In addition to Asian competitors, Italian goldsmiths face a threat from pending regulations, demanded by the European Union, which will finally allow Italians to own gold ingots.

ECONOMIST: Golden opportunities

To help cope with collapsing currencies and crumbling stockmarkets, patriotic Thais and South Koreans have been handing in their gold bracelets, brooches and necklaces to be melted into ingots that can be used to repay foreign creditors.

ECONOMIST: Golden opportunities

The jewellers want the government to slap a 20% value-added tax on the ingots, lest Italians discover that they can hedge their fears of inflation more cheaply with plain gold bars than with baubles and bangles.

ECONOMIST: Golden opportunities