Regional conflict ‘may tilt jewelry trade in Türkiye’s favor’

ISTANBUL

Türkiye stands on the brink of a major jewelry industry windfall as regional instability pushes firms out of the Gulf, with Istanbul Chamber of Commerce (İTO) Chairman Şekib Avdagiç urging the nation to pivot these shifting industry dynamics before global competitors seize the opportunity.

“We must not miss the chance for companies exiting the Gulf to come to Türkiye instead of Singapore and Hong Kong,” he stressed.

Reconsidering and lifting the quota measure on unprocessed gold imports is very important and necessary for the sector, he said, underlining that Türkiye is a significant center for physical gold trading and production.

He noted that due to the quota introduced in 2023, Türkiye’s jewelry production capacity has shifted over the past three years to nearby countries, particularly Dubai.

Following the recent attacks on Iran and the potential spillover of conflicts to other Gulf states, Avdagiç argued that the situation could benefit Turkish jewelry manufacturers.

“This is the right time. If we make good use of this opportunity, Türkiye faces the chance to once again become the leading country in its region’s jewelry industry,” he said.

Avdagiç stressed that swift, proactive, and effective steps are needed to attract major firms leaving or forced to leave the Gulf, urging the government to evaluate the matter urgently.

He expressed confidence that if the necessary regulations are implemented quickly, jewelry and ornament exporters who have lost customers will be able to regain them and attract new ones, which would be crucial for boosting the sector’s exports.