Trade

Jewellery crowns Turkish exports in January

February 11, 2025, 7:55 AM

Exports of Turkish jewellery more than doubled in January

Turkish jewellery exports hit $1bn
Jewellery 5.5% of total exports
UAE strongest market

The Turkish jewellery industry reported a more than twofold increase in overseas sales in January, with the United Arab Emirates proving to be by far the biggest buyer.

Jewellery exports for the first month of the year came to over $1 billion, according to data issued by the Türkiye Exporters Assembly (TİM). This is up from $458 million in January 2024, putting the sector well on the way to eclipsing last year’s total exports of $7.5 billion.

Turkey posted record high January export figures across the board, with overseas sales topping $21 billion, a 6 percent increase on the same month in 2024, the TİM report showed. However, this was offset by a 10 percent rise in imports, with inbound trade totalling $29 billion for January.

Automotive, processed chemicals and ready-to-wear clothing, Turkey’s traditional export leaders, topped the January rankings of overseas sales with $3 billion, $2.3 billion and $1.4 billion respectively, but their rate of growth was relatively modest.

The UAE dominated the market for Turkish jewellery exports, accounting for $608 million of the total, more than half of all shipments. There is a gap of almost $500 million to the second ranked Switzerland, followed by the US.

The UAE has long been one of the Turkish jewellery sector’s most important commercial partners and one of its leading markets, both for direct sale and resale activity, according to Ayhan Güner, vice-president of the Turkish Jewellery Exporters’ Association.

The Turkish government removed restrictions on unrpocessed gold, in a boost to the jewellery industry — The Turkish government removed restrictions on unprocessed gold, in a boost to the jewellery industry

“Because of its location, the UAE is a major commercial hub and Turkish jewellery is able to access many markets, such as those in Africa and elsewhere, via the UAE,” Güner said.

The January 2025 jewellery exports represented 5.5 percent of overall exports in terms of value.

That value was inflated as a result of the sharp rise in gold prices over the past year, Güner said. The per ounce cost increased from around $1,900 to $2,850 and was a significant factor in boosting the sector’s revenue.

Another factor that supported export growth was an easing of restrictions on unprocessed gold, the jewellery industry’s raw material.

The government had imposed limits on imports in August 2023 as a measure to rein in Turkey’s trade deficit. While this did reduce the country’s import bill it also heavily affected the jewellery sector.

With these restrictions now eased and as long as the Turkish economy remains on an even keel, Güner says the industry should be able to maintain its export growth.

“As long as this stability continues and our producers and exporters do not have problems accessing raw materials such as gold and silver, this increase will continue,” he said.