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Türkkan Law Firm
TRENRU

One Focus: Precious Metals and Precious Stones
Complete Command: Foreign Exchange Legislation

We have written the book on both.

METAL MINING PRODUCERS · REFINERIES · PRECIOUS METALS INTERMEDIARY INSTITUTIONS · AUTHORISED INSTITUTIONS
BANKS AND FINANCIAL INSTITUTIONS · JEWELLERY COMPANIES · JEWELLERS · EXPORTERS · CHAMBERS AND ASSOCIATIONS

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Command is earned by seeing the detail.

The rules governing the movement of foreign currency, precious metals and precious stones do not sit in a single law. They are spread across decrees, communiqués (tebliğ) and circulars (genelge), and they change often. We follow that dispersion and structure our clients' transactions accordingly.

Our founder M. Abdullah Türkkan examining a stone with a loupe. Our founderM. Abdullah Türkkan
Türkkan Law Firm

Our Compass: Looking at the Detail Through a Loupe

A jeweller's loupe reveals what the naked eye misses. In foreign exchange (kambiyo) and precious metals legislation, too, the issue usually lies not in the rule itself but in its detail: a deadline, a threshold, an exception. Our work begins in that detail.

Read Our Story
• 2017 • ISTANBUL • TÜRKKAN LAW FIRM • Precious metals and precious stones law at every link of the supply chain, from the ground to the display case
Direct Answers

What is your question?

Short answers to the questions the sector asks most. Amounts and deadlines that may change are marked with ; the details are on the relevant page.

01

I could not repatriate my export proceeds (ihracat bedeli) in time. What happens?

Export proceeds must be brought into Türkiye within 180 days of the actual export date. An administrative fine of 5% of the market value of the amount not brought in is imposed; if the proceeds are brought in before the decision becomes final, the fine cannot exceed 2.5%.

Importers and Exporters
02

What are the requirements for establishing a refinery?

Being a joint stock company; having the word “refinery” (rafineri) in the trade name; all shares being registered and issued for cash; and paid-in capital of no less than TRY 35,000,000. After the establishment permit (kuruluş izni) is granted, there is a 180-day period to apply for the operating licence (faaliyet izni).

Refineries
03

As a jeweller, am I an obliged party under MASAK rules?

Yes. Those who buy and sell precious metals, precious stones or jewellery are obliged parties (yükümlü) before the Financial Crimes Investigation Board (MASAK). They are not required to prepare a compliance programme, but the obligations of customer due diligence (müşterinin tanınması) and suspicious transaction reporting (şüpheli işlem bildirimi) apply. The identification threshold is TRY 370,000.

Jewellers, Jewellery and Precious Stones
04

Is trading in precious stones subject to a permit?

No. The import, export and domestic purchase and sale of precious stones are free. The authorised-actor requirement that applies to precious metals does not apply to stones. The only exception is rough diamonds: a Kimberley Process certificate and registration with Borsa İstanbul within three business days are mandatory.

Jewellers, Jewellery and Precious Stones
See all our practice areas
Library

The 4Cs of Knowledge

A diamond's value is determined by four measures: colour, cut, carat and clarity. We have classified the value of knowledge by the same four.

The Basis of What We Say

Events

Topics Addressed

Notes from the trainings, meetings and trade fairs attended by our founder and our office, and from our publications.

All events
Official Sources

The Rule-Maker's Official Address

We have gathered those who make the rules, those who supervise and those who decide in a single list, each with its official web address. Fake websites imitating institutions are common; knowing what the correct address looks like is a protection in itself.

68 institutions and sources under nine headings:
Regulatory and supervisory authorities · Exchanges and organised markets · Standards and accreditation bodies · Gemmological and appraisal laboratories · Professional bodies and associations · International standards and sanctions · Judicial and arbitral bodies · Legislation and official records · Data and research

Guide to official sources

These links are provided for information only; this list is not a statement of membership or representation. The addresses were verified on the date of publication.

Quick Access

Where shall we go next?

Three doors — whichever is closest to you.