A new period is starting in jewelry stores from January 1st.

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A new era is beginning in jewelry stores. The Ministry of Treasury and Finance will require identification for transactions exceeding 185,000 TL.

IDENTIFICATION REQUIREMENT HAS BEEN INTRODUCED

The Financial Crimes Investigation Board (MASAK) had previously implemented a requirement for identification for large transactions in jewelry stores to prevent fraud and money laundering.

MINISTRY HAS PUSHED THE BUTTON

Despite the increase to 185,000 TL in 2023, this regulation is not being applied in many parts of Turkey. Currently, many jewelers do not request any identification even for transactions amounting to millions of TL, while the Ministry of Treasury and Finance has taken action to reverse this situation.

PERSONS WHO DO NOT PRESENT IDENTIFICATION WILL NOT BE ABLE TO TRANSACT

In recent months, Minister of Treasury and Finance Mehmet Şimşek stated that one of the sectors with the largest tax evasion in Turkey is jewelry and precious stones, announcing that a new team has been formed to conduct inspections on these businesses.

This team will not only evaluate the taxes paid by jewelers. Additionally, the teams that will monitor non-compliant practices will check whether jewelers have collected identification information and whether this information has been verified in transactions where the total amount is 185,000 TL or more, or in multiple interconnected transactions where the total exceeds 185,000 TL.

HEAVY PENALTIES WILL BE APPLIED

According to a report by Patronlar Dünyası, due to the heavy penalties that the Ministry will impose, it is expected that jewelers will comply with the identification requirement in the new era and completely halt transactions for individuals who do not present identification for transactions exceeding the limit to be determined by 2025.

PUBLIC SERVICE ANNOUNCEMENTS WILL BE PREPARED

Highlighting this restriction on gold buying and selling transactions, Ankara Jewelers' Chamber President Timuçin Sönmez stated that citizens are not sufficiently informed about this restriction, saying, "From time to time, our tradespeople and citizens face this issue. When so many documents are requested, citizens become anxious. Therefore, we asked the MASAK officials to prepare public service announcements. After the new limit is set, we plan to hang posters in jewelry stores."