, Japan, Great Britain and Poland. We are also counting on launching a major institutional communication campaign of influencer marketing by the end of the year with the aim of better demonstrating our know-how, quality and sustainability to global consumers, all features that justify that extra cost compared to our aggressive Chinese, Indian or Turkish competitors. Such communication will also bring young people closer to Italian jewellery, not only as new consumers but also as potential new collaborators within our companies to cover technical profiles at all levels (from cleaners to mounters, from workbench goldsmiths to numerical control machine or 3D printing experts). Professionals who are becoming increasingly scarce due to the large number of employees (approx. 10,000) who will be leaving the sector over the next 8/10 years due to reaching retirement age. Without an adequate and timely “generational relay”, we also run the risk of impoverishing the goldsmith tradition and our heritage. This is a national emergency and government intervention is needed to incentivize young people (and families) towards technical training courses. The Confindustria Federorafi website (www.federorafi.it) already provides a mapping of the schools and institutes that offer goldsmith specialization courses and also publishes job supply and demand matching opportunities. I am confident about the future of a sector that continues to be one of the most prestigious visiting cards of Made in Italy around the world.»
