Wednesday, 9th January 2008 (1615 views)

Turkey imported some 20 per cent more gold in 2007 than it did in the previous year, according to the Turkish Daily News.

The English-speaking newspaper claims that the country is the world's fourth-biggest buyer of gold, importing 230.8 metric tonnes of the precious metal last year.

In 2006, citing figures from the Istanbul Gold Exchange, reports indicate that the country imported 192.7 tonnes of gold.

"Although the country imports gold, half of the imported gold is processed in-country and exported again, generating added value and increasing the importance of the sector," said Atasay Kamer, head of the Istanbul Mineral and Metals Exporters' Association's general secretariat.

He claimed that processing gold imports adds employment and taxation income to the Turkish economy.

In related gold import news, Dubai, considered to be the supply hub of the Middle Eastern jewellery market, imports roughly 90 per cent of its gold from countries including Italy, Malaysia, Thailand, Saudi Arabia, India, Singapore, Pakistan and Bahrain, according to DubaiCityGuide.com.

 

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