By David Brough
ISTANBUL, Turkey – A slowdown in Hong Kong exports, combined with an improving reputation for the quality of manufactured Turkish jewellery and faster delivery times, drove a rush to exhibitor stands at the October 6-9, 2022, edition of Istanbul Jewelry Show, with many exhibitors’ appointment books full.
Istanbul Jewelry Show, organised by Informa Markets, is staged twice a year, offering a wide variety of high-quality Turkish manufactured gold, silver, diamond and gem-set jewellery.
The absence of Hong Kong shows and tough quarantine regulations had contributed to propel Turkish jewellery exports, jewellers said.
Turkish jewellery product quality standards and order delivery times had improved in recent years, boosting competitiveness, they added.
However, Turkish jewellery manufacturers are struggling with the impact of soaring domestic inflation, running at in excess of 80 percent on an annualised basis, which has raised their domestic fixed costs including wages.
A strong US dollar boosted the appetite of retail buyers from the Americas to the Gulf Middle East, with large retailer delegations from both regions attending the Istanbul show, attracted by the celebrated Turkish hospitality and culture. Turkish jewellery manufacturing exporters are also benefiting from earning strong dollars.
A recent fall in the gold price in dollar terms had stimulated international demand for Turkish gold jewellery exports.
Turkish jewellery manufacturers expressed a strong interest in expanding into the UK market. Some saw the current financial crisis, which led to a slide in the pound to a record low against the US dollar, as transitory.
“I see this UK crisis as a temporary one: the UK market will remain an important prospect for Turkish jewellery exporters,” Ceyhan Hosgor, who heads Turkish diamond jeweller Hosgor, told Jewellery Outlook.
Turkish diamond jewellery retailer Zen Diamond recently opened a store in the Westfield shopping centre in west London.