Jewellery, industry grows driven by the desire to invest but also to possess beauty

We anticipate the opening of the Jewellery Special which will be on newsstands tomorrow 20 May, 26 pages of in-depth analysis on the industry, grappling with the challenges of changing consumption and sustainability, including new products and product innovations and forays into the world of artistic perfumery and design.

Perhaps we should go back to reflecting or studying the etymology of words. To give them more meaning, in a time - the one we are living in - in which the meaning of many things sometimes seems lost. Or perhaps (only) common sense. In the case of the noun jewel, we must not forget - or underestimate - that it derives from joy and that it indicates a precious, valuable thing of great economic value. Nor should we forget that when the term refers to a person, it means that he or she is precious in gifts and qualities. It is the playful part even more than the precious part that is worth emphasising. Or, even better, one can speak of the value, the preciousness of play.

It cannot be a coincidence that in 2024 jewellery and cosmetics (see also the Beauty Special published with Il Sole 24 Ore of 6 May and edited by Marika Gervasio) are the only sectors, in the extended fashion system, to have shown growth rates in Italy and abroad. These are different sectors and products, of course, although in some cases we can speak of 'jewel creams' or 'jewel perfumes' (see page 18 of this Special), always for their preciousness and, hopefully, for the joy they can give to those who choose them.

However, similarities do exist: when we choose a piece of jewellery or invest time in our faces and bodies, we establish a connection with ourselves. Certainly, jewellery is made to last, and in the positive sales trend even in times of economic and geopolitical uncertainty such as the current ones, the idea of investing, rather than spending, certainly has a positive weight, as happens with other consumer goods, perhaps luxury, but which inevitably lose value with use, such as clothing and accessories (with exceptions among handbags, think of some Hermès models and the values they reach in auctions that confirm the rule). Cosmetic jars or perfume bottles, on the other hand, become empty, but if the connection with the product is strong, we return to buy and build a bond that lasts over time.

With regard to the creation and production of jewellery in Italy, it should be emphasised that the goldsmith tradition is so rich that it has been able to renew itself by interpreting cultural and social changes: a capacity for differentiation that has made it possible to overcome - after undoubted difficulties - even the tsunami of globalisation and competition with producer countries with questionable social and environmental sustainability standards, to put it mildly.