Decision concerning gold investors and those traveling abroad published in the Official Gazette! Ban and limit increase introduced...

AKP Chairman and President Recep Tayyip Erdoğan has signed a decision published in the Official Gazette, introducing a significant change in the jewelry sector.

Jewelers in Turkey will no longer be able to sell precious metals in the form of "cut gold" (kesme altın). This regulation has entered into force with the amendment made to Decree No. 32 on the Protection of the Value of Turkish Currency.

CASH LIMIT FOR TRAVELING ABROAD INCREASED

Furthermore, the amount of cash you can carry when traveling abroad has been updated. This limit, which was previously 25 thousand liras, has been raised to 185 thousand liras under the new regulation.

Except for jewelry businesses authorized by the Ministry of Trade and individuals whose tax registration indicates they are engaged in the production or trade of precious metals, the sale of cut precious metals to natural persons residing in Turkey will not be permitted.

STEPS BY THE MINISTRY OF TREASURY AND FINANCE

The Ministry of Treasury and Finance has initiated efforts to prevent abuses in the cut gold trade. Minister Mehmet Şimşek stated in his remarks on the matter, "As in many markets, we are tightening our measures to prevent informality. While protecting consumers, we are increasing oversight of gold products. This regulation aims to eliminate uncertainties in the sector and increase compliance with international standards."

These developments appear set to lead to significant changes in the jewelry sector. No decision has been made yet for those who currently hold cut gold.

News Source: 12punto