Leaving mark on global market, local firms export gold to 138 countries

DAILY SABAH WITH AA
ISTANBUL
Published 18.10.2019 22:12

Turkish companies that export gold, jewelry and diamonds continue to leave their mark on the global market. Manufacturing at high European standards compared to their Chinese counterparts, Turkish companies outperform powerful competitors like Italy with their low prices.

The products manufactured mainly at domestic facilities, using local resources, engineering and design, are being exported everywhere from the U.S., Europe and the Gulf countries to Asia.

Kuyumcukent Chairman Nevzat Sudaş said they have a notable place in the gold and jewelry sector. "More than 80% of our manufacturers are producing under the umbrella of Kuyumcukent. We have around 2,500 tradesmen and over 1,100 manufacturers. All seven of our big factories are major exporters," he told Anadolu Agency (AA).

Sudaş noted that they produce 700 tons of gold annually. "Nearly 350-400 tons are exported to 138 countries in total. The Middle East, Europe and the U.S. are our main export destinations."

He noted that they maintain their strength in the overseas market despite a decrease in demand in the domestic market as a result of the rise in the price of gold. He added that foreign buyers' interest in Turkey increased because gold exports from Dubai became difficult.

Sudaş said the people who escaped political crises and wars in the Middle East have made a serious contribution to the sector. "People from the jewelry sector in the Gulf countries such as Saudi Arabia, Kuwait and Qatar see Turkey as a haven and support our manufacturers," he continued.

"The weakest of the tradesmen comes with 300-500 kilos of gold. They have created serious mobility in Kuyumcukent. Until 8-10 years ago, we were in fifth place in the world gold market and diamond sector, but now we have reached the same levels as Italy. In production, we will most likely outperform Italy soon. Our follow-up continues at the point of the design." Sudaş added that the smartest investment is the investment made in gold as confirmed by the earnings statistics.

Tarz Alyans General Manager Mert Ayarman said they have a European-based export strategy at the company.

"We have an office in Munich. We distribute to Central European countries through this office, making sales to other countries through our representatives there. We are currently actively exporting to 38 countries," he noted.

He said they expect major global brands to emerge from Turkey in the next 50 years. "We are both a society that loves to use and process gold. Even when technology was not yet developed, we were able to achieve tremendous work with craftsmanship," Ayarman said.

"After the development of technology, we naturally increased production. Turkish exports have a high manufacturing capability. Our labor costs are cheap, and our capacity is increasing gradually. We produce quality products as well. We have the same quality as the product produced in Italy and we also have the chance to sell it for half the price."

He further recalled that the U.S. set quotas on China because of the trade wars. "There are serious declines in imports from China. The U.S. has to buy this gold from somewhere. If the U.S. abolishes tax or receives tax on labor only, our production will increase. If manufacturing increases, employment increases, which contributes to the prosperity of our country," Ayarman said.

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