How To Buy Gold at the Grand Bazaar in Istanbul

How To Buy Gold at the Grand Bazaar in Istanbul


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Buying gold in Turkey, particularly gold jewellery, is gaining large recognition proper now with the wonderful conversion fee towards the declining Turkish Lira and the means for customers to buy instantly from sellers with out a intermediary.

Personally, I’m getting bored with losing my cash on low-cost costume jewellery that may begin to tarnish and break simply after 1 or 2 wears. This quick vogue craze has folks consuming equipment at an alarming fee. What at first looks as if deal, solely $89 for a pair of gold-plated earrings, turns into such a legal responsibility with how briskly they exit of favor and begin to discolor.

After years of frustration with losing my cash on low-cost jewellery, I made a decision to go on a mission to seek out nice offers on gold in certainly one of the most well-known markets in the world, the Grand Bazaar in Istanbul. My goal was to seek out good high quality items for honest costs that will final for many years as a substitute of some seasons.  

Below you’ll discover tips about tips on how to discover wonderful offers on gold, methods to check the purity and authenticity of gold jewellery, and all the pieces else I realized throughout my pursuit of high quality gold at the Grand Bazaar in Turkey.

buying gold in turkey

My Hunt For Quality Gold Inside The Grand Bazaar

For this mission, I wanted an insider and gold knowledgeable to assist me. My buddy Alyne and I met up with the fourth-generation grasp jeweler, Nurhan Gümüş. This man is aware of his gold, it’s in his blood. His great-grandfather was a gold jeweler in the Grand Bazaar in the 1800s, a occupation his complete household has upheld ever since.

We met Nurhan at the southern Carsikapi Gate that leads into Kalpakcilar Caddesi, the gold jeweler’s highway of the Grand Bazaar. Before we bought into the nitty gritty of gold procuring, he merely took me for a stroll up and down the coated streets so I might get a good suggestion of the immense selection accessible inside the market. Basically, any form of silver or gold jewellery you’re in search of, you’ll discover it right here. If you may’t discover it on show, you’ll meet distributors who will custom-make it for you or discover you one thing related inside a couple of hours.

We spent the complete day inside the market looking, testing, attempting on, and ultimately shopping for many gold items, together with a classic Rolex, gold earrings, and a gold necklace. I’m going to share each insider secret and tip I realized throughout our time with Nurhan, so you may comply with in my footsteps with your personal Turkish gold procuring spree.

gold jewlery grand bazaar istanbul

Top 6 Tips For Buying Gold Jewelry in the Grand Bazaar

Ok gold lovers – Here’s what that you must know to be an knowledgeable gold purchaser to greatest apply all the ideas we’ve got for you all through this information.

1. Is it Hallmarked? (stamped) 

Make certain the merchandise has the acceptable karat marking stamp, also referred to as a trademark.

Examples are:

22k, or 916
18k, or 750
14k, or 585
10k, or 416

This signifies purity and can be a means of confirming the jewelers’ mentioned particulars.

Best observe: Ask the vendor to point out you the hallmarks on the piece instantly.

gold karat hallmark stamping
instance of hallmark stamping with 18k gold (750 stamp)

2️. Know The Purity (what these hallmarks truly imply)

The purity of gold is set by karat. 

24 Karat gold is 99.9% pure and it descends as you go.

Percent of gold in:

24k = (99.9% gold content material)
22k = (91.6% gold content material)
18k = (75% gold content material)
14k = (58.3% gold content material)
10k = (41.6% gold content material, which implies lower than half is gold) 

Investing in gold jewellery with out checking purity is a BIG NO. The worth between one thing that’s 22 karats and 10 karats will fluctuate immensely.

3️. Figure out the Best Price (the tough half)

The worth of the gold jewellery is indicated by its purity in addition to how a lot labor work has been spent whereas making the piece. 

When shopping for a stable gold merchandise, the greatest option to evaluate is apples to apples! Well in this case: karats to karats! 

Similar-looking gold objects with related weights is likely to be 1000s of {dollars} much less or extra.. HOW?? 🤔

Think of a 100-gram gold chain in 10 karats.. this comprises 41.6 grams of gold. But on the different hand, a 100-gram chain of 18-karat gold comprises 75 grams of gold!

This alone is a HUGE 34 grams of gold distinction!

Best observe: Only evaluate the similar karat objects! If you’re looking at a 14k chain, evaluate it to different 14k chains of the similar weight.  

gold shopping grand bazaar turkey

4️. Determining Weight (How heavy is it?)

It is crucial to verify the weight of the precise gold merchandise that you’re shopping for. Since different gems, supplies, or enamel colours could make the weight heavier, you may find yourself paying the next worth for much less gold!

