Gold imports by Turkey climbed nearly 90% in the first ten months of last year

Gold imports by Turkey climbed nearly 90% in the first ten months of last year while jewellery exports also rose by 27 % during the same period.

According to Istanbul Gold Exchange (IAB), demand for gold-backed funds has been recovering since last year and remains strong. The amount of gold-backed funds increased from 8.2 tons in 2010 to 15.8 tons in 2011, with a total value of $800 million.

The demand for gold and silver remains high in Turkey in spite of the strong price rally in precious metals.

The country’s jewellery industry has not noticed any significant demand reduction as a result of these rising prices, analysts said.

Many Turks regard gold jewellery as serving an investment as well as an ornamental purpose.

However, the industry needs to expanding its horizons in order to reach world standards of design and to make gold jewelry more wearable for all ages and cultures, especially in the West, analysts said. – BullionStreet

Tags: Turkey gold imports

Posted by admin on Jan 9 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry