Gold the main attraction at Istanbul Jewellery Show

Published on September 20, 2021

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(17 Mar 2017) LEADIN
Gold is the star attraction at the Istanbul Jewellery Show.
Jewellers say more people are buying it as a safe investment at a time of political and economic turmoil in Turkey.
The most expensive piece at the Istanbul Jewellery Show dazzles under the show’s lights.
This 12.5 kg ingot made of 24 carat gold by the Istanbul Gold Refinery is valued at 500,000 US Dollars.
Jewellers here say gold buying is on the up as people see it as a safe investment at a time of political and economic turmoil in Turkey.
It comes as recent terror attacks have damaged the value of the Turkish Lira and the wider jewellery sector, in a country which has long been the main exporter of jewellery in the Middle East.
Kaan Gozum, Sales Manager at Nadir Doviz, says he’s noticed a huge spike in sales of gold bars especially:
“There is more or less 25 per cent of increase in selling gold, gold bars of 22 carats, as far as I know”, he says.
It’s no surprise visitors to the show are also drawn to this eye catching Trojan Horse, covered in 5 kilograms of gold and valued at 200,000 US Dollars.
“It (the Trojan horse) took 3 months to be finished by 8 to 10 workers”, explains Izzet Yilmaz, Manufacture Manager of the Istanbul Gold Refinery.
In the jewellery hall, the star of the show is a ring called The Energy of Life and Love, by Zen Diamonds. It’s valued at 275,000 US Dollars, the most expensive piece of jewellery at the exhibition.
“It has a 7 carat stone in the centre and about 200 stones, 200 diamonds on the sides. Here you can see, it is about one carat and it totals 8 carats”, says Zen Diamonds Communications Manager, Sinem Aksoyler,
One of the more unusual pieces at the show is a 1.75 kg scarf made of gold by LIgora Gold, valued at 60,000 US Dollars.
But not all that glitters is gold in the world of Turkish jewellery.
Figures from the Turkish Jewellery Exporters Association show that exports showed a 7.4 per cent decrease in value in 2016 as foreign investors were made uneasy by terror attacks and political upheaval.
Ayhan Guner, Chairman of the Turkish Jewellery Exporters’ Association, says turmoil in the country has also had an impact on the local market but not manufacturing:
“Local market has decreased by 30 per cent since last year. But manufacture hasn’t been affected. Last year manufacture only decreased 8 to 9 per cent compared to the previous year. In terms of manufacture, the market hasn’t been affected, so this year there has been an increase of 42 per cent. But regarding the local market, investors have been feeling uneasy for a little while”.
In terms of trends that emerged from this year’s exhibition Guner says the younger generation and their tastes are now the main focus:
“The new generation prefer to use casual products in their daily life. They don’t use jewellery which would be worn at a wedding. Today everybody buys jewellery they can use in their daily life”, he says.
The Istanbul Jewellery Show is a twice a year event which draws around 800 exhibitor brands from the Middle East, Europe and Asia. It’s on until 19 March at Istanbul’s CNR Expo.

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