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Jewelry Business in Turkey
Despite the fact that there are countless firms registered in Turkey’s retail industry, particularly in the jewelry sector, there are always plenty of possibilities for both local and international entrepreneurs who want to make quick money in this sector. When starting a jewelry business in Turkey, the first thing that comes to mind should be to provide high-quality products such as; necklaces, rings, bracelets, earrings, or other things made of gold, platinum, silver, and various gemstones. With the help of our Turkish lawyers, forming a corporation for such a business may be made easier.
Turkey is known for two things: beautiful sites to visit and bazaars, which captivate all tourists that visit the nation. Foreign investors interested in conducting business in Turkey can establish a variety of businesses, but one of the most popular is the jewelry business. Whether the jewelry store is in one of the famed bazaars or in one of the wealthiest Turkish cities, this type of business cannot fail.
Conditions To Set Up a Jewelry Business in Turkey
In addition to preparing the papers for establishing a company in Turkey, one should apply for a retail license in order to begin their business, which requires information about the items and services supplied. This procedure has been streamlined in recent years as Turkey’s retail business has grown at a rapid pace. Entrepreneurs can apply for the requisite permission to start a jewelry company using the PERBIS system, which has all of Turkey’s shops registered.
As previously stated, a Turkish jewelry business can sell its wares at a market or open its own shop. In Turkey, the company registration procedure is required regardless of how one chooses to do business. Turkey has not required jewelry businesses importing precious metals to seek an import license since 1996, with the sole requirement being that the gems carry the Conformity Compliance Mark (CM) and that the jewelry shop produce a certificate of origin when exporting its items.
Types of Jewelry Businesses in Turkey
In Turkey, there are two major routes for a business owner to open a jewelry store. For example, he or she can make their own jewelry using secondhand materials obtained from various sources and then sell it in the shop, or they can offer jewelry from international export partners or local manufacturers. It’s really essential to examine the many means of advertising the business, such as over the internet with the aid of social media platforms, for whatever type of jewelry shop the entrepreneur could be interested in.
Why Open a Jewelry Business in Turkey?
Turkey, being a popular tourist destination, provides a wide range of chances for local and international business people looking to start operations and flourish in the country. When considering the tourist industry and creating a specialty, a jewelry shop in one of Turkey’s major cities (Istanbul, Ankara, Izmir, Bodrum, Antalya) is a viable alternative for both young and experienced entrepreneurs. A jewelry business in Turkey can be successful if the owner is up to date on the newest trends and if the brand is distinguished by quality and excellent service since many visitors value these factors.
Turkey abolished the 20 percent tax on gem imports in 2014, attracting a large number of jewelry investors. As a result of this policy, jewelry exports increased to $3 billion USD in the same year. Turkey has become one of the world’s top exporters of gold and other precious stones, and it aspires to become the world’s greatest center for mounting jewelry.
The jewelry industry in Turkey
Yes, Turkey is one of the few countries with a jewelry sector, with gold being one of the most exported commodities. Turkey sells gold to more than 100 nations worldwide. In addition, Turkey has a Gold Exchange, which was established in 1995. The Exchange also trades silver, diamonds, platinum, and precious stones in addition to gold. The Jewelry Exporters’ Association was founded by Turkish jewelry businesses. Turkey’s jewelry industry employs about 250,000 people who sell or make jewelry.