Turkey to Track All Gold Sales with New "Bandroll" System, Sets 30,000 TL Cash Limit

Turkey will launch a new national tracking system for gold in April. The system will require all gold jewelry and products to carry a government-issued "bandroll" tag for sale. The "Precious Metals Tracking System" (KMTS) is being introduced by the Mint, which operates under the Ministry of Treasury and Finance. Its goal is to monitor the entire gold market. A major new rule accompanies the system. Jewelers will now face a cash payment limit of 30,000 Turkish Lira for any gold purchase. Transactions above this amount must be made electronically through banks. Officials state the changes aim to bring transparency and formal regulation to the gold trade. The system is designed to track all gold from its first sale to the final customer.