Call for ban on 'çekili' gold in Grand Bazaar
The Gold Refiners Association's demand to end the use of 'çekili' (drawn) gold has worried jewelers in the Grand Bazaar. The Istanbul Chamber of Jewelers, however, stated that there is no official regulation imposing such a ban.
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Following the frequent preference for 'çekili' gold in trade within the Grand Bazaar, the Gold Refiners Association sent a letter to its members last month demanding an end to this practice. This proposal has become a subject of serious debate among jewelers. On the other hand, a statement issued by the Istanbul Chamber of Jewelers emphasized that there are no restrictions or legal obstacles regarding 'çekili' gold.
'Çekili' gold, also known as 'çekme' (drawn) or 'kesme' (cut) gold, is widely used in credit and debt transactions in the Grand Bazaar due to its lack of workmanship costs and low price. While it is traded freely among authorized firms, selling this gold directly to end consumers is prohibited under current practices.
The association's call underlined that refineries should cease the production and trading of 'çekili' gold starting from May 4, 2026. The notice stated that 'çekili' gold currently in circulation could be used with certain documentation and that these products would be converted into bullion at refineries after the necessary procedures. Furthermore, a request was made to report individuals and institutions that continue to trade or produce 'çekili' gold.
The uncertainty in the sector became even more apparent with a statement made by the Istanbul Chamber of Jewelers on social media. The Chamber emphasized that no official steps have been taken on this matter, stating, "There is no question of banning the exchange of 'çekili' pure gold, which has been one of the fundamental elements of production for centuries."
Jewelers are reacting to the proposal. Many tradespeople argue that restricting the trade of 'çekili' gold, a tradition dating back many years, will negatively affect market operations. There are also concerns that the use of packaged gram gold will lead to increased costs and a loss of flexibility. Some jewelers also find it unfair to implement such a measure by generalizing the illegal gold incident seen only in Şırnak to the entire sector.