Diamond Boss Wants Gram Gold Banned From Turkey’s Economy
Ayhan Güner, Chairman of Storks Diamond — one of the world's largest precious stone brands — has called for the elimination of gram and quarter gold from Turkey's economic system. Speaking publicly, Güner argued that these small-denomination gold formats generate no added value for the broader economy and should be phased out in favor of more productive financial instruments.
The statement carries weight because it comes from inside the jewelry and precious metals industry itself, not from a bank or regulator. Güner's argument centers on a familiar tension in Turkish economic life: small gold pieces function primarily as a savings vehicle and inflation hedge for ordinary households, but critics say they keep wealth locked outside the formal financial system. Every gram sitting in a drawer is capital that isn't circulating, investing, or generating tax revenue.
This debate is not new, but the timing sharpens it. With gold prices at record highs globally and Turkish households estimated to hold between 2,500 and 5,000 tonnes of gold under mattresses and in jewelry boxes, the stakes are enormous. Any policy shift that pushes citizens away from physical gold — whether through incentives or restrictions — would reshape savings behavior, banking deposits, and the lira's credibility as a store of value all at once. The conversation Güner has opened deserves a serious answer, not a dismissal.
Ekonomik Gündem Analysis: Ekonomik Gündem Analysis: Let me be direct — Ayhan Güner is not wrong about the economics, but he is asking the wrong question. The reason Turkish households hold 3,000+ tonnes of gold in physical form is not a cultural quirk. It is a rational response to decades of currency devaluation. The lira lost roughly 80% of its value against the dollar between 2018 and 2023. When your savings instrument depreciates that fast, you buy gold. Banning the gram format does not fix that equation — it just removes the most accessible entry point for lower-income savers.
From my time at Garanti and Denizbank, I watched deposit campaigns come and go. The banks that actually attracted gold deposits did so by offering competitive yields and genuine trust — not by restricting alternatives. Turkey's banking sector currently holds roughly 450 tonnes in gold deposit accounts, a number that has grown steadily. That growth happened through incentive, not prohibition.
The real policy lever here is the interest rate environment and inflation credibility. If the TCMB maintains its current tightening path and inflation falls convincingly toward 30% and then lower, rational savers will shift from physical gold into yield-bearing instruments on their own. No ban required. Güner's proposal treats the symptom. Sustained monetary discipline treats the disease.
Kaynak: Sozcu Ekonomi