Tax Disparities and Tourism Shifts Impact Mediterranean Jewellery and Travel Markets
What happened
Greek jewellery sales are projected to decline by at least 15% in 2026, according to the Panhellenic Federation of Silversmiths, Goldsmiths, Jewellers and Watchmakers. This decline is attributed to high energy costs, the price of gold, and the imposition of a 10% luxury tax on high-value jewellery. Meanwhile, cruise lines are reportedly directing tourists toward Turkey, and Cyprus and Italy lack raw material levies.
From naftemporiki.gr
Why it matters
The tax structure in Greece places domestic manufacturers at a disadvantage compared to importers, and the lack of raw material levies in Cyprus and Italy provides a competitive edge in the jewellery market. Separately, the redirection of tourist spending to Turkey could boost its retail and tourism revenue.
From naftemporiki.gr
Who's involved
- CyprusLacks raw material levies, giving it a competitive advantage in the jewellery market.
- ItalyLacks raw material levies, providing a competitive edge in the jewellery market.
- TurkeyReceiving redirected tourist spending from cruise lines.
- GreeceFacing a projected decline in jewellery sales due to tax disadvantages and high costs.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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The entities involved
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Cyprus
country in the Mediterranean Sea
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Italy
country in southern Europe
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Turkey
country in West Asia and Southeast Europe
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