Best observe:  Ask the jeweler to weigh it on a scale & take a word of that gram weight 

5️. Color Shouldn’t Matter (Yellow, Rose, or White)

Gold can have colour variations. Combining pure gold with particular alloy metals will create one other colour or tone. 

Yellow gold has been the hottest tone all through historical past. Rose gold & white gold are much less common relying on present tendencies & worldwide places.

Best Practice:  The colour of gold mustn’t make the worth cheaper or costlier.

6. Do the math to get your per-gram price 

How to get your gram price:

Take the complete worth of the merchandise & divide it by the weight = YOUR PER GRAM COST 

Use that to check costs of things with totally different weights & similar karat purity.

While the per gram price doesn’t take different issues into consideration, like gems or different particulars the jewellery might need, or the store proprietor’s price of his storefront, it provides you with baseline when procuring round.

BOTTOM LINE:

Rather a lot is to be considered when making a jewellery buy, however if in case you have the actual karats and weight, you can also make an excellent base for comparability.

Nurhan Gümüş  helping us buy gold at the grand bazaar turkey
Nurhan Gümüs serving to us discover nice offers on gold in the Grand Bazaar in Istanbul, Türkiye

How to get an precise estimate of how a lot you must pay for gold jewellery

Below is an equation to make use of as a tough estimate, utilizing the present fee of gold, to find out if the worth they’re asking at the Grand Bazaar is honest.

Step 1: Google immediately’s market fee for gold.

Step 2: Let’s say the market fee for the day is $50 per gram (pure gold). We will take that $50 and multiply it by the purity of the merchandise we’re wanting at. For this instance, we’ll use a chunk of bijou that’s 18k gold. 18k has 75% pure gold content material.

$50 X 0.75 (purity % of 18k) = $37.50

$37.50 is the price per gram of the gold materials itself in an 18k piece with immediately’s fee of $50 per gram.

Step 3: Now, faux the vendor has proven you an 18k bracelet and also you’ve put it on the scale to weigh it, and based mostly on the weight and worth, you may see he’s charging $40 per gram. We can minus the uncooked price of the gold from the above equation ($37.50), which implies he’s charging $2.5 per gram for labor and enterprise prices.

Now, there is no such thing as a ‘standard’ for a way a lot revenue a vendor must be making, or how a lot {dollars} per gram he’s charging for labor and enterprise prices. This varies tremendously relying on the precise jewellery itself, how a lot element and design it could have, and different elements like his lease and different enterprise prices. What the above equation means that you can do is be higher knowledgeable about uncooked prices, evaluate apples to apples when procuring round, and to really feel extra comfy about investing in gold.

alyne tamir buying gold istanbul

Q&A – Buying Gold in Türkiye

Why ought to folks contemplate shopping for gold in Turkey? Why not journey to Dubai to purchase gold?

Dubai (UAE) and Turkey each have very vibrant gold jewellery industries and each nations export and import billions of {dollars} a 12 months.

Dubai does have some slight price benefits in comparison with Turkey on the subject of machine-made/engineered items like chains. That’s as a result of the truth their small and medium-sized companies have bigger budgets accessible to them for machines to supply extremely environment friendly, machine-made gold objects.

Turkey, on the different hand, has two nice benefits. One is in the handmade / artisan jewellery division as a result of the over 5000 12 months historical past of bijou making in Anatolia (present day Turkey). Turkey has an unequalled historical past of handmade jewellery that different nations can not compete with.

The different benefit Turkey has over the UAE is a decrease price of the total journey. You can keep in Istanbul for a month or longer for what your price range can be for just some days in Dubai.
We have curated a 3-day Istanbul itinerary for an ideal go to to the metropolis, with a gold procuring expertise in the Grand Bazaar included!

Sometimes, it’s not all the time about the lowest price, however as a substitute the total expertise.  

grand bazaar in Istanbul Turkey

How can we inform if the gold is actual?

One of the best and quickest methods to inform if a chunk of bijou, let’s say a necklace in this case, is actual stable gold or one thing else like brass with an affordable gold plating, is to rub a magnet on it.

Keep a small magnet in your pocket at the Grand Bazaar and use it your self to check any items you’re looking at. Real gold just isn’t magnetic and it’ll not stick. Many different cheaper metals are magnetic and can stick instantly.

If the gold is actual, how do we all know what the karat worth is? (Example: 10k, 14k, 18k, and so on?)

Sellers at the Grand Bazaar can do an acid take a look at proper there in the store. This includes the piece of bijou being rubbed on a touchstone normally made from slate, then a selected karat method of acid is used. So, a 14k gold bracelet may have its personal 14-karat acid gold take a look at. Once the acid is dropped on the stone, if the acid eats away at the markings on the stone, it means it’s not the karat it states. If the markings do stick with the 14-karat acid, or whichever karat-specific acid take a look at was used, then it’s legit.

