Turkey has been an important regional gold market for many years; during the 1990s
domestic jewellery fabrication averaged 125 tonnes (4.02 million oz). In addition,
Turkey has been a key source of bullion for several neighbours countries.
Turkish bullion imports, which normally exceed 100 tonnes (3.2 million oz) on
an annual basis, came to 107 tonnes in 1999 but then rose significantly in 2000
to 205 tonnes (6.6 million oz). However, the following year bullion imports fell
sharply. According to GFMS, this was partly due to the sharp devaluation of the
Turkish currency and the associated economic and banking crises which affected
the country.
On a separate note, Turkey's position in the international market was enhanced
by the full liberalisation of the local gold market in 1998 and the opening of
the Istanbul Gold Exchange on 26 July 1995.
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