On Mar. 5, 2025, TUR EXC announced the 12th revision of precious metals and precious stones market procedure, which includes updated regulation.
Annex 1 shows specific changes made and Annex 2 summarizes changes made due to addition of weighted average price-2 (AOF-2) re standard gold transactions.
These transactions are to be calculated and published as of Mar. 17, 2025, to the daily bulletin and other relevant sections of TUR EXC's corporate website.
On Feb. 17, TUR EXC changed precious metals market procedure.
TUR EXC issued announcement on amendments made to the precious metals and precious stones market procedure (KMKTP) within the scope of its 5th revision.
The announced changes can be found in the appendix1: comparison table of the precious metals and precious stones market procedure changes (5th revision).
Feb. 23, 2023 Official Gazette
On Feb. 23, 2023, TUR GVT issued amended rules governing precious metals market.
Regulation amends operational principles of precious metals exchange intermediary institutions, and rules on establishment of precious metals intermediary institutions.
Also issued communique on standards of mines and establishment of precious metal refineries, activity, and supervision of precious metals traded on the stock exchange.
Consequential amendment to the regulation on fees to be charged under the law on protecting the value of the Turkish currency re the fee to apply for a refinery permit.
Clause also added to Communique 32, dated Feb 28, 2008, on protecting the value of the Turkish currency, relating to the import of non-standard raw precious metals.
All regulations enter into force on date of publication in the official gazette, Feb. 23.
Relates to the operating principles and establishment of precious metals exchange intermediary institutions published in the official gazette, Feb. 23, 2023 no. 32113.
Supply chain compliance report submitted by March of year following reporting period.
The supply chain compliance report and independent assurance report to be published on the website of the relevant parties until the end of June of the year following the reporting period and sent to the TUR GVT and TUR EXC.
If there are changes to the contact information of the internal control and supply chain compliance officers, intermediary institutions to be notified within 10 days from date of amendment; TUR GVT and TUR EXC to be notified within 15 days of amendment.
Obliged parties are required to submit training info/statistics for 2022 in Mar. 2023.
Mar. 2023 Refineries
On Mar. 2, 2023, TUR EXC issued an announcement on the communiqué on precious metals standards and refineries (2023/1) published in the gazette on Feb. 23, 2023.
Communiqué on refineries (2006/1) repealed; with the communiqué, the principles re standards of precious metals, operation, supervision, inspection principles of precious metal refineries and conditions for inclusion in Borsa Refinery List were revised.
Some of the refineries listed on Borsa Refinery List are of particular importance in terms of operation/production, and these issues are highlighted in the communiqué.
However, the communiqué should be examined as a whole, to operate within the framework of the provisions, and carry out the necessary work by refineries.
Refineries listed on the Borsa Refinery List must send the technical specifications and photographs/views of precious metals they produce to TUR GVT and Borsa.
Refineries must apply to TUR GVT within one month from the communiqué effective date (Feb. 23, 2023) to obtain an operating permit under art. 8 of the communiqué.
Those who do not apply will not be able to engage in refining activities after this date.
Applicants must bring their status by Mar. 31, 2023 to comply with the communiqué.
Otherwise, applications will be rejected; refining activities not allowed as of Mar. 31.
Refineries that do not apply or whose applications are rejected will be removed from the Borsa Refinery List, however, TUR GVT may issue an extension up to 6 months.
Refineries in the Borsa Refinery List must fulfil capital obligations by Jun. 30, 2023.
Mar. 6, 2023 KMKTP Procedure 6th Revision
On Mar. 6, 2023, TUR EXC announced amendments to the precious metals and precious stones market procedure (KMKTP) within the scope of its 6th revision.
Document dated Mar. 6, 2023, was received from TUR EXC on Mar. 7, 2023.
The announced changes can be found in the appendix1: comparison table of the precious metals and precious stones market procedure changes (6th revision).
Mar. 8, 2023 Refineries Announcement
On Mar. 8, 2023, TUR GVT issued announcement 2023/KM-1 re-confirming all legal entities in Turkey engaged in refining activities must apply for a permit to continue.
This is required by Mar. 23, 2023, and all such firms must bring their situation in line with all of the provisions of the previous Communique No. 2023/1, by Mar. 31, 2023.
All of those firms that have not applied for the relevant permit, by Mar. 23, 2023 will not be able to engage in refining activities after this date, and must cease operations.
