The global recession jinxed bitter half of 2008 is over at last but the usual New Year feel-good is missing as the meltdown has been carried over to 2009. It continues to overhang the trade, industry business and corporate sectors, darkening their prospects. I began my New Year early in January 2009 by flying over to Vicenza, the Italian centre that is not only the first to stage the country’s trio of gems and jewellery fairs, but also opens the international calendar of precious expos. Vicenza First was raising its curtain when I reached Vicenza expecting to encounter an environment of gloom and despondency as reportedly prevailing at other gems and jewellery destinations; but I was rather surprised that, although Vicenza too was not exuberant with good cheer, yet the Italian top brass were not rattled or depressed. They were in a sanguine mood, busy putting their best feet forward to salvage a grim situation. Even the renovation and additional construction work for betterment of the expo centre is continuing as planned when I was there on an earlier visit.%%The reason for Italy’s poise and self-confidence is no secret. Suffice it to record that Italy is the global gold king with its triple superiority-quantity processed, quality and exquisite designs, it is concentrating on gold which is considered to be the least vulnerable even in these meltdown times. Generally people who have the money to spare, turn to this yellow metal to salt away its extra. While other coveted valuables like gems and jewellery have been hit by the recessionary meltdown gold continues by and large to hold its ground. That means advantage Italia. Hence ‘Made in Italy’ has emerged as the brand supreme.%%Since Italy’s golden prowess is very helpful in popularizing the coveted yellow metal all over the globe, the World Gold Council the international network for enhancing the offtake of gold is also very helpful in highlighting the golden lure of ‘Made in Italy’.%%

{{Gold Expression-2009 Launched at Vicenza :}}%% Launched in January 2009, at VicenzaOro’s FIRST Fair, Gold Expressions-2009 is the World Gold Council’s leading marketing initiative that aims to bring the best of Italian gold jewellery design to the global markets. This successful product development program promotes innovative ‘Made in Italy’ design and product excellence in order to stimulate global consumer demand for gold jewellery.%% This project unites the Italian jewellery designers and manufacturers, and provides an insight into the latest industry research and trends which are instrumental in the design of innovative and contemporary gold jewellery.%% The Gold Expressions (GE) concept was launched following global consumer research insights which identified consumers’ appetite for more contemporary, innovative and versatile gold jewellery in the key markets for gold around the world. %% World Gold Council research provides an insight into the values, attitudes and feelings of gold jewellery consumers and the role gold plays in their life, as well as an insight into their purchasing habits and the competitive set up for gold. %% The briefing at Vicenza for the 2009 collection also included trend forecasting by Worth Global Style Network as well as a presentation by guest designer Beatriz Biagi on how to apply the wealth of research and trends information to the design process, resulting in an extremely creative collection for 2009.%% {{Uniting Italian Gold Jewellery Industry :}}%% Gold Expressions-2009 represents 48 Italian participants and showcases over 250 pieces of jewellery. Following the launch of the collection in Italy, it will commence an extensive world tour consisting of trade launch events and exhibitions at the major trade fairs and consumer promotion to commercialize the collection in the most important markets for gold, including China, Japan, India, the Middle-East, the United States and Russia.%% This global project is sponsored by WGC, along with key partners Vicenza Fair and gold mining company AngloGold Ashanti, as well as regional trade partners in the key markets. %% {{Unhindered Optimism :}}%% India’s exhibitors were accommodated in the new Hall D1 at Vicenza First. This Hall presented only 18 selected exhibitors. Those who occupied the first pavilion in the previous show were shifted to the new Hall D-1, named as the International Hall. The new building under construction will be completed in a couple of years when this front group will be shifted therein.%% Vicenza First did not lack enthusiasm. It reflected self confidence as well as optimism for better days ahead, despite the global economic meltdown which has been causing anxiety and apprehension in the precious sector at various centres. I took a round of the Vicenza fair and compared notes with many exhibitors and fair organizers. I was informed frankly that many operators are keeping their fingers crossed and desisting from brisk purchasing as they did not want to run the risk of adding to their unsold stock. If they have an order in hand, they are making selective purchases. However, Vicenza First overall added upto an average not disappointing. I feel strongly to record here that Vicenza Fair team as well as Italy’s gems and jewellery organizations, official bodies and the trade and industry are working overtime to minimize the erosion caused by the economic crunch, thus obviating the panic and desperation witnessed at some other trade and industry centres. This, I should say is the right spirit of taking the rough with the smooth and maintaining equilibrium as it is a long accepted fact that no business is absolutely recession proof.%% I would like to conclude this report by mirroring a report of the latest Italian balance sheet of the country’s precious import-export data as well as a selection of some fascinating design specimens of the ‘Made in Italy’ gold jewellery brand.%%

{{Economic Fact Sheet :%%}} According to the last processing of the Istat (National Statistics Institute) data on the exports trend of the Italian goldsmith’s sector executed by Oromonitor, the Observatory of jewellery and valuables of Vicenza Fair, in the first three trimesters of 2008 the total exports amounted to about ¤3,142 million.%% The value exports are dropping compared to the month of August (-71%), but partially balanced by the good performance registered in the month of September , which presents exports (in value) an increase of 60% compared to the same period of the previous year.%% The contraction can also be interpreted in quantitative terms (the exports in the first nine months have suffered a drop of -8.16% compared to the same period to the same period of last year)%% Among the main end markets of Italian goldsmiths’s exports, the United States remains in third position in terms of importance, with a drop of about 28% compared to the first three trimesters of the previous year. Negative performances also continue on important markets of the European area such as Spain (-21.13%), Germany (-6.60%) and the United Kingdom (-30.9%).%% The United Arab Emirates maintain the leadership with a share of 16.40% of the total Italian jewellery and goldsmith’s craft articles exports, followed by Switzerland with a share of 11.63%. Positive reports also come from Turkey (+15.26%), Hong Kong (+7.33%) and Poland (+6.52%).%% {{India & China Claim Growth :%%}} Also the imports register a drop : -5.05%. Among these, on one side emerges the drop of Belgium (-16%), Switzerland (-8.43%) and Thailand (-20.12%) and on the otherhand- the strong growth of India (+36.61%) and China (+26.51%).%% {{Gold Fluctuation :}}%% In the first trimester 2008 the quotations reached a new maximum, but in the successive three months the price started to decrease and remained constant enough until September the month in which an additional increase was registered.%% Europe continues to be the first end market, despite a drop of exports in absolute value equal to -3.45% compared to the first nine months of 2007.%% Also the negative trend of the Americas persists, when compared to 2007, in the first three trimesters of the year show a strong reduction respectively of -27.07% (North America) and -14.13% (Central-South America).