Italian jewel export focus shifting to Asia
VICENZA, Italy, May 22, 2011 – Italy’s jewellery marketing drive will shift increasingly to Asia, notably China, where rapidly growing wealth is creating a great opportunity for “Made in Italy” products despite import duties, said Roberto Ditri, President of the Vicenza Fair.
“Asia will be the number one market,” Ditri told a news conference on the sidelines of VICENZAORO Charm, which runs until May 25. “I believe it will be led by China.”
The Italian industry is lobbying to overcome the challenge of import duties in China, but Ditri said he was confident that the quality of Italian jewellery exports would ensure that they increasingly penetrate fast-growing Asian markets, including China.
According to the latest statistics from the Vicenza Fair, the leading export destinations for Italian jewellery were the United Arab Emirates, Switzerland and the United States, respectively. The UAE market grew by 33.1 percent year-on-year to 721.8 million euros in 2010.
China was the number 6 export market for Italian jewellery in value terms in 2010, accounting for 174.4 million euros, up 39.1 percent year-on-year.
Total Italian jewellery exports grew by 27 percent year-on-year in value terms to 4.6 billion euros in 2010. Soaring precious metals prices contributed to the increase in exports in value terms in 2010.
No forecasts were available for 2011.
The Vicenza Fair is working to drive sales of Italian jewellery in the U.S., which for many years had been the number 1 destination for Italy’s jewel exports, by launching its Italian Pavilion showcasing more than 150 Italian companies at the U.S. JCK show, which runs from 3-6 June, 2011, in Las Vegas.
The Vicenza Fair expects to prioritise export marketing to the so-called BRIC countries — Brazil, Russia, India and China — and to the UAE, Ditri said.