Gold is breaking one record after another, but the historic house Ilias Lalaounis – Greek Gold has not followed suit. Sales fell 19.7% to €7.41 million, net profit shrank by 63% to €1.04 million, and cash holdings declined by €1.9 million.
The contrast is not unique to Greece. The surge in the price of gold, which rose by 67% in dollar terms during 2025, increased the cost of buying gold jewellery, curbing demand in volume terms. According to the World Gold Council, global consumption of gold jewellery fell by 18% to 1,542 tonnes, while its total value rose by 18%, reaching a record high of $172 billion.
One of the oldest names in Greek jewellery-making is also being tested by these conditions. Ilias Lalaounis was among the first to turn ancient Greek art into contemporary jewellery with international appeal. After starting his career at the Zolotas house, he founded his own company in 1969, creating one of the first Greek luxury brands to establish a presence from Paris and London to New York and Tokyo.
More than half a century later, this heritage remains a defining part of the house’s identity. It was not enough, however, to halt last year’s decline. The fall in sales came mainly from production activity, the core of the company’s revenues, with turnover in this area falling to €6.88 million from €8.65 million in 2024.
The decline in revenue was accompanied by even greater pressure on profit margins. The gross margin narrowed from 68.95% to 62.11%, while administrative expenses rose by 21.4% to €1.27 million. Cash holdings fell by 60.3% to €1.27 million. Despite the pressure, the company maintained its policy of distributing profits to shareholders.
A distribution of €1.06 million from 2024 profits was made during 2025, while the board proposed a new dividend of €400,000 from 2025 profits.
Liquidity pressure is eased by a reduction in bank borrowing, from €932,000 to €386,000, while equity remains above €13 million. The workforce grew from 67 to 69, with staff costs of €2.76 million. Meanwhile, inventories stood at €8.12 million, comprising finished and semi-finished products, raw materials and work in progress.
Management is cautiously optimistic about 2026, pointing to performance in the first half of the year and focusing on further international expansion and strengthening the company’s presence in the Greek market.