Also, applicants do not bring their status into compliance with required provisions by Mar. 31, 2023 will have their applications rejected, and must cease refining activities.
Refineries on Exchange Refinery List that do not apply for an operating permit until Mar. 31, 2023, or all of those with rejected applications, will be removed from the list.
Applications must all include the full list of documents as shown in the announcement.
These include statements provided by the firm on their situation, templates of which are provided in with the text of the announcement, to enable all firms to fully comply.
Apr. 2023 KMKTP Procedure 7th Revision
On Apr. 5, 2023, TUR EXC issued announcement regarding amendments to the precious metals, precious stones market procedure within the scope of its 7th revision.
The announced changes can be found in the appendix1: comparison table of the precious metals and precious stones market procedure changes (7th revision).
Aug. 2023 Refineries
On Aug. 7, 2023, TUR GVT issued cir (KMR-2023/5) amending the cir on precious metals to be produced by refineries (KMR-2023/1), erasing the 0.5 in Article 4.
Feb. 2024 KMKTP Procedure 8th Revision
On Feb. 2, 2024, TUR EXC announced the changes to be made in the precious metals and precious stones market procedure within the scope of the 8th revision.
The comparison table re the changes made due to the 8th revision is annexed.
Mar. 2024 Refineries Authorization
On Mar. 2, 2024, TUR GVT published communiqué 2024/1 amending the communiqué 2023/1 on precious metal standards and refineries amending the temporary art 1.
In the last sentences of paragraphs 1 and 2 the term of 6 months, becomes 2 years.
Re the Ministry's authorization to extend the period of compliance for applicants.
The communiqué enters into force upon publication; effective from Oct. 1, 2023.
Mar. 27, 2024 Amendment to Circular on Mines
On Mar. 27, 2024, TUR GVT issued circular on precious metal refineries, which amends circular on Printed Precious Metals to be Produced by Refineries (KMR-2023/1).
Article 5 is added to KMR-2023/1 on specifics of printed precious metals that can be bought and sold domestically, and exceptions are contained in Article 4, KMR-2023/1.
Specifically, minted precious metals having type, weight, surface and shape characteristics cannot be bought or sold within the country, according to Article 5.
This circular enters in force on date published on TUR GVT, Finance Ministry website.
Aug. 2024 KMKTP Procedure 9th Revision
On Aug. 28, 2024, TUR EXC announced the changes to be made in the precious metals and precious stones market procedure within the scope of the 9th revision.
The comparison table of amendments are in Annex 1, and announcement in Annex 2.
On Feb. 4, 2025, TUR EXC announced 11th revision of precious metals and precious stones market procedure along with comparison table of the amendments made.
Amendments include requests for entry or exit of precious metals during time between when the vault is ready for counting and when the vault alarm system is activated.
Also clarifies pre-emption right re precious metals produced from ore in any form and in any form is with TUR CB and if TUR CB does not use it, Mint has pre-emption right.
Mar. 2025 12th Revision
On Mar. 5, 2025, TUR EXC announced the 12th revision of precious metals and precious stones market procedure, which includes updated regulation.
Annex 1 shows specific changes made and Annex 2 summarizes changes made due to addition of weighted average price-2 (AOF-2) re standard gold transactions.
These transactions are to be calculated and published as of Mar. 17, 2025, to the daily bulletin and other relevant sections of TUR EXC's corporate website.
Regulators
TUR EXC; TUR GVT
Entity Types
B/D; Exch
Reference
PR E-18454353-100.04.02[100.04.02]-33801, 3/5/2025; PR E-18454353-100.04.02[100.04.02]-32881, 2/4/2025; PR 18454353-100.04.02-29776, 10/16/2024; PR E-18454353-100.06-28632, 8/28/2024; Cir KMR-2024/1, Com 20245/KM-3, 3/27/2024; Com 2024/1, OG 32477, 3/2/2024; Com 2023/1; PR 18454353-100.04.02-23523, 2/2/2024; Cir KMR-2023/5, PR, 8/7/2023; PR E-18454353-100.04.02-16402, 4/5/2023; Nt 2023/KM-1, 3/8/2023; PR E-18454353-100.04.02[100.04.02]-15599, 3/6/2023; PR 18454353-100.04.02-15532, 3/2/2023; PR 18454353-100.04.02-15488, 3/1/2023; OG 32113, 2/23/2023; PR 18454353-100.04.02[100.04.02]-15202, 2/17/2023;
