LBMA has launched its Spotlight on the Turkish Gold Market 2021, a report which explores the key developments in this region.
Unlike many countries specialising in a single or a few areas of gold, Turkey has a well-diversified and active gold habitat involving official and private sectors.
The history of gold’s usage in daily life in Anatolia dates back at least 5,000 years, anchoring modern day attitudes to gold with ancient traditions. In recent years, the Turkish banking sector has developed a wide range of gold-related banking products, many of which leverage off of physical gold.
This report examines these banking products – including how the official sector engages with the market – and also investigates how Borsa İstanbul (BIST) Precious Metals and Diamond Markets (PMDM) has been the cornerstone of the Turkish gold market since its founding in 1995. The analysis explores how Turkish gold jewellery fabrication has out-performed jewellery consumption, reflecting the growing success of the jewellery export industry, and considers the role of gold as a unit of account in the Milyem system – Turkey’s unique gold accounting system.