Vicenza Fair moves towards merger with Rimini Fair
VICENZA, Italy, September 3, 2016 – Vicenza Fair, home of gold jewellery fair VICENZAORO, announced plans for a merger with Rimini Fair with a view to an eventual stock market flotation in Italy.
The deal has yet to be formally approved, with expectations to launch the new entity in November 2016 following the signing of a memorandum of understanding a month ago, senior Vicenza Fair executives told a news conference on the first day of the September edition of VICENZAORO.
“Rimini is one of the best managed exhibition companies in Italy, and has very good financial results,” Vicenza Fair President Matteo Marzotto said.
Vicenza Fair Managing Director Corrado Facco announced preliminary plans to stage the VICENZAORO Dubai trade show in mid-November 2017, instead of in its April slot, citing expectations of improved Middle Eastern jewellery demand in the autumn period after Ramadan.
Facco said global gold jewellery demand was down 28 percent year-on-year in the first half of 2016 to 720 tonnes. Bright spots included the United States, Britain and Germany which saw growth in demand, but demand slid in India, Russia, China and the United Arab Emirates.
The value of Italian gold jewellery exports fell by 3.6 percent in the first three months of 2016, compared with the same year-ago period, he added.
In a style trends briefing for journalists, Paola De Luca of the Vicenza Fair’s TRENDVISION forecasting unit forecast trends for lighter gold jewellery designs after a surge in bullion prices since the start of 2016.