15.03.2025 12:30
An important decision regarding bullion gold has been published in the Official Gazette. Accordingly, jewelers are prohibited from selling bullion gold. However, those who had previously purchased bullion gold are somewhat left in a difficult position due to this decision. Market sources have suggested that jewelers may be able to buy this type of gold at scrap prices.
As gold prices continue to break records, investors were purchasing gold bars due to the low difference between buying and selling prices. Recently, the popular investment tool was weighed after being cut with a special tool, and then priced before being offered to buyers.
However, a change was made to the decree No. 32 on the Protection of the Value of Turkish Currency. According to the decree published in the Official Gazette and signed by President Recep Tayyip Erdoğan, jewelers will no longer be able to sell cut gold. Sales of cut precious metals will not be allowed to individuals residing in Turkey, except for jewelers authorized by the Ministry of Trade and individuals who are stated to be engaged in the production or trade of precious metals on their tax plates.
CUT GOLD INVESTORS IN SHOCK
Before the decision was published in today's Official Gazette, cut gold was a favorite among many investors. Jewelers were also quite pleased with this high demand. However, those who had previously purchased cut gold were shocked by the decision published in the Official Gazette.
WILL JEWELERS TAKE BACK CUT GOLD?
The relevant article in the Official Gazette has not made any decision regarding the sale of cut gold that has been taken from many jewelers and stored by investors. Jewelers are not obligated to take back this gold. Therefore, gold investors are in a rush to sell the cut gold they had previously purchased.
HAVE CUT GOLDS BECOME SCRAP?
Another issue regarding the resale of cut gold to jewelers is the price difference. Citizens who previously bought cut gold as an investment tool are now planning to sell this gold back at the same value. However, some market sources indicated that jewelers might lower the price since they are not obligated to take back this gold. In a more negative scenario, it was suggested that cut gold could be bought back at scrap prices.
DECISION NOT TO PURCHASE CUT GOLD FROM JEWELERS
According to information obtained from market sources, jewelers in all 81 provinces have also taken action following the presidential decision. To prevent fraud cases, jewelers have decided not to purchase cut gold and gold in that form in all 81 provinces.