Turkey: Jewelry Market 2024

Jewelry Market Size in Turkey

In 2021, after five years of growth, there was significant decline in the Turkish jewelry market, when its value decreased by -5.9% to $X. Overall, consumption, however, saw a slight shrinkage. Jewelry consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Jewelry Production in Turkey

In value terms, jewelry production fell modestly to $X in 2021 estimated in export price. In general, production continues to indicate measured growth. The pace of growth appeared the most rapid in 2018 with an increase of 50% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then declined modestly in the following year.

Jewelry Exports

Exports from Turkey

In 2021, jewelry exports from Turkey surged to X tons, picking up by 102% on the previous year. Over the period under review, exports showed a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, jewelry exports surged to $X in 2021. Overall, exports continue to indicate a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X tons), the United States (X tons) and Iraq (X tons) were the main destinations of jewelry exports from Turkey, together comprising 39% of total exports. These countries were followed by Israel, Egypt, Canada, Libya, Hong Kong SAR, Germany, Kyrgyzstan, the Netherlands, Romania and Australia, which together accounted for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Egypt (with a CAGR of +39.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Iraq ($X) and the United States ($X) constituted the largest markets for jewelry exported from Turkey worldwide, with a combined 59% share of total exports. These countries were followed by Hong Kong SAR, Libya, Israel, Kyrgyzstan, Egypt, the Netherlands, Germany, Romania, Canada and Australia, which together accounted for a further 26%.

Egypt, with a CAGR of +71.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average jewelry export price amounted to $X per kg, which is down by -5.8% against the previous year. In general, the export price continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2016 when the average export price increased by 10%. The export price peaked at $X per kg in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Canada ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Turkey

In 2021, the amount of jewelry imported into Turkey expanded remarkably to X tons, picking up by 7% on 2020. Overall, imports, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2017 when imports increased by 35% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, jewelry imports rose significantly to $X in 2021. Over the period under review, imports enjoyed a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 89% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Italy (X tons) and Israel (X tons) were the main suppliers of jewelry imports to Turkey, together comprising 66% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Israel (with a CAGR of +108.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest jewelry suppliers to Turkey were the United Arab Emirates ($X), Italy ($X) and India ($X), together accounting for 85% of total imports. These countries were followed by Bolivia, China, Israel, Thailand and France, which together accounted for a further 10%.

Among the main suppliers, Israel, with a CAGR of +73.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average jewelry import price amounted to $X per kg, remaining constant against the previous year. Overall, the import price, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2019 when the average import price increased by 56%. As a result, import price attained the peak level of $X per kg. From 2020 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+32.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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