(Finance) – It was presented today, in a meeting hosted by VicenzaGoldthe sixth edition of the economic survey carried out by the Goldsmiths Club Italy, in collaboration with the Research Department of Intesa San Paolo. The survey results offer an updated and original view of the operators and allow to integrate and complete the official statistics of the sector. In addition, this edition has also been integrated with an additional questionnaire dedicated to the topic of sustainability to deepen the measures implemented by companies to promote ESG actions, guarantee the traceability of raw materials and improve the environmental and social impact of their activities.
THE’economic survey was carried out between May and June with the aim of gathering expectations for 2024 in terms of salesinvestments and to delve deeper into the competitive challenges that the sector is facing. Operators’ expectations confirm that the sector will hold up after the brilliant results of the last two years: a third of Respondents forecasts an increase in turnover (it was 28% in the end-2023 survey) with percentages substantially aligned for classes dimensionalThese assessments are compatible with the system data which in the first half of the year show a turnover index growth trend of +4.0% at current prices, in contrast to the decline in the fashion system (-8.4%) and manufacturing (-3.4%).
The driving force remains the competitiveness on international markets with growth of exports particularly relevant: in the period January-May the sector reached 6.6 billion euros of exports of precious jewellery, growing by +63.3% in value and 15.6% in quantity. market which explains a good part of these increases is the Türkiye (including costume jewellery and silverware) where overall exports amounted to 2.6 billion euros. This result, in addition to reflecting the strengthening of the hub role of this market, may also have been caused by the attempt to counteract the effects of the country’s high inflation through the purchase of gold.
The need to respond to the evolution of request and to the change of the competitive context the driving force behind the choices is investment of companies: 29% of the sample indicated an increase in investment value compared to the previous year, with peaks of 42% among larger companies. For manufacturing companies, the need to introduce new technology is also relevant (indicated by 27% of respondents), while commercial companies are driven to invest by the desire to strengthen their image (56%). The prospects for investing remain positive, thanks also to monetary conditions that are becoming more accommodating.
Companies show good attention towards issues related to sustainability with a complex mix of measures adopted that grows with the dimensions corporate. The most widespread practice is confirmed as separate waste collection, which involves almost all of the sample (77% for manufacturing companies, 95% of retail companies). For manufacturing companies, attention to reducing waste is good. packaging (59%) and of materials dangerous (55%) and the presence of is high Certifications Specifications (55%) among which the most widespread is the RJC certification.
In trade, more than half of the sample declares the presence of measures to reduce consumption of paper (57%) and for the use of packaging sustainable (52%). More than half of the companies in the sample (57%) state that their customers have shown an increase in interest in sustainability issues after 2019. However, sensitivity towards these issues, although particularly high among young (76%), in general it is not yet sufficiently developed among customers (62% of companies declare this). The perception of sustainability varies from company to company: a good share thinks it is strategic to increase competitiveness (50% of those in the gold production sector), another part believes it is an additional cost (32% again among manufacturing companies). From an analysis of balance sheet data the returns for those who have RJC certifications clearly emerge: certified companies show a better turnover growth dynamic (median turnover variation between 2022 and 2019 of 45% versus 19% for the rest of the sample), a higher profitability (difference of approximately 4 percentage points in terms of Ebitda margin), but also a higher productivity measured in terms of added value per employee (68.8 thousand euros versus 43.7). Furthermore, the profitability differential And productivity expanded between 2019 and 2022.
Cristina Wolf SlashersPresident of the Club degli Orafi Italia “The survey of entrepreneurs’ sentiment carried out between June and July 2024 shows that the sector continues to hold up well, with a third of respondents expecting further growth in turnover compared to the previous year, despite the complexity of the global scenario. We expect, for the second half of the year, a perhaps more cautious attitude but without drastic changes of direction. The real issue remains the fear of a possible drop in demand, a concern shared by two thirds of entrepreneurs. It is interesting to note that, despite the high and constantly growing price of gold, this does not seem to particularly scare operators. The propensity to invest remains solid, especially among large companies, but even smaller companies demonstrate a certain desire to grow in this direction. The push is mainly dictated by the evolution of demand, competitive pressure and the need to strengthen their image. For this edition we wanted to put the spotlight on the topic of sustainability, asking entrepreneurs for their perception of the topic. It is not surprising that medium-large companies feel more involved, with an average number of sustainable measures adopted higher than that of micro-small ones. However, it is worrying how many companies still consider sustainability an extra cost, and how training on this topic is lacking. This shows how essential it is to continue working on communication to make the entire value chain understand that sustainability is not only an ethical choice, but also a strategy that leads to concrete positive results. To spread ESG practices more widely, however, it is essential to address the lack of standards, the lack of skills and the complexity of supply chains at a systemic level. Only in this way will it be possible to involve the entire supply chain and reach the end customer in a positive way, who is showing growing attention to these issues”.
Will be RighteousEconomist Research Department Intesa Sanpaolo: “The good performance of the Italian goldsmith sector already seen in previous years is continuing in the current year: in the first half of 2024, turnover growth stood at 4.0%, in contrast to the fashion system (-8.4%) and Italian manufacturing (-3.4%). Once again, Italian goldsmithing has been rewarded by its high competitiveness on foreign markets: with 6.6 billion euros in the January-May period, exports grew by +63.3% in value and 15.6% in quantity, also supported by contingent and probably temporary factors (such as the jump in shipments to Turkey). Looking ahead, despite a complex and highly uncertain context, the sector should benefit from the progressive reduction in inflation, the fall in energy raw material prices and the introduction of less restrictive monetary policies already underway in the euro area. Gold companies are ready to seize the opportunities offered by the market, also through more investments, aimed at introducing technology into the company, strengthening the corporate image, focusing on sustainability, with important returns in terms of competitiveness.”