Gold transactions to require identification in Turkish jewelry stores by 2025
File photo shows gold bracelets displayed in a showcase at a jewelry store in Türkiye. (IHA Photo)
Türkiye’s Treasury and Finance Ministry initiated efforts to enforce an existing yet largely unimplemented regulation requiring identification for gold transactions in jewelry stores exceeding ₺185,000 ($5,274), aiming to combat fraud and money laundering.
The Financial Crimes Investigation Board (MASAK) previously introduced the identification requirement for high-value gold transactions as part of measures to curb fraudulent activities and money laundering. Although the threshold was raised to ₺185,000 in 2023, compliance with the regulation remains inconsistent across the country.
Currently, many jewelers conduct transactions worth millions of lira without requesting identification. The ministry has now taken action to reverse this trend.
Gold transactions without IDs to be banned by 2025
Earlier this year, Turkish finance minister Mehmet Simsek identified the jewelry and precious metals sector as one of the leading contributors to tax evasion in Türkiye. In response, the ministry has established a new team to oversee audits of businesses in this sector.
These audit teams will focus not only on the taxes paid by jewelers but also on inspecting compliance with legal regulations. Specifically, they will verify whether jewelers record customer IDs for transactions that individually or collectively exceed ₺185,000. Additionally, the teams will assess the accuracy of the collected information.
Under the ministry’s plan, hefty fines will be imposed on jewelers who fail to comply with the ID requirement. Starting in 2025, jewelers are expected to refuse transactions exceeding the threshold if the customer does not provide valid identification.
