Newsletters
The Istanbul Jewelers Chamber (IJC) estimates that Türkiye's under-the-mattress gold reserves amount to approximately 5,000 tons, with Chamber President Mustafa Atayik stating the value reaches around $500 billion or more.
"Considering that the kilogram price of gold is around $107,000, we can say that under-the-mattress gold corresponds to approximately $500 billion and above," Atayik told Anadolu Agency (AA) correspondent.
"According to the World Gold Council, the amount of undeclared gold is around 5,000 tons," Atayik said.
"Later estimates ranged from 6,500 to 7,000 tons, but those include gold with emotional or family significance that may not enter the system. We believe 5,000 tons is the most realistic estimate," he added.
"Using an average gold price of $107,000 per kilogram, Atayik said the private reserves amount to 'roughly $500 billion or more.'"
Atayik pointed to Türkiye’s population of 85 million and over 20 million households as supporting data for the projection by stating, "To verify this forecast, one can consider whether the under-the-mattress amount is rational using Türkiye's household count of 20.2 million and the stated population figure of 85 million."
Regarding gold imports, Atayik emphasized that not all imported gold serves the jewelry and jewelry sector's demand.
"Only 40-50% of the total imported amount is used in the sector. This amount coming to the sector creates value-added products ranging from $2,500 to $5,000 per kilogram, becoming Türkiye's most valuable export unit value products," he said.
According to Gold Miners Association data, Atayik reported that production occurred at 18 separate gold mine sites with completed feasibility studies and applications as of 2023.
"2023 production was 35.5 tons, while 2024 was 32.2 tons. The more domestic production and scrap recycling increase, the higher the coverage ratio of needs becomes, meeting raw material requirements without foreign exchange outflow or import necessity," he noted.
Atayik noted that jewelry and jewelry production alone require annual imports of 170-200 tons on average, with domestic production and scrap conversion reducing import needs proportionally.
1 min read
Addressing the process of bringing under-the-mattress gold into the economy, IJC President Atayik suggested that citizens continue keeping their savings under mattresses due to insufficient confidence.
"Work involving jewelers in this process dates back 10 years. In ministry meetings, the reality emerged that banks could not maintain sufficient expert personnel on this matter, and citizens used their preferences through jewelers they trusted, had previously shopped with, and felt close to," Atayik stated.
2 min read
