Türkiye Bans Sale of Cut Gold to Prevent Manipulation and Fraud

The Türkiye Treasury and Financial Ministry announced the ban on selling non -series gold, which is cut into thin slices and sold without clear criteria, which made it vulnerable to manipulation and fraud.

According to the decision published in the Official Gazette, signed by President Recep Tayyip Erdogan, jewelry dealers will not be able to sell broken gold anymore.

The precious metals transported to people residing in Turkey will not be sold, with the exception of the licensed jewelry institutions from the Ministry of Trade and the people residing in Turkey whose tax testimony states that they are working in the production or trade of precious metals.

For his part, the Minister of the Treasury and Finance, Mohamed Shimashk, stressed that the ministry is continuing its efforts to combat the informal economy in the precious metal market, noting that additional steps will be taken to enhance control over the sector.

Commenting on the decision, Shimakk said in a press statement: “Through these steps, we seek to protect consumers and enhance control over gold products.”

He added, "The new amendments aim to remove mystery from this sector and achieve greater compatibility with international standards in the gold trade."