Turkish jewelers make more gold deals

An increasing number of deals are being made by jewelers in Turkey that are set to boost the country's exports this year.

Although it is already one of the world's top exporters of jewelry, Turkey's jewelry sector has endured a slump following the volatility of gold prices last year. The unstable price led to clipped demand from consumers.

However, this year exports have recovered by 17 per cent, Reuters reports.

"In the past our jewelers mainly focused on the US market but now they're doing more business with countries like UAE, Russia," Murat Akman of the World Gold Council said.

"Customers from the Middle East or Russia want to settle for a deal that would please both parties and now our jewelers have started to focus on those markets more."

Although exports to America remain the biggest part of jewelry shipped abroad, exports to the UAE and Russia have risen by 68 and 260 per cent respectively.

Mutlu Oktem of the Instanbul Precious Metals Exporters Association predicted that exports could reach $1.3 billion this year, up from $980 million in 2006.

The World Gold Council is working to promote gold jewelry to the Middle East with its partner Damas Jewellery through the Farfasha Generation Gold campaign.