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- October 18, 202614°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,095-0.35%
- October 18, 202614°
Jewellers warn against low-priced unauthorized gold coins
Timuçin Sönmez, president of the Ankara Chamber of Jewellers and Watchmakers, warned consumers about gold coins minted at unauthorized workshops outside the Turkish Mint and sold at lower prices. Sönmez said products with lower purity or weight can be difficult to distinguish visually from genuine ones and urged buyers to obtain a receipt or invoice.
Timuçin Sönmez, president of the Ankara Chamber of Jewellers and Watchmakers, urged consumers to be cautious, saying that unauthorized re-struck gold coins offered at lower prices had recently begun to spread in the market.
Sönmez said re-struck gold coins minted at unauthorized workshops outside the Turkish Mint using molds similar to the originals could be put on the market as quarter, half and Republic gold coins. He stressed that minting and putting gold into circulation outside the Turkish Mint is prohibited by law.
Risk of lower purity and weight
Sönmez said re-struck gold coins carry a risk of lower purity and may look very similar to genuine coins, while having lower purity or weight.
Sönmez said the difference can sometimes be detected by jewellers when the gold is sold, leaving consumers potentially forced to sell their products for less than their actual value.
Sönmez said the details on these products may be less sharp or more uneven than those on coins minted by the Turkish Mint, adding that an indistinct Atatürk figure and other lettering may indicate lower purity. He said the hardness of the product could also be a sign, but consumers may not be able to distinguish this difference easily.
Warning to obtain receipts and invoices
Sönmez recommended choosing reliable, established jewellers with a corporate structure to avoid problems when buying gold.
Sönmez said buyers should check that the product is in the company’s own box, that the business name appears on its ribbon and that small labels are attached. He stressed the importance of obtaining documents such as a receipt or invoice after the purchase.
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