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Setting Up a Jewelry Business in Turkey
If a company working on the sale of jewelry wants to supply its need for precious metal and gemstones by setting up a quarry it has to get licenses from the Ministry of Energy and Natural Resources. This license should be submitted to the Trade Record Directorship when the founders apply. According to the Mining Law no. 3112 and the Regulation Regarding Mining, initially a mining prospection license is needed. In the event of the discovery of mines fit to serve the company’s purposes an operating license is needed to build a quarry and to run it.
Classification of Valuable Metals
In the aforementioned law and regulation diggings have been divided into several groups. For instance, valuable metals like gold and silver are in Group IV while gemstones like diamonds, sapphires and rubies are in Group V. License applications shall be made according to these groups.
According to the law and regulation mentioned above; the diggings that are within the scope of business of the companies who wish to set up a quarry, Group IV and V, require their applications to be made to the General Directorate of Mining and Petroleum Affairs. While applications who receive a positive response for Group IV obtain a mining prospection license, Group V diggings obtain a mining prospection certificate. Applications for operating licenses are also made to the General Directorate of Mining and Petroleum Affairs.
Applying for a License
Companies wishing to apply for a license must; get a preliminary survey report from the directorate, should pay the license and deposit fee and submit a project regarding their prospection plans.
It should also be mentioned that companies who wish to engage in prospection and operation activities should carry out their practices in accord with the Mining Law no. 3112 and the Regulation Regarding Mining. Therefore, having comprehensive knowledge of the legislation involved is beneficial both economically and legally. Because the companies who conform to the requirements of the legislation will benefit from increased efficiency and avoid getting fined by the government.