Luxury Jewellery in Turkey

PROSPECTS

Affordable luxury drives growth, especially in time of economic hardship

Within luxury jewellery, several players have launched bridge jewellery collections to the landscape, mixing semiprecious gemstones and metals. This mixing of metals results in a more affordable offering, reaching a more extensive range of consumers.

Luxury costume jewellery continues to outperform luxury fine jewellery

Due to its high prices, luxury fine jewellery remained unaffordable for the majority of Turkish consumers in 2019. In this context, and although it accounts for a fraction of the sales of luxury fine jewellery, costume jewellery continued to see the most growth, with large necklaces and earrings performing particularly well – items which are seen as a substitute for large fine jewellery with precious materials.

Players appeal to younger consumers through showcasing their ethical credentials

The consumption of luxury jewellery is not a priority for many millennials, due to their tendency to curb their expenditure on non-essential goods in favour of financing experiences. To enhance their appeal to younger and millennial audiences, some players appeal through their ethical and eco-friendly credentials.

COMPETITIVE LANDSCAPE

Domestic luxury jewellery players benefit from widespread availability and offering quality products

The most coveted luxury jewellery brands in Turkey in 2019 included Cartier, Bvlgari, Tiffany & Co, Hermès and Gucci, thanks to their heritage and prestigious image. However, the sales of domestic luxury jewellery players such as Molu, Sevan Biçakçi, Armaggan and Gilan grew faster than international players, due to their widespread availability and offer of high-quality products at fair prices.

New ranges from Cartier and Swarovski, with unexpected materials and unique positions

In 2019, Cartier introduced the Magnitude collection, that combines unexpected materials; precious stones and ornamental hard stones. Also in 2019, Swarovski introduced the Power Collection.

Competitors focus on ethical issues to gain value sales and consumer trust

Turkish consumers are becoming increasingly aware of the ethical issues surrounding fine jewellery, especially concerning the mining of diamonds, other precious metals and precious stones. The leading players have started to make clear in their advertising and marketing campaigns their commitment to sustainability and fair and safe working practices.

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