MARKET INTELLIGENCE 市场情报 42 | JNA November/December 2025 These are performing well in North African markets. The company used to make statement pieces and bigger collections, but the market has since shifted, with buyers increasingly opting for smaller and lighter pieces, he added. “Gold costs three times more now compared to four or five years ago, so it makes sense to buy something lightweight, and for us, to make something lightweight,” shared Gori. “We previously sold more 18-karat gold pieces. Now, 14-karat gold jewellery is moving faster.” Gori said he met buyers from Eastern Europe, specifically Bosnia and Macedonia, as well as Iran, North Africa and Libya, at IJS October. For her part, Gizem Karışık, export manager of Simoro Jewellery, said her company entertained new buyers from Türkiye, Mexico and Romania. Customers were mostly interested in gold jewellery with diamonds while others preferred gold with zircon, she added. Simoro Jewellery offered its Tarot and Elements Collections, which were well-received at the four-day fair. Kerem Kurtulan, general manager of Kurtulan, meanwhile, met buyers from the Middle East and Italy. He explained though that IJS October used to have a more global feel – with the company doing business with buyers from Mexico, the US, Hong Kong and China. Kurtulan launched new collections at the fair, which Kerem described as more durable and competitively priced to align with existing market trends. “I still produce solid gold pieces but my gold fusion items, which are a novelty, performed strongly at this show,” he explained. Gold and tariffs High gold prices are affecting newer customers more than existing ones, added Kerem. “Old customers know my brand but those new to the business are more hesitant to invest and intimidated by gold prices. I still think there is potential though,” he noted. A 15 per cent US tariff on Turkish products, jewellery included, is also a deterrent. Kurtulan’s clients, however, are willing to shoulder the extra fees, added Kerem. Fadi Imseeh, owner of Imseeh Jewelry, revealed that business likely declined by 20 per cent this year compared to the fair’s 2024 edition mainly due to gold prices and the resulting market instability. Echoing other exhibitors’ sentiments, he said customers are more inclined to buy plain and lightweight jewellery pieces due to the surging gold price but also because these are trendier and more stylish. US tariffs, meanwhile, could be the main reason why there were fewer American buyers at IJS October 2025, he noted. The company met customers mostly from the Middle East, Egypt, Lebanon, Palestine, Algeria as well as the US and Australia. There were also new customers from Dubai, Saudi Arabia and Kuwait. Future Gori of Graziella said the jewellery trade is waiting to see how the industry will respond to continued challenges, including gold prices, taxes and tariffs, and political upheavals. The US market increasingly adopting a more protectionist policy is likewise having a massive impact on global businesses. Changes in demand and product preferences will also continue, he added. “Eventually, manufacturers will switch to lower karats because that is what buyers can afford. There will still be demand for jewellery, but if people are getting married and 18-karat gold is too costly, they will opt for 14-karat or even 10-, 9-karat gold.” For his part, Kerem explained that slower business in 2025 was within expectations due to ongoing macro uncertainties, including the Russia-Ukraine and IsraelPalestine wars as well as US tariffs and gold prices. “However, we are not at a point where we are giving up and we are at our wits’ end. We are still making money, so it is all good, although business was not as robust as two, three years ago,” he remarked. “It is slower, and this could continue next year, with potential for more stability in 2027. I remain hopeful.” I still produce solid gold pieces but my gold fusion items, which are a novelty, performed strongly at this show. - Kerem Kurtulan, general manager, Kurtulan
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