Gold trade in Türkiye

Gold trade in Türkiye

If you are interested in global trade, especially the import and export of gold and jewelry, you should know that this article has been written specifically for you, through which we explain and clarify some details that interest you about the gold and jewelry trade in Turkey.

Turkey is one of the ten countries that produce the most gold around the world, and it is considered one of the important and influential areas in the Turkish economy. Nearly 400 tons of gold are processed annually in Turkey, as it is considered one of the five most important markets along with India, the United States, China and Russia, and even It is one of the three most productive countries, along with Italy and India, and this sector is considered one of the largest industrial sectors in Turkey, as it employs approximately 250 thousand people.

The investment purposes that individuals use in gold exports have varied over the last twenty years due to changes in the Turkish economy. In addition to purchasing gold and jewelry for the purpose of investment, there was a trend for other investment purposes, due to the diminishing demand for the local market, which encouraged manufacturing companies to open up to the external market.

How to import gold to Türkiye:

The fact that Istanbul is the center of gold production in Turkey, this did not prevent the production of large quantities of gold in Ankara and Izmir, and approximately 30/40% of the production is exported, and the rest is sold to local consumers, tourists and bag dealers, while a survey showed that out of every four tourists who visit Turkey Someone buys gold from her.

In recent years, approximately 100-200 million tons of gold were imported to Turkey, while the year 2022 alone recorded the import of approximately 600 tons of gold, and gold is imported from outside Turkey by the Central Bank and members of the Istanbul Stock Exchange who are authorized to do so only.

How to be a member of Istanbul Gold Refinery:

Istanbul Gold Refinery (Istanbul Stock Exchange) was established in 1995 to liberalize the Turkish gold sector and to coordinate with global markets. As of 2023, the number of members reached 975, and it consists of stock exchange members, banks, accredited institutions, precious metals intermediary institutions, and institutions engaged in production and marketing activities. Precious metals, there are different membership requirements and these requirements vary according to the business and the ability to register in the gold refinery in Istanbul. You can contact us to find out these conditions.

Importing gold into Türkiye from abroad:

In accordance with the current law published by the Presidency of the Turkish Republic on 03/03/2020, which was published in the Official Gazette and after making changes in Article 32 of the Protection Law, under this law an important amendment was made to the arrangements for importing gold, as it became Foreigners can bring 5 kilograms of pure gold annually without any restrictions. The points that must be taken into consideration regarding this published law are as follows:

-A foreigner has the right to bring in 5 kilograms of pure gold per year, and when he exceeds this limit, he is not allowed to bring more before one year has passed from the date of entering the previous batch.

– The age of the person bringing gold to Turkey must be at least 18 years old.

– As a standard, it is allowed to bring only untreated (raw) and stamped gold.

– When entering Turkish territory, you must fill out the “Gold Declaration” form from the Ministry of Commerce and submit the completed form to the Customs Directorate.

– If the amount of gold that you bring to Turkey exceeds 5 kilograms (10 kilograms were brought for example), the additional quantity is deposited in the customs warehouse to complete the procedures for bringing it into Turkey, and this issue must be taken into consideration for what the owner of the gold may be exposed to. From legal accountability if he tries to circumvent this issue, if you want to obtain professional support regarding this issue, you can contact us.

– The competent customs administration located at the location of your entry into Turkish territory (Istanbul Airport, for example) will be an accredited customs office to track the standard, unprocessed gold that is brought to Turkey. This office will inform the Ministry of Treasury and Finance until the end of the tenth day of every month, on the basis of Standard unprocessed gold brought into the country.

Note :

The Turkish authorities apply many follow-up procedures regarding the issue of bringing gold into their territory, and they fully scrutinize the merits of this issue, especially filling out the gold statement, because this exposes you to legal accountability on charges of smuggling in the event of an attempt to evade it. Therefore, you must prove your gold techniques upon entry. To Turkish territory, in order to avoid any legal problems

There is another issue that you must pay attention to regarding the gold trading operations that you carry out, which is making financial transfers through your bank account for commercial activities. Due to the problems caused by companies that practice illegal activities in previous times, many banks have become unwilling to open Bank accounts with the aim of overcoming this problem.

To be able to open an account, you must explain the work and transactions that you will carry out correctly.

You must trust the bank officials, otherwise your company will not open a bank account in Turkey.

You can get support from us to open your company’s bank account, as we can carry out your transactions without long and complicated procedures through the banks we contract with.

Gold trading in Istanbul usually takes place in the Grand Bazaar, where there are major gold traders. When you trade gold, you must obtain an invoice that includes all the information about the trading process.

Gold trade is one of the most traded businesses in the world, and it has special importance in Turkey. Value-added taxes are not applied to it in Turkey, and there are no customs taxes on the import and export of gold there, as Turkey encourages capital and gold to enter it, based on our long experience in this matter. We can provide you with advice on establishing a company concerned with importing and exporting gold. You can contact us and obtain the opinions of our experts .

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