This article first appeared in the JNA July/August 2024 issue.

Gold jewellery dazzled buyers at the 55th Istanbul Jewelry Show (IJS), which brought together global industry players in the Turkish city for four days of B2B networking and transactions. The fair is organised twice a year by Informa Markets.

The first 2024 edition, held from April 17 to 20, featured more than 1,500 exhibitors from 16 countries and attracted over 30,000 visitors from 139 countries, 41 per cent of which were from overseas. The total number of international visitors rose 8 per cent from the previous year, revealed the organiser.

IJS, held traditionally in March and in October, took place in April for the first time in 2024. The fair also debuted a new logo and branding.

IJS Founding Partner Şermin Cengiz noted, “This transformation is not only a turning point but also a beginning.” The show will continue to shine the spotlight on the jewellery industry under the IJS brand, now represented by a modern tulip figure – the emblem of Istanbul.

The sparkle of gold

Exhibitors said business was stable throughout the fair but majority of them also cited slower traffic and sales due to a severe flood in Dubai on April 16, the Middle East conflict and global economic headwinds.

Meanwhile, some of them observed a growing demand for better-quality, one-of-a-kind jewellery pieces that are more affordable, given ongoing economic and political uncertainties around the world.

Notably, an extensive showcase of gold jewellery pieces garnered significant attention at the fair. Within the gold jewellery section, fine jewellery pieces, innovative designs and commercial items were among the fastest-moving products.

Amid a general preference for 18-karat gold jewellery, buyers from the US and Europe gravitated towards 14-karat gold while customers from the United Arab Emirates mostly asked for 21- to 22-karat gold items. In terms of jewellery design, evil eye and animal-inspired pieces were all the rage among buyers.

Several exhibitors likewise unveiled new collections at the fair. Gold jeweller Cilek Koncept Jewellery introduced its latest Bee Mine Collection, featuring bee-motif rings, earrings, pendants and bracelets in 14-, 18-, 21- and 22-karat gold.

“People love the nature-inspired design of this collection. The use of 14-karat gold in these pieces offers a more
modern aesthetic, which resonates strongly with consumers,” said Aysenur Aslan, corporate communications manager of Cilek Koncept Jewellery.

EMA Jewellery, for its part, offered a wide range of uniquely designed gold chains, pendants and charms, among other jewellery pieces. Amely Neuner of EMA Jewellery observed that transformable jewellery pieces are gaining popularity in the market.

“Buyers are on the lookout for top-quality products nowadays. If you are selling gold and diamond jewellery, you must offer the best quality to stand out from the rest,” Neuner said. “We missed buyers from Arabian countries and Israel because of ongoing uncertainties, but we see solid demand for gold jewellery from the Turkish market.”

Colourful pieces

Colourful jewellery remains trendy as well, according to exhibitors interviewed by JNA. Ilham Nurad, owner of Dapprima Jewellery of Turkey, said coloured gemstones are becoming more popular in the Middle East, which is the company’s major market.

Dapprima displayed its new collection of jewellery pieces adorned with an array of coloured gemstones such as lapis lazuli, onyx and agate, among others, at IJS.

Meanwhile, gold jeweller Kurtulan offered a collection of 24-karat gold jewellery embellished with sapphires, rubies and emeralds. “I think 2024 will be the year of coloured gemstones,” remarked Ismet Naci Kurtulan, CEO of Kurtulan. 

“The show was slower than the previous year in general, but not for us. Our business is doing well because customers appreciate our handmade jewellery pieces and unique designs,” he continued.

Unique and affordable

Ali Karaahmetoglu, foreign trade specialist of Piano Very Jewellery, observed significant changes in consumer habits over the past 10 years. He said, for instance, clients used to make relatively large purchases twice a year but now, they would buy more frequently and spend less on each order. Karaahmetoglu noted, “They seek something different and more competitively priced.”

To cater to evolving buying preferences, Piano Very Jewellery focused on developing products that are lightweight, more affordable and fashion-forward for daily wear. These products moved fast at the show, shared the company official.

Piano Very Jewellery specialises in gold and diamond jewellery as well as piercings, with main clients from Europe, the Middle East, South America and Canada.

Veli Gelir, director of Veli Gold Kuyumculuk, also noticed a rising demand for lightweight gold jewellery. He said, “Our electroformed jewellery pieces, particularly pendants and chain bracelets and necklaces in 18-karat gold, moved well as these come in bolder designs and are more affordable and lightweight."

Meanwhile, Gizem Karisik, co-founder and creative director of Mist Jewels, said jewellery pieces that offer a compelling story are also sought after. Embracing this trend, Mist Jewels unveiled the Tarot Card Collection with eight tarot card pendants, namely The Sun, The Moon, Strength, The Lovers, Wheel of Fortune, The Star, The Magician and Justice. “People want to feel special when wearing jewellery. They are drawn to the stories and the passion behind the designs. They are also captivated by the symbolic meaning associated with the pieces. For example, wearing a particular necklace is believed to bring good luck,” she explained.

Mist Jewels offers a wide range of gold, silver and gold vermeil jewellery and piercings in chic and minimalistic designs. Its primary markets are the US and Europe.

Stable business

Majority of exhibitors interviewed by JNA said rising gold prices, which stood at US$2,348.25 per ounce as of May 31, 2024, could be an advantage for jewellers as people are buying more gold jewellery for investment purposes. They also expect the jewellery business to remain stable amid global uncertainties.

“Although we are facing several macroeconomic and geopolitical challenges, our jewellery exports continue to increase,” said Sirzat Akbulak, manager at the Turkish Jewellery Exporters’ Association. “Our members can survive such difficulties, thanks to our association's strong international connections and business ties with chain stores and brands around the world.”

Akbulak said the association expects Turkish jewellery exports to reach US$12 billion in the next five years, from US$7.6 billion in 2023.