Between 2015 and 2024, global trade in jewellery rose from €97 billion in 2015 to more than €130 billion in 2024. China lost ground, with its share of the global market falling from 23.5% to 15.7%. Italy posted a particularly strong rebound, increasing its share from 5.8% in 2015 to 8% in 2023, and reaching 11.2% in 2024, overtaking Switzerland (a hub for French luxury goods and a transit country for jewellery, including Italian-made pieces) and India. According to the sector report by Mediobanca’s Research Area, this outcome confirms the ability of Made in Italy to showcase design, quality and positioning at the top end of the market.

It should be noted, however, that part of Italy’s surge in 2024 was influenced by the ‘anomalous’ performance of exports to Turkey. As indicated by a note from Confindustria Federorafi’s Study Centre, in the first nine months of 2025 Italian sector exports fell by 15.2% compared with the same period of the previous year.

This pullback, partly a natural correction after the sustained growth of the past three years, is largely attributable to the contraction in exports to Turkey. After extraordinary growth in 2024 (+468.7%), Turkey recorded a sharp decline in 2025 (-52.2% between January and September). Sales to the US also decreased (albeit less than expected), while several leading markets- including the UAE, Switzerland, the UK, Spain, Japan, and China- are showing signs of growth.

There are several reasons for China’s loss of market share: the relocation of production to lower-cost countries (India, Thailand, Indonesia), restrictive US trade policies, and rising domestic demand, which has reduced exports. At the same time, new players have emerged: the UAE has established itself as an international hub thanks to its role as a logistics and tax platform, while Turkey and several South-East Asian countries have gained share thanks to manufacturing competitiveness and their ability to attract investment.