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Monday, 27th March 2006 (6846 views)

Turkish gold jewellery retailer Goldas is looking to dramatically increase its overseas presence in order to raise its brand profile.

According to Cetin Binatli, who sits on the board of Goldas' parent company Goldart Holdings, the firm is planning to open new stores in Russia and China.

In an interview with Reuters, she also said that Goldas planned to expand its domestic presence, using financial assistance from local and international banks.

Turkey has become the second largest exporter of gold jewellery, after Italy, with total exports totalling $1 billion in 2005 – equating to tons. The quality of Turkish gold jewellery is also improving.

Mr Binatli said: "We are getting much closer to the Italian market in terms of quality and price. End-buyers have realised there is no difference."

Emerging markets are much more likely to accept jewellery from Turkey than countries such as the US, where Italian products are well established.

This is why Goldas, Turkey's only listed gold jewellery retailer, has chosen to expand into Russia and China, Mr Binatli explained.

"In these emerging markets, it is quite a lot easier to establish a brand, because there is no existing brand," he said. "People are hungry for new things and new brands."

 

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