The global demand for gold jewelery continues to decline. After the 18% drop recorded in 2025, the first semester 2026 marks a further contraction of 21%, particularly intense in the markets of Middle East, The United States and Asia. The data, processed by Intesa Sanpaolo, were announced on Saturday during the international review Vicenzaoro September – the international gold and jewellery show organised by Ieg – Italian Exhibition Group, scheduled until 8 September in the Vicenza exhibition centre – in a meeting organised by Confindustria Federorafi and from the banking institution.
What emerges is thehigh price of gold, which continues to impact the sector's costs: after reaching historic highs at the beginning of the year, prices remain at exceptionally high levels, supported by geopolitical tensions and demand for safe-haven assets. Despite an expected decline in the coming years, prices are expected to remain well above the 2025 average, with persistent effects on companies' procurement costs.
After years of growth, the Italian gold sector records a decline in turnover (-5% in 2025 and -2% in the first six months of 2026), while remaining well above 2019 levels (+50%). The decline in production is more intense (-13,8% in 2025 and -22% in the first half of the year), returning to 2019 levels.
In the first five months of 2026, Italian gold jewelry exports reached 4,4 billion, equal to -15%, or -13,9% if we consider the total amount of wearable jewelry with silver and plated metals. Net of the Turkey, the key player in the 2024 surge, exports are expected to grow by 15%, confirming their strong performance in numerous international markets; noteworthy is the return to positive territory in the important US market (+29%).
Federorafi and Intesa Sanpaolo, comments on the data
Commenting on the investigation was Stephanie Trent, head of the Industry Office of the Studies and Research Department of Intesa Sanpaolo: “The sentiment of operators is marked by caution And it couldn't be otherwise given the current uncertain environment: approximately 45% of companies expect no revenue growth in 2026, 35% expect turnover to stabilize, and 21% expect an increase, despite a challenging start to the year. The push is still toward internationalization, with the search for new markets and channels and strong diversification. There is also an increasing focus on quality, which is the hallmark of Made in Italy jewelry.
“The Italian goldsmith sector, after the very positive phase culminating in 2024, is going through a moment of normalizationThe international context is extremely complex and we can see this through the sharp drop that has occurred in the demand for gold jewellery at an international level – Trenti added – Despite this context, however, Italian exports have been able to withstand this situation wellLooking at the overall data, we see a 15% drop in both value and quantity, but if we remove the flows to Turkey, which were the basis of the 2024 boom, the figure returns to positive territory and, above all, there are many markets that are experiencing growth,” he concluded. “In particular, noteworthy is the +30% recorded in the first five months of 2026 on the important US market, about which there were many concerns also by virtue of the Trump administration's tariff policies.”
Following, Maria Cristina Squarcialupi, president of Confindustria Federorafi, underlined: “This is a very complex moment for the sector and, certainly, Entrepreneurs are a little scared by what is happening on a geopolitical levelHowever, like good entrepreneurs, they never stop looking to the future. The sentiment survey by Confindustria Federorafi, for example, highlighted that, although 45% of the entrepreneurs interviewed will invest less in 2026, the remaining 55% will invest more or continue to invest as they did previously. We were very afraid of Trump's tariffsIn 2025, they had a significant impact on our exports, but in 2026 we see a positive sign, with the United States growing at 22%. A market that seemed closed has reopened its doors to Italian manufacturing."
“Certainly – he added – the greatest concern today is related to the cost of raw materials which, as we know, has seen very sudden swings in the last year, both positive and negative, which have caused business to slow down. Geopolitical tensions are in second place, while the main concerns of the post-pandemic period, related to staff shortages and training, have slipped much further, because in the time of the slowdown in work, staff shortages have become a lower priority.
