The gold and jewellery industry is currently operating in a particularly complex environment. Geopolitical uncertainty, international tensions, and the instability of U.S. trade policies have driven gold prices significantly higher, with repercussions for international demand. Global demand for gold jewellery declined by 18% in volume terms in 2025, with an even sharper contraction in the first quarter of 2026, when it fell by 24%. Following the significant growth recorded in recent years, the Italian gold and jewellery industry experienced a 5.0% decline in turnover in 2025. The analysis focuses on the latest available evidence regarding current market conditions in the sector, with particular emphasis on performance in international markets and the main strategic directions that may guide companies operating in the Italian gold and jewellery industry.