Turkish jewelry manufacturers are exploring Middle East markets to compensate for losses created by the events of September 11, which caused a decline in Turkey's gold exports to American consumers. The stability of the United Arab Emirates (UAE) market is drawing the interest of a range of international players.
“In the past, the main Turkish manufacturers focused the majority of their sales on large US markets, however since September 11 the demand has lessened. For many Turkish jewelers, the UAE, which is only three hours away and has always had a healthy demand for gold products, is a viable alternative," said Haldun Uluturk of Simya Jewelry in Dubai. ”Some of our designers currently focus on developing products that will appeal specifically to Middle East markets," he added.
The World Gold Council reported that jewelry demand was generally adversely affected by the September events. However, it also noted that the UAE was a resilient performer, managing a one percent increase in the third quarter of 2001, as compared to its performance for the same period in 2000.
The World Gold Council reported that Turkey's gold demand during the third quarter of 2001 was 39 percent lower than the same quarter a year earlier. Furthermore, total demand at the end of the third quarter in 2001 was 49 percent lower than at the end of the third quarter in 2000.
With more than 15 companies already confirmed, Turkey is planned to have its strongest presence ever at the International Jewelry Dubai Exhibition (IJD), to be held at Airport Expo Dubai from April 23-27, 2002. With more than 15 companies already confirmed, it has more than doubled its presence when compared to the 2001 edition. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
