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Jewelry sales on installment have been reinstated after previously being on a list of items that cannot be paid for in installments, according to a regulation published in the Official Gazette on Wednesday.
According to the new regulation, jewelry can be sold through an installment plan lasting no more than four months. The change has been welcomed by jewelers in Turkey, who do a great deal of business through installment payments and had complained of a drop in sales following previous regulations implemented by the Banking Regulation and Supervision Agency (BDDK) that went into effect in February of this year.
The new regulation is encouraging but not entirely sufficient, said İstanbul Chamber of Jewelers Vice President Mustafa Tiryaki, speaking to the Doğan news agency on Wednesday. According to Tiryaki, 500 İstanbul jewelers were forced to close shop after the implementation of February's BDDK regulation that limited installments. He said that in the ensuing period the sector's business had dropped by 40 percent year-on-year.
“We were asking for a six or nine-month installment period, though we are looking at this four-month period as a success. It is better than nothing, but not enough. However, we respect the BDDK's decision,” said Tiryaki.
The regulations had sought to reduce credit card spending by limiting the types of goods that can be purchased via monthly installments. Businesses were barred from selling food, gasoline, electronics and jewelry in installments, and all other purchases were limited to nine monthly installments. Sales of smartphones, tablets and other electronic goods, which are also frequently purchased on a payment-plan basis, had soared prior to the ban.
(Cihan/Today's Zaman)
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