JB Insights
VICENZAORO JANUARY 2024
IEG’s trade show is the global jewellery industry’s choice
Attendance +3% more than 2023 on the 70th anniversary, 141 countries of origin. The United States, Turkey and Spain on the podium. Enhanced hosted buyer programme thanks to ITA – Italian trade Agency
More than 1,300 exhibiting brands
Technologies: T.Gold, showcase of top products for the supply chain. In 2025, the first edition of “The Vicenza Symposium”, a global scientific event
Watchmaking segment consolidated with TIME for B2B. Visitors to VO Vintage up 13%
More than 490 students at the 20 events in the city’s VIOFF programme
Work to start on the new 22,000-square-metre hall: an investment of about Euro 60mn
Vicenzaoro January 2024 exceeds all the most optimistic prior expectations of the Vicenza – Italy gold and jewellery exhibition’s 70-year anniversary. Italian Exhibition Group’s «boutique show» closed today with a 3% increase in attendance at the Vicenza Expo Centre, surpassing last January’s record edition. Moreover, at this edition, six out of ten visitors came from abroad: the global jewellery industry has chosen, Vicenza will be a market hub for the next 70 years. IEG responds with the start of work on the new 22,000-square-meter hall.
THE VICENZAORO JANUARY 2024 NUMBERS
Foreign attendance has been confirmed at 60% of the total, arriving from 141 countries around the world, up from 136 in 2023: with Europe counting 53%, the Middle East 9.3%, Asia 10.5%, Turkey 8%, North America 7.2%, Latin America 5.1% and Africa 4.9%.
Among the most represented individual countries overall: the United States and Turkey; from Europe Spain, Germany, France, Greece and the UK; from the Middle East the United Arab Emirates, while standing out from Asia are India, China, Japan, Thailand and Hong Kong. The largest increases are for China (+188%), Japan (+44%), Colombia (+38%), Brazil (+36%) and France (+25%). Among the new entries at Vicenzaoro: Tanzania, El Salvador and Honduras. Veneto, Lombardy, Tuscany and Piedmont confirm an extremely positive trend for Italian attendance, which saw an overall increase of 3.2% compared to 2023.
T.GOLD ON THE RISE
At this edition, T.Gold, the leading international innovation showcase featuring the most advanced machinery for goldsmithing and the latest processes applied to gold and jewellery, organized in partnership with A.F.E.M.O., saw a 4.7% increase in attendance.
TIMEPIECES.
In the timepiece segment, VO Vintage consolidated its success with exhibitors up 22% for vintage watches and jewellery open to the B2C public, with collectors, experts and watch lovers from Italy and around the world also up +13%.
INDUSTRY AND TRAINING, PASSION MAKES A COMEBACK
Gold and jewellery see restored generational turnover in the labour market. Industry and education meet at Vicenzaoro: 23 schools at the Show, mostly from Italy and from France, Germany and the UK for a total of about 750 students and escorts, all involved in the many initiatives. In the VIOFF programme of city events, Vicenzaoro’s off-show, more than 490 students took part in the 20 events on the calendar.
THE EXPO CENTRE CHANGES FACE, 2024 IS THE YEAR OF WORK ON THE NEW HALL
The close of Vicenzaoro January 2024 will mark the opening of the building site that will return a new layout to the Vicenza Expo Centre for the September 2026 edition. The new 22,000-square-meter hall will replace Hall 2, the historic “snail” built in 1971, and Hall 5, to provide more space for exhibitors and better “navigability” for visitors inside the building. The investment of about 60 million euros is fully financed by IEG.
“THE VICENZA SYMPOSIUM”, THE NEW EVENT ON IEG’S JEWELLERY AGENDA
Italian Exhibition Group’s Jewellery Agenda will be further enriched as of 2025 with a new international event, “The Vicenza Symposium” scheduled to take place from 2 – 4 September. Vicenza will therefore inherit the scientific legacy of the “Santa Fe Symposium” which closed in 2022. A biennial event with a problem-solving approach for companies, the Symposium is the result of IEG’s collaboration with two leading companies in the T.Gold world: Legor and Xolutions.
GLOBAL STAKEHOLDERS AND INSTITUTIONAL PARTNERS
Vicenzaoro January confirmed its role as an international reference point due to the presence of the entire institutional and association world. From Confindustria Federorafi, Confartigianato Orafi, Confcommercio Federpreziosi, CNA Orafi, Confimi Industria Categoria Orafa ed Argentiera to Assogemme, Assocoral and A.F.E.M.O. – Association of Jewellery Machinery Manufacturers and Exporters, CIBJO – World Jewellery Confederation, Ministry of Foreign Affairs and International Cooperation, ITA – Italian Trade Agency.
The community’s next appointment with Vicenzaoro will be from 6th to 10th September 2024.
