A significant increase in Turkish demand for gold, driven by high inflation, has boosted Italian jewelry exports from Tuscany’s Arezzo district by 133% in the first quarter of the year compared to 2023, according to a report by Intesa Sanpaolo. This surge in jewelry exports, totaling 1.8 billion euros, offsets a 23% decline in leather goods exports from the nearby Florence area, which has been affected by a global slowdown in luxury goods demand. The demand for gold, seen as a hedge against inflation, has also benefited other Italian jewelry districts. Meanwhile, Tuscan olive oil exports rose by 72%, despite an overall 1.1% decrease in exports from Italy’s industrial districts.