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Turkey introduces 20% extra tariff on gold imports

UAE India rupees Creative Commons
India’s gems and jewellery exports increased 14.1 percent yerar-on-year to December 2023. The UAE and India signed a MoU in July 2023 to set use their respective local currencies to settle bilateral transactions

Turkey has introduced a 20 percent additional charge for some gold imports.

Gold imports originating from countries without a free trade agreement and that are not in the European Union (EU) will be charged an additional fee on top of the existing import and other duties, Reuters reported.

Gold imports such as jewellery products and parts, and some base metal products plated with precious metals will be charged the additional fee.

State-owned Anadolu Agency said earlier that the government introduced an import quota to relieve the current account deficit and boost forex reserves.

The quotas will apply to the import of raw gold carried out by Borsa Istanbul Stock Exchange members engaged in precious metal brokerage.

The move aims to stimulate gold production and trade, generating long-term solutions to the current account deficit.

According to trade ministry data, the country’s gold imports rose 5.1 percent year on year to $217.1 billion in the first half of 2023.

The imports of unprocessed gold jumped by 180 percent annually to $19.4 billion.

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