Turkiye’s jewelry industry aims to boost its export revenues above $4.7 billion in 2022 while expanding its outreach globally.
“We have appointed a representative to Mexico and opened offices in the U.S. and Singapore. Those offices will help increase exports by 15 percent,” said Burak Yakın, chair of the Jewelry Exporters’ Association.
He noted that the industry generated $4.7 billion in export revenues last year. “We believe this year’s exports will exceed this level.”
Some 1,000 of the association’s 3,000 member companies engage in export activities, and they are working to increase the exporting firms to 2,000.
The industry’s sales to foreign markets increased by 5 percent on an annual basis to reach $3.57 billion in January-August.
In August alone, exports grew by 11 percent from the same months of 2021 to $500 million.
The speed delivery of orders distinguishes Turkiye from its competitors, Yakın said.“For instance, Italy delivers an order for 10 kilograms of gold in two months, but it is only 10 days for Turkiye.”
Revenues of the businesses at Istanbul’s Grand Bazaar, which is famous for its jewelry shops, are much higher than last year, and the sales are expected to remain strong in winter, he added.
Businesses, not only jewelry shops but also other retailers, have been enjoying the rebound in tourism activity.
The jewelry industry will probably take the hardest hit from the global economic developments, and the impact of those adverse developments will be seen in the final quarter of 2023, according to Yakın.