Ministry takes action: Investigation into online granulated silver sales

Control measures in the granulated silver market, which has seen intense demand from investors recently, have gained momentum. The Ministry of Treasury and Finance has taken action against granulated silver transactions conducted online that do not comply with regulations. Investigations revealed that in some sales, products were being shipped in small bags or plastic containers.

According to a report by Türkiye Gazetesi, officials stated that they have received numerous reports regarding silver sales offered in transparent packaging on online shopping platforms. Legal proceedings have been initiated regarding transactions identified as being marketed in violation of the law.

According to current legislation in Turkey, the sale of unprocessed precious metals can only be conducted through authorized institutions. These include refineries licensed by the Ministry of Treasury and Finance and entities approved by Borsa Istanbul. Sales conducted outside of these institutions are not legally recognized.

Under the new regulation, granulated silver to be sold in the market will henceforth only be allowed to be released in sealed bags and in accordance with specific standards. The packaging must clearly state the fineness of the product, its weight, the name or logo of the producing refinery, and the production date. For the purchase and sale of products that do not comply with the laws, criminal proceedings may be applied under the Law on the Protection of the Value of Turkish Currency.

With the new measures in place, it is of great importance that investors and seller platforms act in accordance with existing regulations. Investors have been reminded to check the source and packaging standards of products when shopping online.

News Source: 12punto