Turkey's gold exports to Iran may hike dramatically if western sanctions against Iran are eased, said Ayhan Güner, head of Turkey's Jewelry Exporters Association, via a written statement on Nov. 25, the Hurriyet Daily News reported.| They have to pay for the oil somehow... |
More importantly, Turkey may export jewelry to Iran, which has been banned by Iran, he said.
"It will be very positive for our sector if we can sell jewelry, other than gold, to Iran," he added.
Turkey exported around $6.4 billion worth of gold to Iran in the first nine months of last year, but it closed the year at around $6.5 billion worth of gold exports to the country due to the latest sanctions, according to data from the Turkish Statistics Agency (TÃœİK). Turkey exported approximately $1.6 billion worth of gold to Iran in the first nine months of this year.