JB Exclusive
JewelBuzz spoke to trade and industry leaders who said thatstrong consumer affinity for gold as a safe-haven and emotional asset, and high demand for lightweight, design-focused offerings are driving renewed momentum. Although higher price points may decrease overall volume (by weight), total revenue and consumer trust in gold as a store of wealth remain strong.
The Indian retail jewellery sector is approaching the crucial Diwali, and upcoming wedding seasons with a mixture of pragmatic caution, strategic innovation, and underlying optimism.
Following a period of sluggish sales driven by record-high gold prices and market volatility, industry leadership expects a noticeable turnaround. Decreasing or stabilizing gold prices, strong consumer affinity for gold as a safe-haven and emotional asset, and high demand for lightweight, design-focused offerings are driving renewed momentum.
While overall physical volume (by weight) may remain subdued or flat compared to previous years, overall sales value is projected to grow anywhere from single/low-double digits up to 20%–25%, depending on retail positioning and product portfolio.
Key Market Dynamics & Consumer Trends
1. Sluggish Past Months & Strategic Pivots to Lightweight Collections
Prior to the festive onset, retail sales experienced a downward trend due to price volatility. However, jewellers are actively countering this by shifting focus toward lightweight gold, close-set natural diamonds, silver artifacts, and platinum lines. As N. Anantha Padmanaban (Chairman, NAC Jewellers) notes:
“Sales has been on the downward trend due to various reasons for the past few months, but we are expecting good sales with gold prices coming down during Navratri & Diwali…”
Retailers are innovating across price points to capture value-conscious shoppers. NAC Jewellers, for instance, has introduced lightweight gold options such as the traditional cow-themed Surabhi collection, lightweight silver lamps for Dhanteras, and close-set diamond lines to stimulate demand.
2. Emotional Connection & Bridal Resilience
Despite elevated rates, consumer trust in gold as both an emotional asset and cultural anchor remains steadfast. Addressing the underlying consumer sentiment, Dr. Pratap Madhukar Kamath (MD, ABARAN) emphasizes:
“We remain highly optimistic about jewellery sales during the ongoing festive season and the upcoming wedding season. Despite elevated gold prices, consumer sentiment continues to be encouraging, reaffirming gold’s timeless significance…”
This sentiment translates into steady interest across traditional bridal jewellery, contemporary lightweight pieces, and investment-oriented purchases ahead of the heavy wedding dates.
3. Industry Call for Patience & Wedding Stability
Addressing market anxiety surrounding gold rate fluctuations, Rakhal Gontla (Jt MD, Vaibhav Jewellers) offers a reassuring message to the trade:
“My message to the trade and industry is simple: Don’t panic. These may be challenging times, but it is important to stay resilient, hold your ground and navigate the market with patience and perseverance.”
Marriage-related sales are expected to stay particularly healthy, backed by gold’s central role in traditional ceremonies.
4. Volume Subdued, Value Growth Driven by Gen Z & Alternative Metals
Rising gold rates have led to a division between physical volume and monetary sales value. Jayantilal Challani (Chairman, Challani Group Of Companies) observes:
“The jewellery industry expects a cautious and value-driven festive season, with total sales value projected to grow in single or low-double digits even as physical volume remains subdued due to record-high gold prices.”
To bridge this gap, jewellers are tapping into Gen Z buyers who favor minimalist designs—such as thin chains, stud earrings, and understated rings—and shifting attention toward natural diamonds and alternative metals.
5. Natural Diamonds & Expanding Value Expectations
As gold prices surge, natural diamonds are gaining significant market share, evolving from purely bridal wear to everyday lifestyle pieces. Eshwar Surana (MD, Raj Diamonds) projects strong growth in value:
“We believe the festive season will add sparkle to jewellery sales, and we expect it to grow 20–25% in value. We have already witnessed a strong and encouraging customer response…”
Rising disposable incomes and millennial demand for meaningful investment pieces are helping power this 20%–25% value surge.
6. Transparency & Consumer Confidence
Navigating periods of high pricing requires absolute trust. Dr. C. Vinod Hayagriv (MD, C. Krishniah Chetty Jewellers) cautions against misleading retail tactics while noting a muted initial sentiment:
“The sentiment for the festive season is muted… It is essential that we maintain consumer confidence with genuine sales promotions. Without inflating prices and artificially discounting—which erode consumer confidence.”
Maintaining genuine promotional integrity is seen as vital for matching or modestly exceeding last year’s festive performance.
7. Gold’s Intrinsic Value Amid Volatility
Concluding the trade sentiment, John Alukka (Jt MD, Jos Alukkas) points out that elevated gold rates actually reinforce consumer belief in the metal’s enduring value:“
Consumers are constantly seeking value and they find it in gold. In fact the consumer trust in gold has increased because of the higher value. There could be slight hesitation and confusion because of rate variations…”
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.