Question: How is the Importation Procedure for precious metal, gems and valuable items applied?
Precious metals, gems and valuable items are defined in the Article 2 of Protection of Value of Turkish Currency Act and transactions for release for free circulation of these items are enacted by virtue of this Act.
Importation of precious metals, gems and valuable items to Turkey is allowed under the rules of foreign trade regime. However, to import standard and out of standard raw precious metals, submission of the customs declaration is a must. Standard raw metals can be imported only by the Central Bank and the members of Borsa Istanbul. If the importer is a member of Borsa Istanbul, the importer is obligated for delivering the precious metals to Istanbul Borsa within 3 workdays. At the same time they are obliged to submit expertise report which proves the value of the precious metal.
To import raw diamond, it is a must to obtain a Kimberly Process Certificate formed by exporter country. It must be dispatched in a durable package and the package should not be opened during dispatching. The certificate must include precise information. Diamonds are supervised by Istanbul Borsa and if it is necessary, Istanbul Borsa may request a report on the carat and value of diamond.
According to Article 7 of the Decision no. 32, passengers may bring along their own precious metals to Turkey (those with a value under 15.000 USD) without commercial aims. If this value is exceeded, customs announcements are required or they must be purchased in Turkey.