Spain ranks fourth in Europe,
after Italy, the United
Kingdom and Switzerland in volume of gold jewellery
and watches processed using 36.1 tonnes (1.16 million oz) of fine
gold in 2001 to produce approximately 15 million items.
The main regions of production
are Cordoba (mainly small workshops producing low-end, small jewellery items),
Valencia (industrial medium-range jewellery, with a large proportion stone-set),
Madrid (largely medium to high range jewellery and gold watches) and Barcelona
(mainly high-end, stone-set jewellery).
There are approximately
4,000 production units but the vast majority are workshops employing less
than five workers. Less than 10% of the units employ more than ten people.
About 20% of gold jewellery
production is exported, main markets being the US
and other EU countries headed by France.
All precious
metal jewellery articles sold in Spain must be hallmarked
with the official 18 carat
mark at one of the 11 regional hallmarking offices or in-house at one of the
authorised manufacturers.
The accepted title within
Spain is 18 carat.
According to GFMS, the
Spanish home market is the third largest in Europe, local consumption in 2001
accounting for 53 tonnes (1.6 million oz) fine gold.
Gold jewellery is sold
through 12,000 outlets on the domestic market with a global turnover of more
than $2.5m. Consumer tastes vary considerably from North to South; in the
former lighter-weight and gem-set articles have made some inroads whereas
the latter still tends to favour heavier, traditional plain-gold styles.
Nearly half of the gold
jewellery sold in Spain is made up of imports with Italy supplying the lion's
share. Thailand and France supply small quantities.
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