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A recent increase in gold demand from Turkey, which is grappling with high inflation, has significantly raised jewelry exports from Italy’s Arezzo district in Tuscany. According to data released on Monday, this boost in jewelry exports has helped offset a decrease in leather goods sales from the nearby Florence area.
Inflation in Turkey hit 61.8% in July, driving a 133% increase in jewelry exports from the Arezzo area in the first quarter of the year compared to the same period in 2023. This surge is highlighted in a report by Intesa Sanpaolo, focusing on Italy’s industrial districts.
Gold is widely regarded as a hedge against inflation and a reliable store of value during times of economic uncertainty.