Turkey jewellery exports to hit $2.5bn
Istanbul, October 5, 2013
Turkey's 2013 jewellery exports are expected to increase by 20 per cent this year to $2.5 billion, due to strong demand from markets including the Middle East, said the head of the Jewellery Exporters' Association.
"Jewellery exports in the first nine months have reached $1.7 billion ... we expect another $800 million until the year-end and to finish the year with $2.5 billion," Ayhan Guner told Reuters in an interview.
Gold jewellery exports make up about 90 per cent of Turkey's total jewellery exports.
Guner said he expected jewellery exports to rise a further 10 to 12 per cent next year to hit $2.9 billion, as rising demand from the Middle East makes up for slack markets in Europe.
The share of the European Union in Turkey's jewellery exports has fallen to around 10 per cent from 25 per cent over the past three years, Guner said.
"Right now our biggest export markets are Iraq and Dubai, through where the gold is distributed across the Middle East. I'd say around 60 to 70 per cent of the gold sold in Dubai is produced in Turkey," he said.
The gold price has fallen by nearly a quarter this year as investors fretted the US Federal Reserve would roll back its $85 billion bond-buying programme. High liquidity and low interest rates encourage investors to put money into non-interest-bearing assets such as gold.-Reuters