There are two things Turkey is renowned for: the beautiful places to visit and the bazars which attract all tourists coming to the country. Foreign investors interested in doing business in Turkey can set up various types of companies, however one of the most prolific ones is a jewelry venture. Whether the jewelry shop is located in one of the famous bazars or in one of the richest Turkish cities, one simply cannot fail with this type of business.
Our Turkish company formation consultants can explain the requirements related to creating a jewelry company here.
Yes, we can say that Turkey is one of the few countries which have a jewelry industry, as gold is one of the most exported goods here. Turkey exports gold to over 100 countries all over the world. Moreover, Turkey also has a Gold Exchange which was created in 1995. Apart from gold, the Exchange also trades silver, diamonds, platinum and precious stones. Turkish jewelry companies have also created the Jewelry Exporters' Association. The jewelry sector in Turkey employs more than 250,000 individuals who sell or manufacture jewels.
As mentioned above a Turkish jewelry shop can sell its items in a bazar or can have its own establishment. No matter the way one decides to do business, the company registration process in Turkey is mandatory. Since 1996 Turkey no longer requires for jewelry shops importing precious metals to obtain an import license, the only requirement standing being for the jewels to bear the Conformity Compliance mark (CM) and for the jewelry shop to issue a certificate of origin when exporting its goods.
We can assist with the incorporation procedure of a jewelry company in Turkey.
In 2014 Turkey has removed the 20% tax levied on the import of gems which has attracted a great number of investors in the jewelry sector. The same year, jewelry exports rose to 3 billion USD as a consequence of this measure.
At the level of 2017, Turkey has become one of the largest exporters of gold and other precious stones in the world and aims to become the largest center for mounting jewelry in the world.
If you want to set up a jewelry business and need assistance do not hesitate to contact our company formation advisors in Turkey.