Ismet Naci Kurtulan, Chairman of the Board of Kurtulan Jewellery, said that even though trade in exports is fast, all jewelers are heading towards a time period where they should be very careful. Kurtulan, who shared his prediction that the whole world will go into a recession as of January 2023, said, “Doing a lot of work does not mean making a lot of profit. Therefore, we need to reconsider our costs.” said.
The health effects of the pandemic quickly disappeared from the agenda; however, its repercussions on world economies continue. Central banks, especially the FED, increase interest rates in order to restrain emerging inflation. This has negative consequences for the economy. Ismet Naci Kurtulan, Chairman of the Board of Kurtulan Jewellery, which has been exporting the original collections and concept jewelry he created under the influence of the rich cultural mosaic of Anatolia for nearly 30 years, to different geographies of the world, said that even though the trade in exports is fast, they are heading towards a time period where all jewelers should be very careful. . Kurtulan stated that orders from abroad continue due to New Year’s Eve; however, he drew attention to the possibility of the whole world going into a recession with the new year and called on the members of the sector to be ready for the new period. “Things are going pretty well postpandemic. The overseas market is fast, there is also business in the domestic market. Domestically, people continue to buy gold and jewelry to protect their investments. During the summer period, the business volume in exports decreased slightly; but now things are coming up again because of Christmas. America is a rising market for our industry and Kurtulan Jewellery, but things will start to slow down there with the Fed’s rate hike. Since it is before Christmas, there is work; But after January 2023, I expect a recession and contraction all over the world due to inflation pressures.”
Math doesn’t lie!
“Our input costs such as transportation, electricity, and personnel have increased. TL is strong, you are exporting, but you are lagging behind the old profit. Since the dollar did not increase, the profit margin decreased, we are closing this with turnover.” İsmet Naci Kurtulan, who made his determination, emphasized the importance of companies reviewing their costs so that they do not fall into a difficult situation. “The world is entering a new era due to inflation. Therefore, we need to review our costs. Math doesn’t lie. Doing a lot of work does not mean making a profit. Making a profit and making a profit are two different things. The industry needs to get out of contract manufacturing quickly.”
We prepared new collections for the October Fair
Kurtulan Jewellery, which constantly develops new products with its R&D studies, also made preparations for the October Fair. Kurtulan added the concepts he developed using Ottoman coins to its rich product range. Emphasizing that they do not have high expectations regarding the fair due to the current conjuncture in the Middle East and Europe, İsmet Naci Kurtulan pointed out that despite everything, the October Fair could surprise with its performance. Kurtulan Jewelry will participate in the October organization with the collections of its other brands, Angold, Franguli, Golden Horn, Hanedan, and Mihenk, in addition to its main brand.
Growth plans in the domestic market
Kurtulan Jewellery, which implements an export-oriented business strategy, started to focus on the domestic market during and after the pandemic. The domestic market, which had a 10-15 percent share in sales before, has increased to 25 percent today. The brand aims to increase this share even more with its new collections for the domestic market.