Tuesday, 19th June 2007 (2604 views)

Deals with countries such as the United Arab Emirates (UAE) and Russia have led to a boost in gold sales for Turkey, according to reports.

Gold exports to the UAE and Russia from Turkey increased by 68 per cent and 260 per cent respectively in the first five months of the year, Reuters reports, suggesting Turkey is refocusing its efforts.

"In the past our jewellers mainly focused on the US market but now they're doing more business with countries like UAE [and] Russia," Murat Akman, Turkey general manager of World Gold Council, told Reuters.

Mutlu Oktem, secretary-general of Istanbul Precious Metals Exporters Association, added that while it is important not to neglect the established market of the US, focusing on "developing export markets" seems to be the way forward currently.

It was also suggested by the export and import director of jewellery company Favori Kuyumculuk, Oguz Ozdemir, that the close proximity of Russia and Turkey has helped the market between the countries grow.

The high season for jewellery exports is Christmas time, Mr Ozdemir added, according to the New Anatolian.

 

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