Earlier Report Observations
The Italian market for gold in powder and semi-manufactured forms was reshaped by regulatory reforms beginning in 2018. The abolition of the state gold monopoly allowed residents to buy and sell investment gold without VAT, broadening market participation, while stringent anti-money laundering rules enhanced transparency and control over transactions.
From 2019, demand for physical gold as a safe-haven asset surged due to economic uncertainty from the COVID-19 pandemic and expansionary central bank policies. This trend intensified with geopolitical tensions, notably the Russia-Ukraine conflict in 2022, reinforcing gold's appeal and supporting increased imports and production. Consequently, the physical market volume grew from 278 t in 2020 to 363 t in 2023.
Continued net purchases of gold by central banks globally and further regulatory updates in Italy, such as alignment with EU cash control rules, sustained market activity. The market value stabilized around $9.7 billion in 2022-2023, reflecting the interplay between rising physical volume and gold price movements influenced by monetary policy and inflation concerns.
Table of content
- 1. Disclaimer
- 2. Terms of use of the report
- 3. Product codes in the statistical classifications used in the report
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4. Key Market Indicators
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4.1. In kind
- 4.1.1. Production, 2020, 2022-2023
- 4.1.2. Imports, 2018-2024
- 4.1.3. Exports, 2018-2024
- 4.1.4. Market size, 2020, 2022-2023
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4.2. In value
- 4.2.1. Production, 2020, 2022-2023
- 4.2.2. Imports, 2018-2024
- 4.2.3. Exports, 2018-2024
- 4.2.4. Market size, 2020, 2022-2023
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4.1. In kind
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5. Production
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5.1. Production in Italy
- 5.1.1. In kind, 2020, 2022-2023, t
- 5.1.2. In value, 2020, 2022-2023, M $ US
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5.2. Production in the EU, 2018-2024
- 5.2.1. In kind, 2018-2024, t
- 5.2.2. In value, 2018-2024, M $ US
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5.1. Production in Italy
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6. Exports
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6.1. Exports (Direct Data)
- 6.1.1. Exports - Total information
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6.1.2. Exports in kind, t
- 6.1.2.1. Annual dynamics of product's exports from Italy in kind, 2018-2024, t
- 6.1.2.2. Dynamics of product's exports in kind from Italy by countries, 2018-2024, t
- 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
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6.1.3. Exports in value, M $ US
- 6.1.3.1. Annual dynamics of product's exports from Italy in value, 2018-2024, M $ US
- 6.1.3.2. Dynamics of product's exports in value from Italy by countries, 2018-2024, M $ US
- 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
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6.1.4. Average price of product's exports, K $ US/kg
- 6.1.4.1. Annual dynamics of average price of product's exports from Italy, 2018-2024, K $ US/kg
- 6.1.4.2. Dynamics of average price of product's exports from Italy by countries, 2018-2024, K $ US/kg
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6.2. Exports (Mirror Data)
- 6.2.1. Exports - Total information
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6.2.2. Exports in kind, t
- 6.2.2.1. Annual dynamics of product's exports from Italy in kind, 2018-2024, t
- 6.2.2.2. Dynamics of product's exports in kind from Italy by countries, 2018-2024, t
- 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
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6.2.3. Exports in value, M $ US
- 6.2.3.1. Annual dynamics of product's exports from Italy in value, 2018-2024, M $ US
- 6.2.3.2. Dynamics of product's exports in value from Italy by countries, 2018-2024, M $ US
- 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
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6.2.4. Average price of product's exports, K $ US/kg
- 6.2.4.1. Annual dynamics of average price of product's exports from Italy, 2018-2024, K $ US/kg
- 6.2.4.2. Dynamics of average price of product's exports from Italy by countries, 2018-2024, K $ US/kg
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6.1. Exports (Direct Data)
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7. Imports
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7.1. Imports (Direct Data)
- 7.1.1. Imports - Total information
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7.1.2. Imports in kind, t
- 7.1.2.1. Annual dynamics of product's imports to Italy in kind, 2018-2024, t
- 7.1.2.2. Dynamics of product's imports in kind to Italy by countries, 2018-2024, t
- 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
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7.1.3. Imports in value, M $ US
- 7.1.3.1. Annual dynamics of product's imports to Italy in value, 2018-2024, M $ US
- 7.1.3.2. Dynamics of product's imports in value to Italy by countries, 2018-2024, M $ US
- 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
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7.1.4. Average price of product's imports, K $ US/kg
- 7.1.4.1. Annual dynamics of average price of product's imports to Italy, 2018-2024, K $ US/kg
- 7.1.4.2. Dynamics of average price of product's imports to Italy by countries, 2018-2024, K $ US/kg
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7.2. Imports (Mirror Data)
- 7.2.1. Imports - Total information
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7.2.2. Imports in kind, t
- 7.2.2.1. Annual dynamics of product's imports to Italy in kind, 2018-2024, t
- 7.2.2.2. Dynamics of product's imports in kind to Italy by countries, 2018-2024, t
- 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
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7.2.3. Imports in value, M $ US
- 7.2.3.1. Annual dynamics of product's imports to Italy in value, 2018-2024, M $ US
- 7.2.3.2. Dynamics of product's imports in value to Italy by countries, 2018-2024, M $ US
- 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
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7.2.4. Average price of product's imports, K $ US/kg
- 7.2.4.1. Annual dynamics of average price of product's imports to Italy, 2018-2024, K $ US/kg
- 7.2.4.2. Dynamics of average price of product's imports to Italy by countries, 2018-2024, K $ US/kg
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7.1. Imports (Direct Data)
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8. Trade balance
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8.1. Trade balance (Direct Data)
- 8.1.1. In kind, t
- 8.1.2. In value, M $ US
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8.2. Trade balance (Mirror Data)
- 8.2.1. In kind, t
- 8.2.2. In value, M $ US
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8.1. Trade balance (Direct Data)
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9. Top buying and selling countries, 2018-2024
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9.1. Direct Data
- 9.1.1. Import in Value by Countries-buyers
- 9.1.2. Export in Value by Countries-suppliers
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9.2. Mirror Data
- 9.2.1. Import in Value by Countries-buyers
- 9.2.2. Export in Value by Countries-suppliers
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9.1. Direct Data
Production gold in powder, unwrought or semi-manufactured forms in Italy
In value, 2017-2020, M $ US
In 2020, Italy's output of gold in powder, unwrought, or semi-manufactured forms was valued at 7,126 million US dollars, showing only a marginal year-over-year fluctuation. From 2017 to 2020, production increased by 12.7%, with a compound annual growth rate of 4.1%.
