Italy’s Gold-Silver Jewelry Sector Sees Revenue Growth in 2025
According to a recent survey by Mediobanca Research Area, the gold-silver jewelry sector in Italy is expected to close 2025 with a 5.8% increase in revenues. The survey, which analyzed the financial data of 101 major players with a turnover exceeding 19 million euros each, provides valuable insights into the sector’s performance. In 2024, Bulgari Gioielli led the pack with revenues of 846 million euros, followed by Morellato (723 million euros) and PGI (637 million euros).
Industry Performance and Key Players
The 101 largest producers of precious assets in Italy recorded a total turnover of 8.9 billion euros in 2024, representing a 6.1% increase from 2023 and a 10.1% increase from 2022. The sector employed almost 17,100 employees, a 12.5% increase from 2022. International groups continue to play a significant role in the sector, with 12 companies generating an aggregate turnover of almost 2.4 billion euros, accounting for 26.7% of total sales. These companies have an average revenue of 199 million euros, more than double that of companies with Italian capital (73.6 million euros).
Profitability and Geographical Distribution
The ratio between operating profit and turnover for the gold-silver-jewelry sector contracted by one percentage point in 2024 compared to the previous year, from 8.5% to 7.5%. Companies in the North West region expressed the highest EBIT margin (8.8% in 2024), followed by those in the North East (7.0%). The top performers in terms of profitability include Gimet Brass (38.7%), RF Holding (29.1%), Ferrifirenze (28.8%), Treemme (27.2%), and Coin Holding (25.6%).
Ownership and Foreign Investment
In terms of ownership, 74.8% of the net worth of major jewelry producers is attributable to Italian family control, while 25.2% is attributed to foreign control. Among the 12 foreign-owned companies, five are owned by French shareholders, including LVMH with three subsidiaries. Kering, another French company, has also increased its grip on Italian high jewelry by signing an agreement to acquire full ownership of the Raselli Franco Group by 2032.
Production and Investment
The production base of companies in the sector is mostly Italian, with only 11 foreign production plants identified. However, there are 98 commercial and service branches located abroad, with 39.8% in Europe, 35.7% in Asia, and 23.5% in the Americas. Investments in 2024 increased by 37.8% compared to 2022 and by 1.2% compared to 2023, with foreign-owned operators showing a more pronounced progression.
Challenges and Outlook
The strong fluctuations in the valuations of main raw materials, such as gold and silver, pose a challenge to the sector’s financial balance. The stock of warehouse inventories at the end of 2024 amounts to approximately 2.8 billion euros, representing a 12.0% increase from 2022. Despite these challenges, the net results of the precious goods industry remain satisfactory, with the sector generating profits of around 1.3 billion euros in the three-year period analyzed.
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