We tried to explain the Mint and Jewelery Exporters' Association in the first of our article, Those Who Shape the Sector. This week, we will give information about the other two institutions, Borsa Istanbul and Istanbul Chamber of Jewelers.
Borsa İstanbul Precious Metals Market:
The Istanbul Gold Exchange started its operations on July 26, 1995 in order to trade the gold bullion, which is the biggest input of the sector and is also bought and sold in the international and interbank markets, within the body of Borsa Istanbul. Afterwards, the relevant markets were opened in the following order regarding our sector.
9 July 1999
Start of trading of silver and platinum
March 24, 2000
Opening the Precious Metals Lending Market
April 4, 2011
Opening the Diamond and Precious Stones Market
17 November 2011
Palladium begins trading
Those who are authorized to trade in the market transfer their orders to the Trading System (Precious Metals Trading Platform - SOE) via their representatives in the trading room or via remote access, within the determined price and transaction limits and within the framework of risk management rules.
Transactions are carried out according to the multi-price method in accordance with price and time priority rules. Buy and sell orders entered into the system are simultaneously delivered to members and international markets via information distribution screens.
Member who wants to buy or sell the precious metal; forwards the buy or sell order to the Exchange for execution. In case the executed order is a buy order and is greater or equal in price than the best sell order submitted before, the sell order can be fully or partially fulfilled. If the executed order is a sell order and is less than or equal in price to the best buy order submitted before, the order in the buy can be fully or partially fulfilled.
It is essential to apply the continuous process method in KMP. The continuous trading method is the method of matching the orders transmitted to the system at different price levels, in accordance with the priority and trading rules, during the trading periods determined by the Exchange. Orders can be collected with the single price method in a specified time frame within the continuous trading session.
The single price method is the method of collecting the orders transmitted to the system during the time periods determined by the Exchange, and matching them at a single transaction price determined in accordance with the priority rules, in a way to realize the highest amount of trades. A single price session consists of order collection and price determination stages. During the order collection phase, orders are transmitted to the system and sorted according to price-time priority rules, no matching is made, orders can be changed or canceled. Orders cannot be entered during the price determination phase, orders entered during the order collection phase cannot be changed or cancelled. Only orders with clearing date T+0 and price unit USD/ONS for standard 1 kg gold can be entered in a single price session where the single price method is applied.
Today, import permits and transactions from abroad are carried out in Borsa Istanbul. Brokerage houses carry out their purchases and sales of gold, in the same way all their purchases and sales in banks, and the central bank and the Mint make their purchases and sales in Borsa Istanbul.
Istanbul Chamber of Jewelers (IKO)
The history of IKO, which has become one of the leading professional chambers not only in Istanbul but also in Turkey, dates back to 1969. The Chamber was established on this date in accordance with the Law on Associations. While its first title was Istanbul Touristic Handicrafts Manufacturers and Jewelers' Craftsmen Association, the term "association" was changed to "room" with the 10th article added to Law No. 3741 to Law No. 507. In this context, at the General Assembly held on 24.03.1996, its title was changed to "Istanbul Chamber of Jewelers, Craftsmen and Craftsmen".
Today, jewelers can easily receive many services from the 7-floor modern building of the Istanbul Chamber of Jewelers, located in the center of the historical peninsula, and the service office in Kuyumcukent, between 09.00-18.00 on weekdays. With its more than ten thousand members, it plays a leading role in the development and promotion of the sector in domestic and international markets.
Today, the Istanbul Chamber of Jewelers (IKO) ensures that its Members meet their needs in the most comfortable way and provides services to jewelers in many different areas, from export and import expertise reports, from setting house to publications, using the advantages of modern technology.