Italy: Gold Market 2024

Gold Market Size in Italy

The Italian gold market declined to $X in 2021, waning by -13.4% against the previous year. Over the period under review, consumption, however, enjoyed significant growth. As a result, consumption attained the peak level of $X, and then declined in the following year.

Gold Production in Italy

In value terms, gold production contracted sharply to $X in 2021 estimated in export price. In general, production showed a resilient expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 392%. Over the period under review, production reached the maximum level at $X in 2020, and then declined sharply in the following year.

Gold Exports

Exports from Italy

In 2021, after three years of growth, there was significant decline in shipments abroad of gold, when their volume decreased by -33% to X tons. Over the period under review, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 56%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, gold exports declined markedly to $X in 2021. Overall, exports showed a deep contraction. The pace of growth was the most pronounced in 2019 when exports increased by 77% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Switzerland (X tons) was the main destination for gold exports from Italy, with a 58% share of total exports. Moreover, gold exports to Switzerland exceeded the volume sent to the second major destination, France (X tons), sixfold. The third position in this ranking was held by the UK (X tons), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Switzerland totaled -11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-11.1% per year) and the UK (+12.1% per year).

In value terms, Switzerland ($X) remains the key foreign market for gold exports from Italy, comprising 62% of total exports. The second position in the ranking was held by France ($X), with an 11% share of total exports. It was followed by the UK, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value to Switzerland amounted to -11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-10.4% per year) and the UK (+13.2% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, falling by -5.9% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 31% against the previous year. As a result, the export price attained the peak level of $X per kg, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per kg), while the average price for exports to Jordan ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into Italy

In 2021, supplies from abroad of gold decreased by -23.4% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 41% against the previous year. As a result, imports attained the peak of X tons, and then fell notably in the following year.

In value terms, gold imports dropped notably to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 89%. As a result, imports attained the peak of $X, and then contracted remarkably in the following year.

Imports by Country

In 2021, Switzerland (X tons) constituted the largest supplier of gold to Italy, accounting for a 23% share of total imports. Moreover, gold imports from Switzerland exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by France (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+52.6% per year) and France (-4.9% per year).

In value terms, the largest gold suppliers to Italy were Switzerland ($X), the United Arab Emirates ($X) and Colombia ($X), together accounting for 53% of total imports.

The United Arab Emirates, with a CAGR of +54.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, remaining constant against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 34% against the previous year. As a result, import price attained the peak level of $X per kg, leveling off in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per kg), while the price for Mexico ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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