‘Türkiye could become regional gold refining, trading hub’

ISTANBUL

Rising global demand for gold could create an opportunity for Türkiye to expand domestic output and position itself as a regional refining and trading hub, supported by its established refining and jewelry manufacturing infrastructure, an industry representative has said.

Hasan Yücel, chairman of the Turkish Gold Miners Association, stressed that Türkiye should prioritize domestic production over imports to reduce exposure to external shocks.

"As production rises, dependence on imports and pressure on the current account will decline. The country should secure its gold position through production, not imports," he added.

Global gold production stands at about 3,500 tons annually, while worldwide demand exceeded 5,000 tons last year for the first time, creating upward pressure on prices, he said.

Türkiye currently produces around 28 tons of gold annually, while verified domestic resources total approximately 6,500 tons and could eventually reach 8,000-10,000 tons as exploration expands.

Yücel said Türkiye's long-term target of producing 100 tons of gold annually is attainable if permitting processes accelerate and financing becomes more accessible.

An additional investment of $5-10 billion could lift sustainable production to that level within five years, he noted.

"By increasing production and rapidly commissioning ready projects, Türkiye could evolve into a regional hub that not only processes its own gold but also refines and trades gold from neighboring countries," Yücel concluded.