Buying Gold Jewelry in Eskisehir

Buying gold jewelry in Eskişehir can be a rewarding experience, as the city has a rich culture of craftsmanship and a number of reputable jewelry stores. Here are some tips and insights:

Where to Buy Gold Jewelry in Eskişehir:

1. Jewelry Districts & Local Markets:
   • Doktorlar Caddesi (Doctors’ Street): This street is a famous shopping area where many jewelry stores are located. It’s popular with locals and visitors alike for high-quality gold and other precious items.
   • Odunpazarı Gold Jewelers: The historical district, while more known for its artisanal handicrafts and museums, may have shops or workshops offering unique, handcrafted gold pieces, often with traditional Ottoman designs.
   • Shopping centers also have jewelry shops. Designs here might be more modern and trendier, but the prices will be higher.
2. Gold Souks and Established Shops:
   • Chain Jewelry Stores: Eskişehir has some chain jewelry stores like Altınbaş and Atasay, which are known for their quality and trustworthiness. They offer a wide variety of contemporary gold designs.
   • Independent Jewelers: Smaller, family-run jewelry shops often provide a more personalized experience, with some offering custom-made pieces. You can sometimes find better deals here compared to larger chains.
   • The jewelry shops might be quite crowded especially during the summer months when there are many weddings and gold gifting is a big part of the local culture.

Things to Keep in Mind:

• Gold Purity: Most gold jewelry in Turkey is sold in 14K, 18K, or 22K gold. The higher the karat, the purer and softer the gold. The standard in Turkey tends to be higher, with many pieces available in 22K.
• Price: Gold prices are typically calculated based on the daily market rate plus the labor costs (called “işçilik”). Labor fees vary depending on the complexity of the design and can make a significant difference in price.
• Certification: Always ask for a certificate of authenticity when purchasing gold jewelry to ensure that it is genuine and of the stated karat value.
• Haggling: In smaller shops or marketplaces, haggling is quite common, and you can often negotiate a better price.

Trends in Gold Jewelry:

• Ottoman-style Jewelry: Eskişehir, like other parts of Turkey, celebrates its Ottoman heritage with jewelry inspired by traditional designs, featuring intricate patterns and gemstones.
• Modern Designs: For those interested in contemporary styles, many shops also offer sleek, modern pieces, catering to both local tastes and international trends.

Taxes and VAT Refund for Tourists:

If you’re a non-resident and plan on taking your jewelry out of the country, you may be eligible for a VAT refund. Be sure to ask the shop about the process, and they will typically provide the necessary paperwork.

Gold Prices in Eskisehir

In Eskişehir, as in other cities in Turkey, gold prices in stores are influenced by several factors. Here’s how the process typically works:

1. Daily Gold Price Updates (Spot Price)

• Global Gold Price: The base price for gold in Eskişehir stores is determined by the international spot price of gold, which fluctuates based on global supply and demand, geopolitical events, and market conditions. This price is updated regularly throughout the day.
• Turkish Lira Exchange Rate: Since gold prices are set in U.S. dollars globally, local gold prices in Eskişehir are adjusted based on the current exchange rate of the Turkish lira (TRY) to the dollar. As the lira fluctuates, the price of gold changes accordingly.

2. Borsa Istanbul Price

• Borsa Istanbul Precious Metals Market: Gold stores in Eskişehir often refer to the prices listed in the Borsa Istanbul Precious Metals and Diamond Markets (PMD). These prices reflect the local value of gold in Turkish lira and are updated frequently to match international rates and currency fluctuations.
• Local Gold Dealers: Some local gold dealers and jewelers in Eskişehir might also collaborate on setting a standard daily price based on the Borsa Istanbul rates to ensure consistency across shops.

3. Store-Specific Markups

• Jewelry Craftsmanship (İşçilik): The price of gold jewelry in Eskişehir includes not just the cost of the raw gold but also a fee for craftsmanship (called “işçilik”). This fee covers the labor and skill involved in designing and crafting the jewelry. The more intricate or detailed the design, the higher this fee will be. Each store may set a different rate for this depending on the quality and reputation of their craftsmanship.
• Profit Margins: Gold shops also add a small profit margin to the base price, which can vary depending on the location, the size of the shop, and its target clientele. Larger, more established stores might charge slightly more due to their reputation, while smaller shops might offer lower prices to attract customers.

4. Taxes and Fees

• Value-Added Tax (VAT): Some gold jewelry items in Eskişehir may be subject to VAT (18%), which will be included in the final sale price. However, pure gold (bullion or certain coins) is typically exempt from VAT in Turkey.
• Hallmarking Fees: Jewelers must ensure that the gold sold is of the correct purity, usually indicated by a hallmark or stamp. There might be small fees related to hallmarking that are passed on to the consumer.

5. Local Demand and Seasonality

• Wedding and Gift Seasons: In Turkey, gold is often bought during weddings, holidays, and religious festivals. During high-demand periods, such as the wedding season (especially in summer), prices may rise slightly in response to increased local demand. In Eskişehir, this might be especially relevant during these times when there is a greater need for gold jewelry as gifts.

6. Negotiation

• Bargaining Culture: In many gold stores, especially smaller or family-run businesses, the price is not always fixed, and customers can negotiate. Jewelers may offer discounts on the craftsmanship fee or make special offers depending on the customer’s relationship, bulk purchases, or loyalty.

