Turkey: Precious metals and stones market will be brought to international standards

Jewelers welcomed the goal of establishing a precious metals and stones market in line with international standards within the scope of the Economy Reform Package announced by President Recep Tayyip Erdogan.

Explaining the economic reforms to the public, President Erdogan stated that it is aimed to create a precious metals and stones market in line with international standards.

Accordingly, the market in question will be reorganized with all actors to include precious metal brokerage houses, refineries, jewelers and gauge houses.

In addition, measures will be taken to reduce informality in the market, and the progress made after the import of precious metals will be made more transparent and traceable.

“Safety, trained personnel and capital standards need to be determined in workplaces”

Ankara Jewelers and Watchmakers Chamber President Hasan Cavusculu said to Anadolu Agency (AA) that they have long wanted and brought the issue of the precious metals and stones market to reach international standards, and told the relevant institutions the necessity of regulating the market with a law.

Stating that the system requires a new regulation, Cavusculu said:

“The goals announced by our President are very important for our industry. Some conditions must be fulfilled in order to open a jewelery shop on these issues. It is important to determine safety, trained personnel, and capital standards in workplaces. To date, there is no law regulating the sector. Currently, there is a new legislation work on retail jewelry within the General Directorate of Internal Trade at the Ministry of Commerce. We reported our views. Apart from that, within the framework of the reform announced by President Erdogan, it is understood that the market will be handled from top to bottom, from gauge houses to intermediary institutions, from refineries to jewelers. We, as the sector, are very happy about this and we support it.”

Cavusculu stated that anyone who wants can open a jewelery shop and that there are also fraudulent people under the guise of a jeweler, and thus consumers are victimized and they have received many complaints.

Cavusculu stated that while the said arrangements are being made, they want to participate in these meetings as sector representatives and that they can contribute to the studies with their suggestions.

Jewelry workshops will be able to buy new technology machines with employment support

Referring to the employment supports included in the Economic Reform Package, Cavusculu explained that micro and small-scale companies will be given access to a 6-month non-payment loan of ₺100 thousand with CGF guarantee for each additional person they add to employment.

Emphasizing that the aforementioned support is very beneficial especially for jewelery workshops, Cavusculu continued as follows:

“There are jewelery workshops where 20-30 people work, producing bracelets, wedding rings and designer jewelery. When these enterprises employ one more person, they will have a financing opportunity of ₺100 thousand. These workshops need to buy new technology machines as they produce design products. They will also be able to use this funding to develop their technology. In this way, workshops that increase both their technology and employment will grow much faster and increase product quality. Now, a visionary human resource, familiar with new technologies, is coming to the jewelry industry from our universities and vocational schools. These supports are also a great opportunity to bring this qualified workforce to the sector.”

“Watch and jewelery repairers should be exempted from income tax”

Referring to the importance of tax exemption for low-income small tradesmen who are taxed in a simple manner within the scope of the Economy Reform Package, Cavusculu said:

“There are several professions in our industry that can benefit from this exemption. For example, watch or jewelery repairers can benefit from the regulation, but there are also small businesses that are not taxed in a simple manner but operate with low income in their small businesses, work in handicrafts, produce or repair specially designed jewelery. If the enterprises in question are included in this scope regardless of their simple taxation, both the professions that are about to disappear and the craftsmen who perform them will be protected.”

Source: AA / Translated by Irem Yildiz

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