The key points
- Revenues up on 2019: average revenues at +11.9 per cent
- However, 19% of companies (almost all small) have not registered any recovery
- The increase in turnover also depends on the increase in the cost of metals
Average turnover of 8.8 billion euros, up by 54.6% over 2021 and above previous estimates which fixed the increase at + 46.5 percent. And revenues also increased on pre-Covid levels: + 11.9% on 2019. The estimates drawn up by the Confindustria Moda Research Center for Federorafi design a 2021 marked by growth for the gold-silver-jewelery (Oag) sector. “Considering that in 2020 the turnover had reached approximately 5.7 billion euros, the dynamic 2021 translates into an increase of 3.1 billion. This is an important recovery that leads to surpassing the levels of 2019 by + 11.9%, corresponding to almost 940 million in absolute value, ”Federorafi said.
Recovery yes but patchy
The average increase over 2019 is determined both by a recovery in production activities (the estimate relating to the data provided by the sample companies leads to quantify a recovery of + 32.3% on an annual basis) and by a rise in gold prices and other precious metals, but the recovery is not homogeneous: exceeding the turnover levels of the year 2019 affects only 62% of the panel of companies interviewed and, of these, 35% reached “much higher” levels, while 27% went to “slightly higher” values. However, there remains a significant share of the companies that have not yet registered the recovery: 19%, and therefore almost one in five, indicate that they have closed the year 2021 at “much lower” levels than in 2019. These are mainly companies of small size, with a turnover of under five million euros.
The lack of recovery does not seem to have a negative impact on the workforce of companies: based on what emerged from the Eighth Covid Impact Survey on the TMA sector prepared by the Confindustria Moda Study Center, 44% of the companies in the sample declared that they had increased their staff in the course of 2021. For the remaining 50% the number of employees at 31 December 2021 coincides with that at 31 December 2020, while only for the remaining 6% of cases – they indicate a reduction in personnel.