Vicenzaoro (January 16-20) saw big crowds of visitors and sentiment was upbeat despite worries over soaring precious metals prices and US tariffs.
Visitors from around the world were delighted to meet old friends and colleagues and to discuss the outlook for trade as the new year got under way.
The big talking points were US tariffs, with Indian exporters voicing concerns over an additional 25% US tariff to be applied to India because of its trade links to Iran, bringing the total tax up to 75%.
Indian-owned exporters were spread across Hall 3.1. One business attributed a drop in the number of pre-booked appointments with retailers, compared to previous editions, to uncertainties surrounding the tariffs.
“US tariffs are complicating business,” said Dhairya Shah of jewellery manufacturer Ariha.
India has reported a 44% year-on-year drop to 3.86 billion dollars in gemstone and jewellery exports to the United States in the period from April to December 2025, as US tariffs were implemented.
Other jewellery exhibitors, including Shri Arihant Mangal, reported solid enquiries at the show from US and European retailers for laboratory-grown diamond jewellery. “It has been a good show for us. We have seen strong enquiries for lab-grown jewellery,” said Vikas Baid, managing director of Jaipur-based Shri Arihant Mangal.
A number of suppliers were offering more lightweight jewellery in response to buoyant and volatile gold prices.
Domino Jewellery, a manufacturer based in Birmingham, UK, has introduced an option of super lightweight wedding rings in response to the precious metals rally, and is seeing more customer uptake of 14-karat gold jewellery instead of 18-karat in some market segments in the UK and continental Europe, Export Manager Amber Saunders said.
Michael Hakimian, managing director of Yoko London, reported strong business at Vicenzaoro, and spoke of robust demand for fine jewellery set with white cultured pearls.
Vicenzaoro featured a number of discussion panels, as part of its strategy to share knowledge on topical issues.
Key takeaways of a CIBJO, World Jewellery Confederation, panel on AI, was that gem labs could shed diamond grading jobs as fast-developing technologies introduced efficient innovations.
Another CIBJO panel concluded that more effective marketing will be required to boost sales of natural gemstone-set jewellery, as the industry faces challenges such as soaring and volatile precious metals prices, US tariffs, and increased visibility of synthetic gemstones against a backdrop of rising laboratory-grown diamond jewellery sales, notably in engagement ring markets in the U.S. and U.K.
A trade source at Vicenzaoro spoke of recent enquiries to a manufacturer for silver jewellery with laboratory-grown diamonds, by retailers who had previously sought 9-karat gold jewellery combined with natural diamonds. This was their response to soaring bullion prices.
Many brokerages have forecast further increases in both gold and silver prices in 2026, underpinned by “safe haven” investor buying. Silver is seeing rising industrial demand amid tight inventories.
Last year, gold prices surged 64.4%, silver was up 147%, and platinum jumped 125%. Bullion touched fresh record highs in January.
Other CIBJO panels explored sustainability trends in 2026, and presented an initiative called Gold Principles aimed at implementing responsible standards along the gold supply chain.
Even as the show drew to a close, crowds piled into the corridors, auguring for resilient trade in 2026 despite the challenges in the current business environment.