United States in contrast, Italy takes advantage of it
Sales in the United States in the last part of the year are, on the other hand, only slightly below the levels of the same period of 2019 (-1.1%), confirming the better state of health of this market also visible from the annual data, which recorded a loss contained at around 10%. A situation that has helped Italy: the export of our gold jewelery companies also suffered considerably from the impact of the pandemic, recording a decrease, on the 2020 average, of 29% in quantities and 31.2% % of values. While remaining in negative territory, there is a progressive improvement from the lows reached in April, with the last quarter of 2020 recording a 13.2% decrease in quantities and 9.7% in values and export data in value returned in slightly positive territory in November (+ 0.5%). The improvement in the last part of the year strongly depends on the trend of exports to the United States which recorded strong growth, in particular in exported values (+ 22.4% in the fourth quarter) but which also affected quantities (+ 2.5%).
Italian districts at different speeds
Also at a territorial level, in Italy, in the last part of the year the trend of gradual recovery already evident from the data of the summer quarter continued. It is in particular Vicenza to show a greater speed, with the fourth quarter of 2020 returning to positive results compared to the same period of the previous year (+ 4.7%), thanks above all to the excellent result of sales in the United States (+ 48.8%), which brings the final balance for the entire year on this market to + 4.1%. Arezzo closed the fourth quarter with a limited decline of 1.3%, which brings the final balance of 2020 to a decrease of just under 30%, thanks to the intense recovery recorded by exports destined for the United States (+1.9 % in the 2020 average with a jump of 39.1% in the last quarter). For Arezzo, as for Vicenza, the strong increase in mailings to South Africa (+ 248.9% in the whole of 2020 with + 270.3% in the fourth quarter) should be emphasized. Exports of gold and costume jewelery from the goldsmith district of Valence show the largest contraction on average in 2020, recording a decline of 44% in value and weak signs of recovery in the fourth quarter (-23.7%). As for the national data, the new strong increase in Ireland stands out (+ 231.5% on average in 2020), which becomes the first destination market for consignments departing from Valenza Po, displacing Switzerland (-75.4 % on annual average) and France (-54.2%), probably reflecting changes in the logistics and tax strategies of luxury players, particularly active in the Valencian area.
The trend of gold
Gold prices – reads the Focus – have reached their lowest levels since June, due to a macroeconomic scenario that has become less favorable in the face of forecasts of a solid recovery in global economic growth. Investors have reduced exposure to gold following the rise in Treasury yields, which currently represent the main risk for precious metals. Silver could continue to outperform gold on the back of expectations of more investment in the photovoltaic sector.