Skip to content Skip to Search
Skip navigation

Turkey introduces 20% extra tariff on gold imports

By Pramod Kumar
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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]