UAE largest buyer of Turkish jewelry in January-November

ISTANBUL

The United Arab Emirates emerged as the leading market for the Turkish jewelry sector, with exports to the country reaching an impressive $2.3 billion in the first 11 months of 2024.

The industry’s overall export revenues amounted to $6.84 billion, marking a 1.6 percent compared to January-November of last year.

Global recession concerns weighed on demand for luxury goods, but demand for Turkish jewelry products remained robust, according to analysts.

The industry’s export revenues are likely to be around $7 billion this year, they said.

The U.S. at $658 million -down 29.5 percent- and Hong Kong at $513 million — up 25 percent — were the second and third largest destinations for the Turkish jewelry sector.

Exports to Iraq, which rose by 116 percent annually, and Kyrgyzstan, up 90 percent, amounted to $438 million and $292 million, respectively, in the first 11 months of the year.

Shipments to Libya surged more than 180 percent to $285 million, while the year-on-year increase in jewelry sales to Italy was 186 percent to 165 million.

Jewelry exports originated in Istanbul stood at $4.7 billion, followed by the provinces of Çorum at $2 billion and Kastamonu at $73.1 million.