Jewelery retailer Goldas plans overseas expansion

28 Mar '06

2 min read

Turkey's only listed gold jewelry retailer, Goldas plans to increase its overseas presence fourfold by adding stores to take the figure to 50.

Cetin Binatli, Board Member of Goldart Holding, Goldas' parent company, informed that new stores in Russia and China, along with expansion of its domestic outlets with funds from local and international banks will further boost its image.

Turkey hit the gold jewelry scene about 15 years ago and is presently, world's second largest exporter.

Official gold jewelry exports from Turkey totaled 110 tons, worth $1.0 billion in 2005, up from 105 tons to $847 million the previous year.

Turkey exports similar amount in both tonnage and value through tourist sales, called luggage trade, to neighboring countries, industry analysts said.

Turkey has reached Italian market levels in terms of quality and price, said Binatli.

Italy is finding it difficult to match competitive prices offered by Turkish jewellers.

Italian jewelry production fell as rivals cut in to its share of export markets and production fell by about 8 percent to 280 tons in 2005, observed UK-based consultants, Gold Fields Mineral Services Ltd.

Italy produced a top performance of 535 tons before Turkey started to export with all seriousness in 1998.

It is also reported that Indian exports have also dug deep in to Italy's market share, further affecting the industry there.

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