If sanctions against Russia increase the price of jewelry
Making remarks on the matter, Burak Yakin, president of the Jewelry Exporters Association, said there is no direct trade in diamonds and gold between Turkey and Russia, but Russia meets about 60 percent of the world’s demand for diamonds in rough.
“The decision on gold is important for Türkiye. There are 6 gold refineries in Russia approved by the LBMA (London Bullion Market Association). The closure of these refineries due to the embargo will increase the demand for refineries in Turkey, which is the most serious alternative in the region. Naturally, as the supply of gold and diamonds decreases, the costs of the jewelry industry will increase.
THERE IS A STEADY STATE
Stating that Turkey does not cut or process rough diamonds, Yakin says: “It does not buy products from Russia. Türkiye buys processed products. Before this decision, the EU had already made an embargo decision, but the countries, especially Belgium, were not very willing. “This time there is a more stable situation, which will drive diamond prices up,” he said.
Near Burak
Exports increased by 19 percent in the first 4 months
According to the data of the Turkish Exporters Assembly (TIM), jewelry exports, which were 1,000 million 812 million dollars in the period January-April 2022, reached 2,257 million dollars with an increase of 19 percent in the same period this year. year.