Quarter Gold Coin Output Reaches 11.4 Million as Demand Surges
In the first six months of 2024, Turkiye’s gold production experienced a notable increase, with the Mint producing 11.4 million quarter gold coins, marking a 3.6% rise compared to the same period last year. Data from the General Directorate of Mint and Stamp Printing House reveals that the recent surge in gold prices has significantly boosted the demand for physical gold.
To meet this growing demand, the Mint has ramped up its production efforts, manufacturing 11,413,710 quarter gold coins between January and June. Monthly production numbers highlight April as the peak month, with 3,053,660 coins produced. The breakdown of production is as follows: 1,826,950 coins in January, 2,260,660 in February, 2,460,130 in March, 1,443,870 in May, and 368,440 in June.
Expanding Production Beyond Quarter Gold Coins
The Mint’s production wasn’t limited to quarter gold coins. During the same period, it also produced:
- 1,615,585 half gold coins
- 1,565,802 full gold coins
- 135,966 two-and-a-half gold coins
- 899 five gold coins
These figures bring the total production of gold jewelry items to 14,731,962 pieces in the first half of the year. For comparison, the total gold jewelry production for the entire year of 2023 was 24,434,311 pieces.
Meeting Seasonal Demand and Overcoming Challenges
Mehmet Hekim, Deputy General Manager of the Mint and Stamp Printing House, noted the variability in production numbers for May and June, attributing it to fluctuating demand from citizens and jewelers. Hekim emphasized that new-dated gold coins typically see a spike in demand at the beginning of the calendar year and around Republic Day on October 29. Additionally, global economic and political developments affecting gold prices also influence demand.
The current production facility in Beşiktaş operates on a single shift, producing an average of 300-400 kilograms of Republic gold coins daily. However, to address seasonal spikes in demand and avoid delays, a new production facility in Kartal is set to become operational within a few months. This modern, high-tech factory will significantly increase production capacity, ensuring timely fulfillment of increased demand for Republic gold coins.
Upcoming System Enhancements for Gold Production Tracking
Hekim also highlighted the diverse range of Republic gold coins produced by the Mint, which includes five types of jewelry and five types of bullion coins. He mentioned that gram gold production can be carried out by refineries authorized by the Mint.
The Precious Metal Tracking System (KMTS) will monitor production data in this sector. Refineries seeking to operate under KMTS must obtain permission from the Directorate General of Financial Markets and Exchange. These permits are expected to be finalized by the end of August, after which authorized refineries must register with KMTS within 15 days.
Source: Trthaber / Prepared by Irem Yildiz