13.03.2025 12:01
The difference between the purchase and sale of gold in its raw and processed forms was directing citizens towards the more profitable processed gold. The Ministry of Treasury and Finance has initiated efforts to prevent abuses related to "processed gold," which has seen an increase in trading recently.
The demand for investment instruments known in the market as "drawn gold" or "cut gold" is increasing day by day. Following the regulations made regarding printed precious metals, it has been observed that there is an increase in the sales of products referred to as "drawn gold" or "cut gold," which are created by turning gold into thin strips and cutting or processing it in various shapes.
THE GOLD SECTOR UNDER THE MICROSCOPE
The Ministry of Treasury and Finance is conducting various studies to ensure that the fight against unregistered economic activities is carried out more effectively within the scope of the compliance process with the Financial Action Task Force (FATF) standards and the reliability of the financial sector in Turkey. In this context, steps will also be taken towards the precious metals sector. It has been assessed that the sale of gold in very small amounts and the lack of any standards for these products makes the sales to consumers purchasing for investment purposes susceptible to abuse. The legislative work to define the product in question, which has no standards, and to determine the procedures and principles regarding its buying and selling within the country has been completed.
NEW MEASURES WILL BE IMPLEMENTED FOR CUT GOLD
Minister of Treasury and Finance Mehmet Şimşek stated that the efforts to prevent unregistered activities in the precious metals market are being carried out with determination by the Ministry, and additional steps will be taken as the studies are completed. Şimşek noted: "We are tightening our measures to prevent unregistered activities in many markets, as well as on a sectoral and business basis. In this way, we are increasing oversight of gold products while protecting consumers. With our regulation, it is also aimed to eliminate the uncertainty regarding the issue in the sector and to increase compliance with international standards in gold trade."