7. Types of Gold

• 22K and 24K Gold: The purity of gold also affects the price. In Eskişehir, 22K and 24K gold are the most common for jewelry and investment purposes. 24K (pure gold) will be more expensive than 22K, which contains a small percentage of other metals for durability.
• Gold Coins (Çeyrek, Yarım, and Tam Altın): Many people in Eskişehir also buy gold coins for investment. The prices of these coins, which include a small premium above the gold price, are set based on their weight, purity, and demand. You can also buy 1 gram gold.

In Turkey, gold coins are popular both as gifts and investments, and they come in various types and denominations. The differences between these coins relate to their weight, gold purity, and purpose. Here are the main types of gold coins commonly found in Turkey:

Çeyrek Altın (Quarter Gold Coin)

• Weight: Approximately 1.75 grams
• Gold Content: 22K (91.6% pure gold)
• Diameter: Around 18 mm
• Characteristics: The most common and popular gold coin in Turkey, often given as gifts during weddings, circumcision ceremonies, or other special occasions. Despite its small size, it is highly recognized and liquid (easy to sell). It has a loop, so it can be worn as a necklace or bracelet charm.
• Use: Primarily used for gifts but also kept as a small investment due to its liquidity.

Yarım Altın (Half Gold Coin)

• Weight: Approximately 3.50 grams
• Gold Content: 22K (91.6% pure gold)
• Diameter: Around 22 mm
• Characteristics: Double the weight and value of the çeyrek altın, the yarım altın is also used for gifting and investment. It’s less common than the çeyrek but still widely accepted.
• Use: Similar to çeyrek altın, but its higher value makes it more commonly used as a gift at larger events or for higher investment.

Tam Altın (Full Gold Coin)

• Weight: Approximately 7.00 grams
• Gold Content: 22K (91.6% pure gold)
• Diameter: Around 30 mm
• Characteristics: The tam altın is four times the value of a çeyrek altın. It is often used in larger ceremonies, such as weddings, or for more substantial investments. Its higher value means fewer people gift it compared to çeyrek altın, but it remains highly liquid.
• Use: Primarily for investment, but also as a high-value gift for major celebrations.

Ata Altın (Republic Gold Coin)

• Weight: Approximately 7.22 grams
• Gold Content: 22K (91.6% pure gold)
• Diameter: Around 22 mm
• Characteristics: The Ata altın, also known as “Cumhuriyet Altını,” was minted after the establishment of the Turkish Republic. It’s often considered an official investment gold coin. This coin is slightly heavier than the tam altın due to its added design features and the solid rim.
• Use: Primarily for investment purposes and is considered more prestigious than other gold coins. It is also used as a higher-end gift.

Ziynet Altın (Jewelry Gold Coin)

• Available Sizes: Similar to çeyrek, yarım, and tam altın
• Gold Content: 22K (91.6% pure gold)
• Characteristics: These coins are intended for both investment and jewelry purposes. They typically come with a loop for easy wearing and are designed to be incorporated into necklaces, bracelets, or other accessories.
• Use: Ziynet altın is often used in jewelry but retains its value for investment as well. It is more commonly found in bridal gifts and other special occasions.

Gram Altın (Gold Gram)

• Weight: Available in 1 gram, 2.5 grams, 5 grams, 10 grams, 50 grams, and 100 grams
• Gold Content: 24K (99.9% pure gold)
• Characteristics: These are modern investment products made of pure gold (24K), unlike the traditional 22K coins. They are minted in various weights and are popular for investment because they offer flexibility for small to large purchases.
• Use: Primarily for investment due to its high purity, and it’s considered easier to buy and sell without the loss from additional charges like craftsmanship fees.

Hamit Altın (Ottoman Gold Coin)

• Weight: Approximately 7.2 grams (for the full version)
• Gold Content: 22K (91.6% pure gold)
• Characteristics: Hamit Altın refers to Ottoman-era gold coins minted during the reign of Sultan Abdülhamid II. These coins are more historical in nature and may carry a premium due to their age and collectible value.
• Use: Primarily for collectors, though they are also valuable for investment.

Key Differences:

• Weight: Coins range from the small çeyrek altın to much larger gram altın coins, giving buyers flexibility based on their budget.
• Purity: Most traditional coins (çeyrek, yarım, tam, Ata) are 22K (91.6% pure gold), while gram altın coins are 24K (99.9% pure).
• Purpose: Some coins, like the Ata Altın, are seen more as investment tools, while others like çeyrek altın are commonly used for gifting.
• Liquidity: Çeyrek, yarım, and tam altın are the most liquid and easy to sell, whereas Ata and gram altın may attract more serious investors.
• Craftsmanship Fees: Jewelry-focused coins (like ziynet altın) often include a small craftsmanship fee (işçilik), which might reduce the resale value compared to pure investment coins like gram altın.

Each type of coin offers a balance between investment and cultural significance, and the choice often depends on whether the buyer is seeking an investment or a gift.

In summary, gold prices in Eskişehir stores are based on international spot prices, the exchange rate of the Turkish lira, and the Borsa Istanbul rates, with additional markups for craftsmanship, store margins, and possible taxes or fees. Shoppers can sometimes negotiate prices, especially regarding the craftsmanship fees.

You can check daily reference gold prices from this link.