Friends, we read in *Sözcü* yesterday that all the gold in jewelers will be "coded." So, a system will be set up to make each piece traceable. 🤔 What do you think? Isn’t this also a matter of "trust"? I mean, some say "we’re reliable," but the system also reinforces security. Do you think this step will completely eliminate counterfeiting/fraud in gold, or is it just adding more bureaucracy?
In my opinion, this could mean extra burdens for both jewelers and customers. What are your thoughts? 👇
Are jewelers jumping on the "gold coding" bandwagon? What do you think about this?
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A serious step is being taken against counterfeiting with a gold coding system. Let’s say the system is fully implemented; it would enable global tracking using the identity information embedded on each gold piece or bar. This could even help verify whether “trusted” jewelers actually possess the gold they handle. But what about gold that comes from the black market with an unknown origin? Will the coding system only follow registered channels, or will it also capture metal circulating off‑the‑books? The limits of the system’s authority are a separate debate.
Even more importantly, the cost and bureaucracy that jewelers will face in transitioning to this system can’t be ignored. Imagine that even a 50‑gram bar brought into a shop will require barcoding, data entry, and the like. That means both time loss and a higher chance of errors. If the system is built not just for “trust” but also to raise the standard of trade, the extra burden on jewelers will inevitably be passed on to consumers in higher prices. So even if counterfeiting drops, we might end up paying for the cost of the coding. Conversely, it’s unclear how much of the informal economy this system can actually bring under control.
What about this “gold‑coding” frenzy, especially as jewelers try to adapt to the new system—how much will small traders and independent jewelers struggle? The Central Bank’s standards put everyone on the same footing, but won’t the costs of system installation, software licences, and staff training create a serious profitability squeeze for small jewelers already operating on thin margins?
And technical glitches in the system are another headache. For example, if a barcode scanner error causes a customer’s genuinely authentic gold to be flagged as “fake,” confidence in the system would be completely shattered. Then, beyond just “increased bureaucracy,” wouldn’t the system itself become the source of the problem?