Italian Gold exports decline 12%

Italians income descended to levels of 27 years ago

Moving Gold exports in Italy’s largest producer and exporter in Europe to decline about 12 percent this year as in 2011, with demand affected negatively impacted by the debt crisis in Europe and concerns about the global economy. And the demand for ornaments of the most important engines of precious metals markets and global investors are watching closely to identify price trends. Said Stefano de Bescale Director, Federation of Italian goldsmiths, the Italian Gold exports fell with the buyers around the world to cut spending in the face of economic uncertainty amid the sovereign debt crisis for the euro area.

A significant reduction

The Italian Gold industry, which exports 70% of its production dominate the global market but its market share declined in the last ten years amid fierce competition from China, India and Turkey. Sector and had also hit hard by the global economic crisis in 2008 and 2009.

Weak demand

While demand remains weak in Europe there are signs of modest recovery in demand for Italian Gold in the United States – the largest consumer market for Western Costume – With the acceleration of growth there. The de Bescale that the demand for jewelery in the Middle East and North Africa is also witnessing a slow recovery with a stable political situation in many countries there after the shocks of last year.

He said that India and China, two largest consumers of gold in the world remain the virtually closed in the face of exporters of Gold from Italy and other European countries because of high duties and other trade barriers. And exports to Switzerland are derived from factors not directly related to jewelery industry. Industry experts said that there is a significant contribution to the total number of sales of recycled pieces of casting in Switzerland.

The volume of exports

The organizers of Vicenza Oro Fair President for jewelers in the north of Italy, which began yesterday, the Italian jewelery exports to the United States fell nearly 15% last year while the value settled unchanged at 466 million euros. Gold prices rose by slow wave rise about 1.5% since the beginning of the year, after rising ten percent in 2011, but according to de Bescale remain prohibitive for many consumers and then slide the public of the market are the most affected. He said that the upper Bescale of branded jewelery are better off because they do not rely too much on the metal and higher margins.

But they do not check the sizes of significant sales. “And added that in the face of consumer demand is weak baptizing Manufacturers of jewelery to reduce their stocks of the precious metal to a minimum Victvon often manufactures quantities revered customers, or buy just enough to meet orders for specific leading to a decline in quantities of gold and other precious metals Italians consumed by manufacturers. According to the consulting firm James Thomson Reuters metals, the decline in demand for gold for the manufacture of jewelery Italian 19% to 93.8 tons in 2011, less than five peak recorded in 1998.

  • Liliana

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