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Gold jewellery is displayed at the VicenzaORO trade fair in Valenza, northern Italy, Oct. 29, 2012. Italy has lost its position as the world’s premier gold jewellery exporter, overtaken by India and the United States, according to the World Gold Council.

ALESSANDRO GAROFALO/REUTERS

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A visitor looks at gold jewellery at VicenzaORO, where export-focused Italian gold jewellery manufacturers gather three times a year.

ALESSANDRO GAROFALO/REUTERS

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A staff member takes a piece of jewellery from a stand at VicenzaORO, which attracts hundreds of retail buyers from around the world.

ALESSANDRO GAROFALO/REUTERS

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Italian jeweller Bulgari, whose store in Tokyo’s Ginza district is shown in this file photo, is a luxury brand celebrated worldwide.

ISSEI KATO/REUTERS

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Jewellery is displayed at VicenzaORO. The Italian goldsmith sector is fighting an uphill battle against punitive import duties imposed by markets such as China, and competition from lower cost producers.

ALESSANDRO GAROFALO/REUTERS

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Customers look at gold bangles in the southern Indian city of Hyderabad in this file photo. Jewellery manufacturers in India and the United States have benefited from greater economies of scale as well as more favourable tariffs.

KRISHNENDU HALDER/REUTERS

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Gold jewellery is displayed at VicenzaORO. Soaring prices of gold and high salaries have also inflated Italian jewellery manufacturers’ costs.

ALESSANDRO GAROFALO/REUTERS

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