Page 26 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Turkey's Golden Heritage: A Tale taking center stage. The Kurush be assigned mines resulting from
of Gold Reserves and Timeless coin, often referred to as the Mecidi, exploration activities, provided they
Jewellery in honor of Abdul Mejid, a pioneer apply inclusive of an exploration
Nestled at the crossroads of Europe of Turkish currency reforms, is activity report, environmental impact
and Asia, Turkey's love affair with the most common type of Turkish assessment documentation, and
gold goes beyond precious metal; gold coin. These coins serve as a ownership permit. Notably, there are
it's deeply woven into the cultural means of safeguarding against the no restrictions on foreign ownership
fabric. Gold is irreplaceable in Turkish depreciation of the Turkish lira while for foreign companies.
life, from weddings to religious offering a highly liquid asset. The 100
ceremonies. Industry insiders Kurush Turkey Gold Coin is roughly A Golden Love Story
estimate that Turkish citizens privately the size of a contemporary 1/4 oz Turkey stands as the world's third-
possess between $200 billion and American Gold Eagle Coin, weighing largest consumer of gold, trailing only
$300 billion worth of gold, underlining 7.216 grams, with a diameter of 22 behind India and the United States.
the nation's enduring affinity for the mm and a thickness of 1.3 mm. It is The country's jewellery factories
shimmering metal. composed of 0.9167 fine gold and are veritable goldsmiths, crafting
carries a weight of 0.2127 troy oz. over 300 tons of gold into intricate
A Global Player in Gold Demand pieces. Turkish gold jewellery is
Turkey's penchant for gold bars and Turkey's Golden Mines renowned for its exceptional quality
coins has consistently accounted for Turkey has a robust mining industry, and craftsmanship, with roots dating
an average of 9% of the global total with 19 active gold mines. The Çöpler to 3000 BC. Ranging from 10 to 21
since 2020. However, the second mine in Erzincan Province stands karats, these dazzling creations come
quarter of 2023 saw Turkish gold out as one of Turkey's largest gold in various hues, from classic yellow to
bar and coin demand skyrocket, mines, managed by the American white, pink, red, and beyond.
increasing fivefold, painting a vibrant Alacer Gold Corporation. Other
picture of the country's thirst for gold. notable gold mines include the burial In 2022, Turkey's jewellery exports
site of Ertugrul Gazi in Sogut, where made up 1.5% of the country's total
Fluctuating Gold Reserves an astonishing 99 tons of gold were exports, showcasing a decade of
The second quarter of 2023 discovered, the Soma Mine under significant growth. With an ambitious
witnessed Turkey's gold reserves dip the ownership of Turkiye Komur export target of over $6 billion,
to 440 tonnes, albeit from an all-time Isletmeleri Kurumu, and the TavSanli Turkey's jewellery finds its way to
high of 583 tonnes. Over the years, Mine in Kutahya, also owned by Europe, Asia, and North America,
these reserves have oscillated, with Turkiye Komur Isletmeleri Kurumu. delighting customers across the
an average of 245.33 tonnes from globe.
2000 to 2023. In 2022, Turkey made Laws of Gold
headlines by increasing its gold Turkey's mining laws dictate that the Global Markets and Exquisite
reserves by a significant 148 tonnes, state retains ownership of all mineral Exports
bringing the year-end total to 542 resources, yet Turkish citizens and Turkey's jewellery export destinations
tonnes. The trend continued into private entities can obtain mining include diverse countries, from the
2023, with an additional purchase rights. To engage in mining activities, United States and Germany to the
of 30 tonnes. As of the first quarter private entities must secure the United Arab Emirates and Kyrgyzstan.
of 2023, Turkey boasts a substantial necessary mining licenses and Egypt, Israel, Iraq, Libya, Hong
572 tonnes in gold reserves, with permits from the General Directorate Kong, S.A.R., China, Qatar, and
an impressive 34% of its foreign of Mining and Petroleum Affairs. Romania round out the list, illustrating
exchange reserves locked in the These licenses come with annual the global appeal of Turkish gold
precious metal. operating fees, payable starting craftsmanship.
from the license application date,
A Treasure Trove of Turkish Coins which typically precedes obtaining
Turkish gold coins tell a rich story, a production permit by about 1–1.5
with Altin, Mahbub, and Kurush years. License holders may also

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