Jewelers protest post office over gold sales

ISTANBUL - Hürriyet Daily News

Turkey’s post office has started buy and sell golds, drawing reactions from jewelers. AA photo

Turkish jewelers have decided not to buy or sell any gold that enters the market from the Turkish post office (PTT), in yet another move protesting other institutions – namely, banks and the post office – entering the gold trade.

Last week, Turkey’s post office announced it will also begin to coin gold merchandise at 14 headquarters in 13 cities, agitating jewelers, who have already been up in arms after banks were permitted to sell and buy gold as well.

Istanbul jewelers, lead by the Istanbul Chamber of Jewelers, filed a complaint to the Council of State against Turkey’s banking watchdog (BDDK), citing competition concerns regarding a recent regulation that empowered Turkish lenders to buy and sell gold coins.

This time, the Ankara Chamber of Jewelers mobilized its members in Ankara and other Anatolian cities to strike back at the PTT by not selling its gold coins.

“At a time when we’re standing against banks’ gold sales, it’s not understandable for the PTT to enter this business. I don’t think they will make any profit out of this,” Chairman of the Ankara Chamber of Jewelers Hasan Çavuşculu told daily Hürriyet, adding that he thinks the PTT might have a secret agenda behind this act.

The chamber has delivered fliers to members to create awareness about the issue and received positive feedback, according to Çavuşculu.

“We don’t have any intention of blocking others’ business or taking a share from their business as this is a practice banks have already been conducting,” Osman Tural, the director general of the post office, had said.