Damascus– Which is better, Syrian or Turkish gold?..a question we asked 4 years ago to Turkish and Syrian goldsmiths in the gold markets in Istanbul after observing the phenomenon of Turkish goldsmiths’ reluctance to deal with what they called “Syrian gold” to distinguish it from Turkish gold as “second class.”
With the start of the massive Syrian refugee crisis to Turkey in 2011, an unexpected crisis was born, which is that most Turkish jewelers do not deal with the gold that some Syrians were carrying when they came and sought refuge in Turkey, even though its price is about 5% cheaper compared to Turkish gold.
The dispute arose because of the Turks’ view of the karats and shapes of gold they are not accustomed to. For the general Turks, the standard gold is 22 carats and is light in color, while the Syrian standard gold is 21 carats and is slightly reddish, which made the Turks dislike it. Dealing with it because they are not accustomed to the “foreign” caliber, as well as to the color and shape of the jewelry that is strange to them.
Today, after the fall of the ousted head of the Syrian regime, Bashar al-Assad, and the start of the return of about 4 million Syrians from the northern neighbor, Turkey, it is expected that quantities of Turkish gold will enter the Syrian markets, whether as a trade or as savings and personal property for a large number of Syrians who acquired it during their stay in Turkey over the course of a year. 14 years.
The question is whether the Syrian jewelers will deal similarly with Turkish gold by refusing to deal with it, especially since it is of a different caliber and not circulated in the Syrian markets, as well as different in shape and color, or will it enter as a strong competitor in the market during the coming period?
This is what we went to the goldsmiths in the famous Harika market in central Damascus, which includes a gathering of a large number of goldsmiths’ shops, as well as the headquarters of the Goldsmiths Syndicate for Damascus and its countryside, which is responsible for regulating the profession and dealing with gold coming from abroad.
No big problem
Goldsmith Muhammad Al-Saloum says, “It is possible that the crisis or problem is limited, especially since the Syrians opened their own shops in Turkey years ago to sell gold that deal with the so-called 21-karat Syrian gold. It is possible that the lower group is the one who deals with 22-karat Turkish gold.” And she bought from him.”
In his statement to Al Jazeera Net, Al-Salloum expected that the Turkish gold coming from Turkey would not cause a major crisis in the market, and a special price for this gold might later be listed on the interfaces, such as 21 and 18 karat, which are mainly approved in the Syrian markets, with the increase in dealing with it, and thus the matter will be resolved, according to his opinion. .
He also expected that Turkish gold and jewelry would witness demand from some customers, as they are goods that are foreign to the local market and have different models that may appeal to many. This applies to those who buy them for decoration, but those who buy them as savings prefer Syrian gold because it is easy to deal with and sell later without unexpected losses.
Unknown price
Opinions differed in the Harika market about the method of dealing with Turkish gold, especially since most of the jewelers we met had no experience in dealing with it. Muhammad Al-Najjar says, “We will deal with it like any other type of gold, as its karat will be taken and then melted and crafts made from it using our approved karats, but so far I have not personally dealt with such a situation, but I believe that the matter is consensual between the seller and the buyer.”
Regarding the method of compromise that Al-Najjar is talking about, Al-Najjar adds, “It is possible for the jeweler to set a price slightly higher than the price of 21 karat than the price of 22 karat, but in general, we as jewelers usually put the prices of gold on our fronts for 21 and 18 karat, as they are the most widely traded, but most of us have not dealt with 22 karat.”
As for the jeweler, Elias Shalhoub, he believes that most Syrian jewelers will deal with Turkish gold as 21 carat, and it is possible for them to break it at the price, as they say.
But in general, according to Chalhoub, the jeweler cannot buy foreign gold except after returning to the syndicate and stamping the pieces so that they become valid for sale, because gold coming from abroad is forbidden to be placed on the windows for sale without it being calibrated and stamped by the syndicate for reasons such as quality and source.
Flexible and open market
The official in charge of the stamp office at the Goldsmiths Syndicate in Damascus and its countryside, Fadi Sehnaoui, said that the Syrian gold market is flexible and completely open to all types of gold and its various karats, and the Syndicate is fully cooperating with the goldsmiths to facilitate purchase and sale operations.
He added to Al Jazeera Net that in general, 22-carat gold is “rare to deal with in Syria, but in the past, as jewelers, we used to make gold coins of this caliber, in addition to the standard 21-carat gold, which is the most in demand according to the purchasing habits of Syrians.”
In general, as goldsmiths, “we take the gold pieces to be sold and those purchased from abroad, whether from Turkey or elsewhere, and we calibrate them, confirm the caliber of the gold, and buy it at its price. The union’s mission here is to facilitate the work of the goldsmiths, not to buy and sell in the markets.”
Regarding the method of selling exotic gold to the markets, Sehnaoui explained that the jeweler who wants to buy a piece of gold from abroad must resort to a so-called “calibrator” appointed by the Syndicate in order to check for him the karat of the gold coming from abroad, and if its karat is correct, the jeweler will buy it at the price of the karat after verifying it. .
Regarding the fate of this gold, especially since it is not traded in Syrian markets or consistent with the purchasing habits of Syrians, the union official explains that after purchasing, the jeweler has several options: either to melt down the purchased piece and remanufacture it, or pay it as the value of gold to the manufacturing workshops, or if it is suitable for sale, then he It is stamped by the union and resold according to the approved caliber.
