Business was steady for majority of exhibitors at this year’s Istanbul Jewelry Show (IJS), with gold jewellery enjoying solid demand at the four-day event.  

The show’s 55th edition, held from April 17 to 20, 2024, brought together more than 1,500 companies and brands from 16 countries, and attracted over 30,000 visitors from 139 countries, 41 per cent of which were overseas buyers, revealed event organiser Informa Markets. The total number of international visitors rose 8 per cent compared to the 2023 edition.

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.

Dazzling gold

The show featured a broad array of goods including gold, silver and gem-set jewellery; loose gemstones and diamonds; jewellery mounting; and machinery and equipment. 

An extensive showcase of gold jewellery pieces garnered significant attention at the fair. Fine gold 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.

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 a lighter shade of gold in these pieces gives them 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 the Arabian countries and Israel because of what is happening now, but we see solid demand for gold jewellery from the Turkish market.”  

Colourful pieces

Turkish jeweller Dapprima Jewellery, for its part, displayed its new collection of jewellery pieces adorned with an array of coloured gemstones such as Lapis lazuli, onyx and agate, among others.

Ilham Nurad, owner of Dapprima Jewellery said coloured gemstones are becoming more popular in the Middle East, which is Dapprima’s major market.

Meanwhile, Kurtulan is offering 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,” said Ismet. 

Stable business

Majority of exhibitors interviewed by JNA said high gold prices, which have reached US$2,320.25/oz as of April 24, 2024 based on World Gold Council figures, 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 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.

IJS, organised in April for the first time in 2024, is held twice a year, traditionally in March, and in October.