MARKET COMMENTARY – Turkey aims to boost jewellery exports by 8 percent year-on-year to USD$8.2 billion in 2024

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By David Brough

ISTANBUL, Turkey – Turkey aims to boost its jewellery exports to hit a target of USD $8.2 billion in 2024, up 8 percent from 2023, but a key focus will be on risks of further upside volatility in the gold price.

The sharp rise in gold and silver prices seen so far this year, with some analysts expecting further price increases in 2024, may help Turkey’s Jewellery Exporters Association (JTR) achieve this target, up from USD $7.6 billion in export value to 159 countries in 2023. Last year, the United Arab Emirates (UAE) accounted for 42 percent of the total export value.

Turkish jewellery exports approached USD$1.5 billion in the first quarter of 2024, according to JTR figures.

MARKET COMMENTARY – Turkey aims to boost jewellery exports by 8 percent year-on-year to USD$8.2 billion in 2024

Turkish Jewellery Exporters Chairman Burak Yakin addresses the Gala Dinner on the sidelines of Istanbul Jewelry Show on April 19, 2024 

If average gold and silver prices rise year-on-year in 2024, this trend may contribute to a rise in the value of Turkish jewellery exports, which largely consist of manufactured gold and silver jewellery.

Trade sources at the April 17-20, 2024 edition of the Istanbul Jewelry Show spoke privately of a dip in visitor numbers to the event, which may be linked to the sharp upside seen in gold prices in recent months. The upside price volatility appears to have sidelined some wholesale buyers, trade sources said.

The Istanbul Jewelry Show, staged twice a year, is a showcase for Turkish gold and silver jewellery exports.

MARKET COMMENTARY – Turkey aims to boost jewellery exports by 8 percent year-on-year to USD$8.2 billion in 2024