Jewelers Start Shutting Down Shutters in the Grand Bazaar

In the Grand Bazaar, Turkey's center for gold and jewelry trade, jewelers have begun terminating their operations due to rising costs, quotas, weakened purchasing power, and declines in gold prices. Closed shops are being replaced by spice shops, souvenir stores, and businesses selling imitation products.

The Grand Bazaar, which has been the heart of gold and jewelry trade for centuries, is going through an economic bottleneck due to weakened domestic purchasing power, quotas, and declines in gold prices. While some jewelers are shutting down their shutters due to decreased sales and rising operating expenses, spice shops, souvenir stores, and businesses selling imitation products have started operating in the vacated shops.