Business · Companies · 16 hrs ago
Jewellers close shops as Istanbul’s Grand Bazaar changes
Istanbul’s Grand Bazaar is losing long-established jewellers as many close their shops amid falling sales and rising business costs.
The bazaar is a major centre for Turkey’s gold and jewellery trade, and weaker domestic purchasing power is making it harder for customers to buy jewellery.
Gold prices have also fallen from January’s record high, while high interest returns are drawing some investors away from gold.
The closures are changing the bazaar’s traditional gold-trading character, as spice shops, souvenir sellers and other tourist-focused businesses move into vacant spaces.
Turkey’s jewellery exports rose 10.8% to $6.86 billion in January to September 2026, but the increase came mainly from bullion, while exports of finished jewellery fell.
That puts pressure on jewellery makers and exporters, as well as shops, repairers, craftspeople and suppliers connected to the trade.
The sources say the shift is raising concerns about the future of traditional jewellery crafts in the bazaar, but do not describe any specific next steps.
Jewellers are closing shops in Istanbul’s Grand Bazaar as sales weaken and business costs rise.
Vacant shops are being taken over by spice sellers, souvenir shops and businesses aimed at tourists.
Industry representatives say the downturn is affecting the bazaar’s traditional jewellery trade and related crafts.
Jewellery exports rose 10.8% to $6.86 billion in January-September 2026, but the increase was driven mainly by bullion rather than processed jewellery.
The reports cite falling gold prices, weaker domestic purchasing power and reduced competitiveness as factors putting pressure on jewellers.
- Who
- Jewellers in Istanbul’s Grand Bazaar are closing shops; other businesses are moving into some vacant premises.
- What
- The bazaar’s jewellery trade is losing space as shops close and its commercial mix changes.
- When
- Reports were published on 27 and 28 October 2026. The timing of individual shop closures is not stated.
- Where
- Istanbul’s Grand Bazaar, Turkey.
- Why
- The reports cite weak sales, rising business costs, weaker purchasing power, gold-price fluctuations and competition in export markets.
This story does not have two clearly opposing sides.
International gold reached a reported record high of about $5,595 an ounce.
The reported international gold price was about $4,001 an ounce, down 28.5% from the January peak.
Turkey’s jewellery exports rose 10.8% year on year to $6.86 billion, mainly because of bullion exports.
Reports described jewellers closing shops in the Grand Bazaar and other businesses filling some vacant premises.
- Reported gold peak
- About $5,595 an ounce on 29 January
- Gold price
- About $4,001 an ounce on 27 October
- Jewellery exports
- $6.86 billion in January-September 2026
- Export growth
- 10.8% year on year
- Gold-price gap
- About $300 per kilogram between Turkey and international markets, down from $1,500
- Named industry representative
- Ercan Özboyacı, Istanbul Chamber of Commerce Jewellery Professional Committee chair