Quota production hit gold

Quota production hit gold

The jewelery industry’s reaction to the gold import quota, which is one of the measures taken by the economic management to reduce the current account deficit, continues. Stating that production could not meet the demand due to the quota, President of the Jewelery Exporters’ Association, Burak Yakin, said:

“The current account deficit is closed with a quota for gold imports. But gold imports are not a type of import that harms the country. The current account deficit can also be reduced by blocking imports such as phones and computers. These products eventually go to waste after 2-3 years. But the imported gold is processed and exported with added value.” “It becomes a means of savings for the citizen and a guarantee for the household and the country.”

He also stated that the close sector is experiencing difficulties in accessing gold in global trade and said, “While our competitors pay 65 thousand dollars for a kilogram of gold, we pay 68 thousand dollars. This means that the average of 5 thousand dollars we wrote for labor is 3 thousand dollars is unfairly taken away from us. This paves the way for smuggling.” ” said.

Referring to the export figures of the sector, Yakin said that they closed the year 2023 with an export of 7.7 billion dollars, an increase of over 30 percent.

Reminding that sales made with foreign credit cards are not included in this figure, Yakin said, “Credit cards amount to 3 billion dollars. There is also luggage exports of 6-7 billion dollars. When we add these, our exports actually reach 16-17 billion dollars. But unfortunately, our credit card sales are ours.” “It is not recorded in our export item,” he said.

Source link