Atasay Kamer, President of the Istanbul Precious Minerals and Jewelry Exporters’ Association (IMMIB), notes that Turkey is among the top five gold bar importers worldwide. According to a report in Today’s Zaman, last year 239 tons of gold valued at $5.8 billion were imported and 148 tons of processed gold worth $3.7 billion were exported. Gold exports are expected to increase by 50%.

The Turkish jewelry sector currently employs about 350,000 people, with small enterprises leading the industry.

Turkey’s main competitors in gold exports are China and India. Kamer noted that the excise tax on precious stones, particularly diamonds, is another obstacle that is holding back the Turkish jewelry sector.