Turkish jewellery designs

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  Turkey rises in the gold jewellery sector

In recent years, the Turkish jewellery industry has become an exporter of precious metals and jewellery that rivals Italy, the world leader in the field. In the past five years, Turkey imported an average of 225 tons of gold each year. The Turkish people have a historical tradition of wearing gold jewellery. The Turkish jewellery industry employs about 250,000 people. This large workforce and an ancient tradition of gold jewellery have turned Turkey into a gold jewellery superpower.

Gold Imports into Turkey :
2006- 196 Tons; 2007 - 250 Tons and 2008- 163 Tons. The local demand for gold jewellery in Turkey is among the highest in the world since jewellery is regarded as ornamental for women as well as a coveted investment. Turkey ranks second after India for gold ownership per capita for the purpose of investment. In addition, it is customary to give gold as part of wedding gifts in Turkey.
The Turkish Gold Exchange was founded in 1995 in Istanbul. It has 50 authorized members, including commercial banks, precious metals companies, and more. According to Turkish law, only members of the Exchange are allowed to export or trade in gold and precious metals. In 1993 import and export quotas on gold were lifted. Turkey exports gold jewellery to more than 100 countries; major markets are the US, UAE, Italy, Germany, Russia, Spain and Israel. Turkey's export capacity stands at 400 tons of gold per annum and 200 tons of silver but experts estimate that the country has not yet realized its full potential. Gold Exchange Vice President Osman Sarac said in Ankara last month that in normal years, gold imports into Turkey in the first half of the year totalled 100 tons, but figures for 2009 indicate that only 67 tons have been imported upto July.

In Turkey there are about 3,000 manufacturers, 500 wholesalers, and 25,000 retail stores. Istanbul is considered the main manufacturing centre and other areas include the capital Ankara as well as Izmir and Anatolia.
Most of the gold and jewellery trade in Istanbul takes place in the 'gold market' - an enclosed marketplace with hundreds of jewellery stores. The gold market is part of the Grand Bazaar - Istanbul's ancient market.
In 1996, the industry began building a modern complex called Kuyumcukent (city of jewellers) with government support. The purpose of the complex, in which $180 million has been invested, was to accommodate a variety of jewellery manufacturers and retailers under one roof, with the aim of promoting the local jewellery industry. The seven-storey building, spread over 128,000 meters', is to be occupied by jewellers' shops and will serve as a modern and environment-friendly infrastructure for the industry and trade.
The complex also includes a five-star hotel, a movie theatre, a supermarket, and more. The plan calls for the building to include 971 stores, 448 wholesale stores, and seven manufacturing areas. It will also be capable of treating sewage unique to the gold industry, which is especially harmful for the environment. In addition, it will provide increased security and high-voltage electricity. Despite the fact that complex's construction was completed in 2006, it could not achieve significant success and not all the stores are occupied.