Annual dynamics of production in Italy in value, 2017-2020, M $ US
| Parameter | 2018 | 2019 | 2020 | CAGR | |
|---|---|---|---|---|---|
| 1 | Change from last year | n/a | n/a | n/a | 4.1% |
In kind, 2017-2020, t
In 2020, Italy produced 162.0 tonnes of gold in powder, unwrought, or semi-manufactured forms, with little to no change compared to the previous year.
Annual dynamics of production in Italy in kind, 2017-2020, t
| Parameter | 2018 | 2019 | 2020 | CAGR | |
|---|---|---|---|---|---|
| 1 | Change from last year | n/a | n/a | n/a | (0.7%) |
Exports gold in powder, unwrought or semi-manufactured forms from Italy
Exports in kind, t
Italy's export volume of gold in powder, unwrought, or semi-manufactured forms increased for the third consecutive year. In 2020, exports reached 125.1 tonnes, marking a 28.9% rise from 2019. Between 2017 and 2020, exports grew by 110.8%, equating to an annualized rate of 28.2%.
Annual dynamics of product's exports from Italy in kind, 2017-2020, t
| Parameter | 2018 | 2019 | 2020 | CAGR | |
|---|---|---|---|---|---|
| 1 | Change from last year | 5.1% | 55.6% | 28.9% | 28.2% |
From 2017 to 2020, Switzerland, France, and the United Kingdom were the principal buyers of Italy's gold in powder, unwrought, or semi-manufactured forms, accounting for 67.0%, 11.4%, and 4.5% of exports in kind, respectively. Together, they represented 82.9% of total exports in kind.
Structure of product's exports in kind by countries, 2017-2020
World map of product's exports from Italy in kind, 2017-2020
Exports in value, M $ US
Italy's export value of gold in powder, unwrought, or semi-manufactured forms increased for the third consecutive year. In 2020, exports were recorded at 6,706 million US dollars, indicating a sharp rise of 66.9% compared to the prior year. Between 2017 and 2020, exports increased by 220.7%, equating to an annualized rate of 47.5%.
Annual dynamics of product's exports from Italy in value, 2017-2020, M $ US
| Parameter | 2018 | 2019 | 2020 | CAGR | |
|---|---|---|---|---|---|
| 1 | Change from last year | 8.7% | 76.8% | 66.9% | 47.5% |
From 2017 to 2020, Switzerland absorbed 70.1% of Italy's total export value of gold in powder, unwrought, or semi-manufactured forms, with the remainder spread across a wide range of smaller destinations.
Structure of product's exports in value by countries, 2017-2020
World map of product's exports from Italy in value, 2017-2020
Imports gold in powder, unwrought or semi-manufactured forms to Italy
Imports in kind, t
Italy's import volume of gold in powder, unwrought, or semi-manufactured forms increased for the third consecutive year. In 2020, imports stood at 240.8 tonnes, showing a dramatic gain of 41.8% from 2019. Between 2017 and 2020, imports grew by 74.5%, equating to an annualized rate of 20.4%.
Annual dynamics of product's imports to Italy in kind, 2017-2020, t
| Parameter | 2018 | 2019 | 2020 | CAGR | |
|---|---|---|---|---|---|
| 1 | Change from last year | 14.9% | 7.1% | 41.8% | 20.4% |
Over the period 2017 to 2020, imports in kind of gold in powder, unwrought, or semi-manufactured forms to Italy were widely dispersed across partner countries. Switzerland, France, and the United Arab Emirates accounted for 22.9%, 13.4%, and 11.1% of imports in kind, respectively, together representing only 47.3% of total flows.
Structure of product's imports in kind by countries, 2017-2020
World map of product's imports to Italy in kind, 2017-2020
Imports in value, M $ US
Italy's import value of gold in powder, unwrought, or semi-manufactured forms increased for the third consecutive year. In 2020, imports totaled 9,717 million US dollars, marking an improvement of 86.5% compared to the previous year. From 2017 to 2020, imports increased by 169.5%, with a compound annual growth rate of 39.2%.
Annual dynamics of product's imports to Italy in value, 2017-2020, M $ US
| Parameter | 2018 | 2019 | 2020 | CAGR | |
|---|---|---|---|---|---|
| 1 | Change from last year | 12.4% | 28.6% | 86.5% | 39.2% |
Throughout 2017 to 2020, the three largest markets—Switzerland, the United Arab Emirates, and South Africa—remained central to Italy's imports in value terms, together accounting for 53.8% of total flows.
Structure of product's imports in value by countries, 2017-2020
World map of product's imports to Italy in value, 2017-2020
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