Jewelry Exports Surge to More than 3 Billion Dollars

Turkish jewelry has been among the most preferred product groups for centuries. The situation does not seem to have changed in 2022 either. The exports of the Turkish jewelry industry increased by 4.5 percent in the first 7 months of the year and reached 3 billion dollars. 

Turkish Exporters Assembly (TIM) announced foreign trade data. Accordingly, the Jewelry Exporters' Association (MIB) published the sector report. Accordingly, the jewelry industry's exports in July reached 371 million dollars. In the first 7 months of 2022, exports amounted to 3 billion 68 million 756 thousand dollars. Compared to the same period of the previous year, the rate of increase in exports was recorded as 4.5 percent.

Product Groups Exported by Turkey

TIM shared the data of export changes in the jewelry sector based on product groups. In July, Turkey's most exported product group was "jewelry and jewelry made of gold". This product group exported 303 million dollars.

In the "unprocessed or semi-processed gold" group, exports amounted to 28.6 million dollars. Additionally, the revenue of 13.5 billion dollars was obtained in the group of "jewelry items and accessories in gold with diamonds". The last group is "jewelry and jewelry made of silver". In this product group, 8.2 million dollars were exported.

The first seven months of 2022 are quite remarkable in terms of product group exports. According to the data in the first seven months of the year, an increase of 30% was observed in the exports of "jewelry and jewelry made of gold" compared to the same period of the previous year. The seven-month export revenue of this product group was 2 billion 459 million dollars. In second place is the "unprocessed or semi-processed gold" group, which exports 234 million dollars.

Moreover, it was noted that the exports of the products in the group of "jewelry articles and accessories made of gold with diamonds" gained a high momentum. It ranked third with an increase of 80.7% and exports of 149 million dollars. Finally, in fourth place is "jewelry and jewelry made of silver", which exports 85 million dollars with an increase of 12.6%.

Countries Preferring Turkish Jewelry Most

The country to which Turkey exported the most jewelry in July was recorded as the United Arab Emirates. Revenue of 72 million dollars was obtained.

The United States took second place with 47 million dollars on the list. In addition, Hong Kong ranked third with imports worth 42 million dollars. Iraq was in fourth place with 30 million dollars of imports, and Kyrgyzstan was in fifth place with imports of 24 million dollars.

Furthermore, there are some fluctuations in the ranking in the seven months compared to July. In the first 7 months of the year, the highest export was to the USA, with an increase of 21.9% and 553.6 million dollars. The United Arab Emirates followed the USA with an increase of 61.7% and exports of 545 million dollars. In addition, Hong Kong ranked third with an increase of 41% and 325 million dollars. Iraq took fourth place with 183 million dollars of exports. Finally, Israel took fifth place with 151 million dollars of exports.

Apart from the reports on jewelry exports, the analysis of Burak Yakin, the Chairman of the Jewelry Exporters' Association, whose views are included in the statement, also draws attention. Moreover, he stated that the added value created by the jewelry industry has become clearer with each passing month.

Jewels of Turkey, Favorite of Fairs

Yakın continued his striking statements in the analysis of the seven-month data. He stated that the jewelry sector was among the sectors with the fastest growth in exports in Turkey. In addition, he pointed out that it continued its growth momentum. "Despite the difficulties and fluctuations in the global economy, our industry is working hard to increase production and exports." He also added that they were taking firm steps towards their goal of achieving stronger results by the end of the year.

In addition to export-oriented studies, fairs also have a great impact on the acceleration of exports. Thanks to the Istanbul Jewelry Show, Turkey's jewelry is promoted. Many Turkish brands will attend the fair, which will be held for the 52nd time in October 2022.

Finally, the Istanbul Jewelry Show, one of the most popular trade shows worldwide, also significantly boosts exports. All specialists in the jewelry industry have access to rare amenities for information sharing and commercial opportunities at the show, which welcomes visitors from Russia to North Africa, Eastern Europe to the Near East, the Commonwealth of Independent States, and the Middle East. Thanks to the fair where many visual feasts about the jewelry industry took place, it is estimated that Turkey's jewelry exports will gradually grow.