Scrap gold that is imported from abroad and processed in Turkey is sent abroad and thus, contribute to Turkey's export.
ANKARA(BullionStreet): Turkey remained the key player in scrap gold market as the country imported more scrap gold in November and planned to export most of it as gold bullion.
According to Istanbul Gold Exchange, Turkish gold imports rose to 4.2 tonnes in November from 3.7 tonnes a month earlier. Gold imports in the first 11 months were 117.2 tonnes.
In 2011 as a whole, imports amounted to 79.70 tonnes, almost doubling from 42.49 tonnes a year earlier. Turkey gold imports last November were 0.73 tonnes.
Turkish gold refineries are well equipped to evaluate scrap gold as per a couple of international and domestic standards. Scrap gold that is imported from abroad and processed in Turkey is sent abroad and thus, contribute to Turkey’s export.
Imported scrap gold contributes to the increasing gold export of Turkey in 2012. Istanbul Gold Refinery exported 2.5 tons of scrap gold to Britain at the beginning of the year.
Analysts said forms of the gold that come to Turkey in import change, and the non-consumed gold in domestic market is generally exported after processing, and that they work with 65% occupancy rate in 2012.
Turkey, with three refineries that make gold refinery in international standards and that are members of LBMA, is competing with German and Swiss companies.
In Turkey, scrap gold (non-standard gold) import is legal by the related laws. 46.6 tons of the total 114.7 tons of the gold imported by Turkey was scrap gold so far this year.
On the other hand, the import of the bullion gold that is produced by the refineries certificated internationally and that has refinement of 995/1000 at least could only be made by precious metals intermediaries, who are members of Istanbul Gold Exchange.
The intermediaries have to submit standard and non-standard gold to the Exchange in 3 days. Istanbul Gold Exchange has the records of the standard and non-standard gold import.