There are a number of gold retailers in the Grand Bazaar. How can we discover a good one? Anything particular to search for or to keep away from?

The greatest means is to be an knowledgeable purchaser and learn about the fundamentals of gold, i.e. the gram weight, the karat purity, after which checking that the mentioned karat is hallmarked on the piece itself.

Knowing the fundamental pillars of data means that you can extra correctly evaluate while you go in and ask some questions. If you see the salesman can’t level out the markings, doesn’t learn about an acid take a look at, or can’t present the fundamental info you’re in search of – you may safely assume they aren’t in a position to present skilled assist.  You must be cautious of locations like that.  Most retailers are skilled and useful, however in fact, it’s a bazaar and an everchanging market so the costs will fluctuate.

X Avoid locations that may’t pay a lot consideration to you or can’t present particulars shortly.

Do enterprise with shops that may shortly present details about the items, can supply the acid take a look at, and are prepared to be affected person.  

gold deals grand bazaar

Can I negotiate on worth at shops inside the bazaar?

Yes. Always negotiate with sellers. That’s what has been accomplished all through historical past at the Grand Bazaar and it’ll by no means change.

However, it must be famous that sellers may have totally different prices of doing enterprise and it could have an effect on how a lot they will negotiate with you. A store that has the most prime location and the highest lease in all of the bazaar might not have as a lot room as a second-level store. There isn’t any method for a way a lot to barter, however once more figuring out the fundamental market worth of gold will assist immensely in this example.

Do jewelers in the Grand Bazaar take bank cards or solely money?

Both money and bank cards are accepted by virtually all of the retailers inside the Grand Bazaar. There are a couple of smaller shops that will not take bank cards, however they’ll normally have a sign-up to tell you. Safe and safe ATMs can be found each inside and outdoors the bazaar.

If you’re utilizing a bank card, many distributors will wish to cost a processing price. The price is normally 2.5% to three%, however ought to by no means be greater than 5%.

Can I SELL my private gold inside the Grand Bazaar?

Yes, there are locations known as “sarrafiye” in Turkish (gold consumers) situated instantly inside the bazaar. 

Due to the Anatolian / Turkish tradition of giving, gifting, & saving gold it’s quite common for folks to commerce their cash, bracelets, & jewellery at these locations. You can enterprise inside the Grand Bazaar and ‘shop’ your gold round to see who’s paying the greatest costs of the day.

What we purchased

Istanbul really is the new cool, and we’ve got the gold to show it. Here’s what we bought throughout our first mission at the Grand Bazaar (and we’ve bought one other journey deliberate this spring for a couple of extra items)

Alyne

Gold Hoop Earrings 6g 14k gold = $190
Gold Necklace 6.7g 14k gold = $230
Gold Huggie Earrings 3.5g 18k gold =$160

@dearalyne buying gold in Turkey

Kashlee

Gold Huggie Earrings 3.5g 18k gold =$160
Vintage Rolex $6000 (Ladies DateJust, early 90’s)

Kashlee gold grand bazaar istanbul

Now, some folks studying this may suppose I bought ripped off with the Rolex as a result of it ‘wasn’t bought at a licensed Rolex vendor” however I have to remind you that is Turkey. Since then, I’ve had it verified and I’m over the moon with the buy, since it might have been significantly extra if I had bought it in the Western market.

One of the coolest experiences was attending to comply with the vendor via some tight alleyways, behind the scenes from the fundamental bazaar, and bought to observe how they cleaned our gold earlier than giving it to us.

cleaning jewelry istanbul
They confirmed us how every new piece of gold is cleaned and polished earlier than being delivered to clients.

I couldn’t have made this text with out the numerous hours and steering from Nurhan, so I’d wish to make a particular thanks to him.

Nurhan Gümüş is an Armenian fourth-generation grasp jeweler in the Grand Bazaar. He’s the founding father of GrandBazaarJewelers.com which focuses on wholesale B2B jewellery and TurkishJewelry.com which is the premier jewellery information & tendencies weblog for Turkey.  He was born in Istanbul and his household immigrated to the United States in 1980. In the U.S. he began apprenticing at the age of 12 in his household’s jewellery manufacturing enterprise. He relocated again to Istanbul 13 years in the past as a result of its worldwide aggressive benefit (and his benefit of being a local English speaker Master Armenian jeweler).

He at the moment helps entrepreneurs create their very own jewellery line and affords one-on-one skilled jewellery help. You can discover him on IG @grandbazaarjewelers 

We did the analysis for this text whereas being friends in Istanbul with Go Türkiye. While the tourism board graciously hosted our keep, our itinerary and elective actions, corresponding to gold procuring, had been on our personal price range. Our concepts, opinions, and proposals stay our personal.

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