The exports of Turkey’s jewelry sector increased by 48.5 percent in the January-July period compared to the same period of the previous year and reached $2.91 billion.

Turkey exported jewelry worth $1.96 billion in the first seven months of 2020.

The exports of the sector in the last 12 months increased by 21 percent compared to the previous period and reached $4.73 billion, according to data from the Turkish Exporters’ Assembly (TİM).

Istanbul was Turkey’s top source province for jewelry exports with a volume of $2.62 billion in the January-July period, up 42.8 percent year-on-year. The northern province of Çorum ($186.42 million), the Black Sea province of Kastamonu ($33.79) and the capital city of Ankara ($27.72 million) followed Istanbul.

Meanwhile, Turkey’s total exports rose 35 percent on an annual basis in the first seven months to $121.40 billion, TİM data shows.

The country’s imports posted an annual rise of 27 percent to reach more than $135 billion in January-July.

Turkish exports are expected to break a record of $200 billion this year.

Turkish exports slipped 6.3 percent on an annual basis to $169.5 billion in 2020, a year when the coronavirus pandemic ravaged economies around the world, particularly in the country’s main export destination, the European Union.

Last year, Turkey produced 42 tons of gold in 18 active mines despite the pandemic.

While all of Turkey’s gold needs were met by imports before 2001, now Turkey’s gold production reduces the country’s current deficit by $2.4 billion annually.

Turkey ranks 12th in the world in terms of proven gold reserves.