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:

ISTANBUL GOLD REFINERY

GOLD BAR MANUACTURER FOR TURKEY AND MIDDLE EAST

Istanbul Gold Refinery, a major gold refiner and bar manufacturer in Turkey, is based in Kuyumcukent ("The Goldsmiths' City"), near the

Istanbul Atatürk Airport.

The company is renowned as the first refiner in Turkey to have refined gold to a fineness of 999.9 (since 1996), and manufactured kilobars (since 2002) and minted bars (since 2004). It was also the first Turkish refiner to be accredited to the Istanbul Gold

Exchange and Dubai Multi Commodities Centre.

RANGE OF GOLD BARS

The company issues a standard range of 8 cast and minted bars:

Cast: 1000 g

Minted: 100 g, 50 g, 20 g, 10 g, 5 g, 2.5 g, 1 g

The current laser-generated stamp to enhance security has been applied to bars since 2010. A representative range of the company's bars, widely traded in Turkey and the region, has been included in the Industry Collection.

ACCREDITATION

2011 London Bullion Market Association (LBMA)

2007 Dubai Multi Commodities Centre (DMCC)

2004 Istanbul Gold Exchange (IGE)

The company has been a member of the International Precious Metals

Institute (IPMI) since 2009.

BACKGROUND

The Istanbul Gold Refinery(Istanbul Altin Rafinerisi A.S.) project had been initiated in 1996 with the support of the Turkish Government Treasury and the Istanbul Gold Exchange, as there was no significant gold refinery and bar manufacturer in Turkey. Turkish banks were important shareholders in the company. In the event, no refinery was established. In January 2002, Halaç Jewellery Limited, a gold refiner and jewellery manufacturer in Istanbul, acquired dominant ownership of the project and company, and in June 2002 operated its existing refinery under the name of Istanbul Gold Refinery. Halaç Jewellery, founded in Afyon (Anatolia) in 1967, had established its original gold refinery in Istanbul near the Grand Bazaar in 1995. In 2004, Istanbul Gold Refinery opened its large refinery in "The Goldsmiths' City", reported to be the world's largest jewellery-related complex with more than 2,000 workshops, factories, wholesalers and retail shops.INDUSTRY

COLLECTIONSupplement

8/2011

Istanbul Gold Refinery opened its new

refinery at The Goldsmiths' City in 2004.

The company has manufactured

kilobars for the international gold market since 2002.The company's trade outlet in Istanbul's

Grand Bazaar.

2

Istanbul Gold Refinerywww.goldbarsworldwide.com

WeightTypeFinenessShapeDimensionsFirst

mmMade

1000 gCast999.9, 995 Rectangular110.9 x 49 x 7.52002

100 gMinted995Rectangular50 x 29 x 3.82004

50 gMinted995Rectangular50 x 29 x 1.92004

20 gMinted995Rectangular31 x 18 x 1.82004

10 gMinted995Rectangular25.7 x 15.8 x 22004

5 gMinted995Rectangular23.3 x 14 x 1.22004

2.5 gMinted995Rectangular20 x 12 x 0.532004

1 gMinted995Rectangular15.3 x 8.7 x 0.42004

Source: Istanbul Gold Refinery. Note: The bars are normally stamped with a 6-digit serial number. The refinery is equipped with gas, liquid and solid treatment systems, adhering strictly to norms set by the Turkish Ministry of Environment and

SK (Istanbul Water and Sewerage Administration).

It operates a TS/EN ISO 17025 certified gold laboratory that is accredited to the Turkish Accreditation Laboratory (TÜRKAK) - the first refiner to receive this accreditation (2008). The laboratory adopts three main methods of assaying: Inductively Coupled Plasma (ICP), Cupellation and

Gravimetric.

The company also refines silver, manufacturing silver kilobars since 2010, and a range of minted silver bars since 2002: up to 500 g.

Annual gold refining capacity: 120 tonnes

Number of employees: 150

Website: www.istanbulgoldrefinery.com or www.iar.com.tr

TECHNICAL DESCRIPTION

Pouring kilobars at the refinery

in Istanbul. The gold bars of Istanbul Gold Refinery are widely available in Turkey and the Middle East. 3

Istanbul Gold Refinerywww.goldbarsworldwide.com

KILOBAR

1000 g

OFFICIAL STAMP

Applied to kilobars issued by Istanbul Gold Refinery since 2002, and minted bars since 2004. 4

Istanbul Gold Refinerywww.goldbarsworldwide.com

EXAMPLES OF MINTED BARS

100 g50 g

10 g5 g

The company introduced new packaging for its range of minted bars in 2009. 5

Istanbul Gold Refinerywww.goldbarsworldwide.com

Refer to disclaimer on website: www.goldbarsworldwide.com © Grendon International Research Pty Ltd 2011. All rights reserved.

THE INDUSTRY COLLECTION OF GOLD BARS WORLDWIDE

The Industry Collection of Gold Bars Worldwideis the culmination of a worldwide effort to create a unique collection of

standard, innovative and unusual gold bars to support the promotion of gold.

Since 1993, manufacturers from across the globe have supported this international project by making their bars available.

Founder was

N M Rothschild & Sons (Australia) Limited, associated with N M Rothschild & Sons Limited, London.

Custodian and Official Location is

The Perth Mint, wholly owned by the Government of Western Australia.

Curator is

Grendon International Research Pty Ltd (GIR). Apart from acting as a consultant within the gold industry, GIR has

published several reference books on gold, including

The Industry Catalogue of Gold Bars Worldwide.

Istanbul Gold Refinery has manufactured minted bars since 2004. In addition to standard cast and minted bars, the company manufactures large quantities of traditional "plate" bars (995 fineness), mainly for jewellery fabricators. Rolls of these flat cast bars are produced in a continuous casting machine and then cut to the required weight.quotesdbs_dbs8.pdfusesText_14
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