Mandatory holiday for gold workshops! They will not open their shutters for at least 10 days.

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Rising costs and import quotas continue to negatively impact the jewelry sector. Geopolitical tensions in the Middle East, changes in central banks' monetary policies, and the upcoming U.S. elections have driven gold prices to historic highs. However, the significant price difference between Turkey and international gold markets has considerably reduced domestic demand for gold. This situation has led to a decline in sales in the jewelry sector and negatively affected exports as well. One of the reasons for this closure is that local producers have started to move their production facilities to countries like Egypt, Dubai, and Iraq.

WORKSHOPS HAVE DECIDED ON A MANDATORY CLOSURE FOR 10-15 DAYS

While stating that this period is one of the most challenging years in recent times, industry representatives expressed that the development has started to hit manufacturing and workshops. For the first time in many years, workshops in Kuyumcukent and other regions have decided to close for 10-15 days. Businesspeople, who are concerned that this situation may lead to complete closures and layoffs in the upcoming period, also noted that both foreign and local producers have begun to move their production bases abroad by working with local partners in countries like Dubai, Egypt, and Iraq.