Second pressing warning for gold investors: Beware of non-Mint workshops

While the risk of counterfeit and low-purity products in the gold market has come to the agenda again, experts stated that unauthorized production outside the Mint can lead to financial losses. Investors were urged to obtain invoices, choose institutional points and perform physical checks.

At a time when gold's safe haven feature comes to the fore, illegal production carried out in unauthorized workshops creates a new risk area for consumers. The unofficial production of quarter, half, and Republic gold coins, which should be minted by the Mint, with similar molds causes the spread of products described as second pressing in the market. These golds, which look very similar to the original ones, may have lower purity or grammage. This difference is usually noticed when gold is being cashed in or during checks made by expert jewelers.

Timuçin Sönmez, President of the Ankara Chamber of Jewelers and Watchmakers, pointed out that gold minted outside the Mint carries the risk of low purity. Sönmez stated that such gold can look very similar to original products in appearance, but differences in purity or grammage emerge at the cashing stage. Stating that the Atatürk figure and other writings may not appear clearly during the pressing because the purity of second-pressed gold is low, Sönmez warned, together with sector representatives, to get an invoice when buying gold, to choose institutional and reliable jewelers, and to keep the documents.