Vicenza, 09/01/04 – From the point of view of the destination markets, the recovery of over 16% recorded in exports of Italian jewellery products during the two month period, September-October 2003, compared with the corresponding period in 2002, appeared partial and not yet generalized, nor could it be otherwise. The first aspect which emerges clearly is the contrast between Europe on the one hand and Asia and America on the other. In the old continent (inside and outside the eurozone) the dominant trend was still a further redimensioning of sales of jewellery products. The fall was -14% during the September-October period for the eurozone and -32% for the other countries. This was the situation in the markets of France, Germany, Portugal, Greece, the Netherlands, Austria and the United Kingdom. The position was relatively stationary in Spain, Sweden and Norway. In contrast, there was greater dynamism (+33%) among the forthcoming new EU partners, as well as in African countries (+50%). But the absolute values of the purchases for both groups are relatively limited. Significant progress has been made in the exports of precious goods directed towards Asia – with China in the lead (+9.4%) followed by Hong Kong and Japan -– and in America, despite the negative effects on competitiveness in pricing as a result of the depreciation of the US dollar against the euro. In the light of the very negative results accumulated from the beginning of 2003, the recovery in September-October could only partly correct the bottom line for the first ten months of the year for which an overall drop of 23% on the same period in 2002 is estimated. In terms of the cumulative results for the first ten months of 2003, exports of precious goods to the United States were found to be down by about 31% but the incidence on the total of Italian exports was up to 31% (from 27.6% in the first eight months of 2003) thanks specifically to a significant recovery in September-October. Even if Italian jewellery is a global product – witnessed by its appeal to purchasers in 150 countries over five continents – despite this vast reach of its foreign sales, almost one third of exports are directed towards the United States (this share rises to 35% if the entire NAFTA area, with Canada and Mexico, is considered). The European Union attracts another quarter of sales. When you then consider the significant participation of the "other countries" (about 12%) you can see how the widespread distribution of jewellery sales provides effective proof of the dynamism of Italian exporters even in difficult times. In particular, during the first ten months of 2003, the most significant drops occurred in the countries in the dollar zone, as could only be expected, following the steep devaluation in the currency.