Turkey target to raise its jewellery exports to $10B by FY23

 Turkey is ranked among the top 10 jewellery producing and exporting destinations in the world. It is currently ranked third largest jewellery producer alongside India and Italy. Gold, silver and diamonds are among Turkey's top precious metals exports.

According to the Turkey import export data reports, the jewellery exports from Turkey grew tremendously over the years. In the financial year 2021, it had seen growth of 64% and was worth 6.5 billion dollars.

While in 2022, the increase was around 1.2%, exports worth 7.3 billion dollars. Now, the Turkish government has planned to excel its jewellery exports to over 10 billion dollars by the financial year 2023.

Jewellery is the major occupation in Turkey. Over 2500 people are currently involved in the Turkish jewellery sector. As per Turkey customs data, the United  Arab Emirates was the top importer of jewellery products from Turkey with over 20% share of total Turkish exports. Other major markets for Turkish jewellery exports were Iran, United States, Hong Kong, Kyrgyzstan and Israel.

On the other hand, Turkey's jewellery imports were estimated around 913 million dollars. Our Turkey import data reflects that the top jewellery exporters to Turkey were Italy, United Arab Emirates and India. Mira Gold, Murad Jewelry, Met Jewelry, Alsayyed Design and Jamila manufactures are some of the most prestigious jewellery manufacturing companies from Turkey.

The exports of jewellery products related to silver were estimated around 384 million dollars during the financial year 2022. The most favoured destinations for silver exports from Turkey were the United States, Singapore, Nepal and Germany. 

While imports were mostly from Russia, Belgium, Germany and Kazakhstan. Turkey's major competition in the silver exports market is from the United Kingdom, China and Hong Kong. While there is a decline in the exports of silver to Canada, Czechia and Switzerland.

On the other hand, Gold shipments from Turkey have declined dramatically during the Financial year 2022. There were record imports of Swiss gold to Turkey in the last 11 years. In the last month, around 58 tons of swiss gold was imported to Turkey worth over 3 billion dollars. Also, the gold imports from Russia to Turkey has increased constantly over the period of time.

According to the Turkey export data of diamonds, Turkey's diamond exports increased by 24% during the financial year 2022. The major markets for Turkish diamond exports were the United Arab Emirates and Saudi Arabia.

Turkey trade statistics forecasts reports suggest that the demand for Turkish jewellery had grown significantly in the United Arab Emirates, Iraq and the United States Market. While it saw a downward trend in the Germany, Saudi Arabia and Belgium markets.

Although Turkey is known for its fine jewellery and artwork, it is facing tough competition from some of the most sophisticated jewellery export markets. These include China, Switzerland and India. While in terms of imports, the major destinations are Hong Kong, United Arab Emirates and the United States.

Exim Trade Intelligence Platform is the best market research platform available in the market that gives quick and easy access to the global market insights. Through import export data reports of over 200+ countries, companies can expand their jewellery export business to the potential markets and boost their market revenue.