First GOLD ISTANBUL fair gets underway

The GOLD ISTANBUL fair, the very first edition of which began recently, is being organised by the Jewelry Association of Istanbul established by new development group of leading jewellery companies, in cooperation with TUYAP. There are 339 companies and agencies from 15 countries who are participating, exhibiting a wide range of products in modern trends and latest fashions – from rings, bracelets, necklaces, pendants, to pearls and watches. Around 20000 visitors from 60 countries are the expected crowd at the fair.

Turkey’s export activities in jewellery amounted to 1.5 billion dollars in 2008. Turkey has a potential of jewellery business worth 7 bıllıon dollars with 15 giant companies operating in its jewellery industry.

In an interview with Diamond World, Mr Alper HAZAR – vice-president Istanbul Chamber of jewellery said that Diamond jewellery in Turkey has faced bottlenecks due to the 20 percent luxury tax on diamonds. Talks with the government to reduce tax on diamond have not yielded positive results, as the country faces taxes on even daily necessities like food. The heavy tax on diamond jewellery is resulting in increased smuggling in Turkey. In the jewellery industry, more than 2,50,000 workers are working in Turkey.