By David Brough
ISTANBUL – Turkey’s gold jewellery manufacturers are being buffeted by soaring gold prices, challenging the competitiveness of the sector.
Official measures to reduce gold imports in order to redress Turkey’s trade balance, have led to a sharp increase in domestic gold jewellery prices and in imports to Turkey of semi-finished and finished gold jewellery from Italy and Dubai, exhibitors attending Istanbul Jewelry Show (IJS, October 2-5, 2024) said.
Exhibitors such as Murad Jewellery and Mioro, showcased hollow gold chains, which present a chunky look, but are more lightweight, thereby countering the impact of high gold prices, which hit record peaks over the last several months.
Minimalist chain designs featured at IJS. Some chains incorporated a high percentage of silver.
Exhibitors said buyers were maintaining their accustomed purity requirements in gold, but may be ordering less weight.
British Asian buyers, for example, maintained their requirements for 22-carat gold.
Exhibitors said the present conflict in the Middle East appeared to have kept some buyers away, notably from Lebanon and Iran.
However, overall visitor turnout appeared to hold up well, and some booths were packed from the outset with buyers taking orders.
