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MARKET COMMENTARY – Manufacturıng strengths and exchange rate underpın Turkısh jewellery export drıve

By David Brough

ANTALYA, Turkey – High manufacturing standards and a weaker lira will help drive the ambitions of Turkish jewellers looking to boost export markets, with a strong focus on the United States.

The United States can become the number one market for Turkish jewellery exports, overtaking the United Arab Emirates, notably Dubai, with a strong turnout of manufacturers from Turkey expected to join the JIS Spring show in Miami Beach in March, 2022.

Mustafa Kamar, Chairman of Turkey’s Jewellery Exporters’ Association (JTR), says he believes Turkey can achieve around $10 billion of jewellery exports annually in the next few years, up from around $7 billion now.

High manufacturing standards, coupled with investment in design and stone cutting, will help to fuel ambitions to drive up the value of Turkish jewellery exports, with the potential to at least double exports to the United States over the next couple of years, Kamar says.

Turkey mainly produces gold and silver jewellery, gem-set and pearl jewellery, and mountings.

The recent weakening of the lira against the U.S. dollar will also strengthen the position of Turkish jewellery exporters, who mainly transact in the greenback.

Jewellery raw materials such as gold, silver and diamonds are priced in dollars. The JTR has plans to stage trade events in the UAE, US and Asia, along similar lines to Jewellery Antalya, to promote jewellery exports.

Jewellery Antalya, which took place in the Turkish Mediterranean resort of Antalya from January 7-11, 2022, saw strong orders, notably from Russian and CIS buyers who turned out in force during the Christmas break in Russia to restock after a buoyant festive period. Russian retailers and wholesalers used the recreation and networking facilities of the buying mission venue at the Rixos Sungate hotel to combine business with pleasure.

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