Due to difficulties in gold production, citizens have turned to "cut gold." Experts have issued a warning regarding cut gold, for which demand has increased due to the scarcity of Republic and quarter gold coins. Is it advantageous to buy cut gold? Will citizens who buy cut gold face problems when they want to sell it? Here is the answer...
Gold and Money Markets Expert and Vice President of the Istanbul Jewelers, Goldsmiths and Money Changers Association (İMKUSAD) Mehmet Ali Yıldırımtürk made important statements regarding 'cut gold' in an interview with Milliyet.
"OPEN TO ABUSE"
Stating that cut gold is passed through rollers and sold to workshops, Yıldırımtürk used the following expressions:
“Cut gold is gold that we pass through rollers after taking 1 kg of gold, turning it into a sheet, and selling it specifically to workshops. The workshop knows very well what gold it is buying and where it is buying it from. However, when a citizen goes to a jeweler and says, ‘give me cut gold,’ it is open to all kinds of abuse.
There are certainly many jeweler friends who work honestly, but there are also jeweler friends who will exploit this. They take 1 kg of silver, pass it through the rollers, turn it into a sheet, put a gold gilding on it, and give it to you. They can even write '24 karat' on it. When you take it somewhere else to sell it and they test it, it is understood that it is not gold. When you take it back to the place where you bought it, they can object, saying, ‘no, this is not the gold I gave you.’ It is a form of transaction where there will be many grievances.”
News Source: 12punto
