What Istanbul Gold Refinery does

Istanbul Gold Refinery (İstanbul Altın Rafinerisi A.Ş.) is a Turkey-based precious metals refinery founded in 1996, headquartered at the Kuyumcukent complex in Bahçelievler, Istanbul. The company refines gold and silver, produces investment-grade bullion (Large Bars, Kilobars, Gram Altın, Gram Gümüş, Çekili coins, granule gold/silver, rhodium, potassium gold cyanide), and offers laboratory assay, smelting, casting, and treasury management services. It pioneered the Gram Altın (gram gold) product category in Turkey — a standardized, bank-accepted, internationally tradable gold instrument that has become a foundational financial product for Turkish retail investors. The company holds three critical international accreditations: LBMA Good Delivery List (since 2011), COMEX accepted refiner status (since 2013, first and only Turkish refinery), and Dubai Gold Exchange membership (since 2007).

The company operates a vertically integrated, multi-channel business model. Revenue is generated through (1) refining fees for gold and silver processed for jewelers, miners, and financial institutions, (2) production and sale of gold bars and gram gold products domestically and internationally, (3) exports to the USA, Germany, Spain, UK, Switzerland, and Dubai, and (4) managed services through the Altın Bankacılığı (Gold Banking) initiative, which deploys 150 expert valuers across partner bank branches to digitize Turkey's estimated 5,000 tonnes of household gold into bank deposit accounts. Distribution channels include direct B2B refinery sales, the gramaltin.com consumer e-commerce platform, company retail stores, the PTT postal network (Pttaltın brand targeting ~5 tonnes/year), and 10+ bank partnerships (Ziraat, Akbank, İş Bankası, Kuveyt Türk, DenizBank, Finansbank, Bank Asya, Türkiye Finans, Şekerbank, Garanti BBVA). The company is family-controlled by the Halaç family since 2002 and ranked 17th among all Turkish exporters in 2018, #1 in the jewelry sector.

Name

Istanbul Gold Refinery

Legal name

İstanbul Altın Rafinerisi Anonim Şirketi

Website

https://iar.com.tr

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Istanbul Gold Refinery is a Turkey-based LBMA- and COMEX-accredited gold refiner that produces gram gold, kilobars, and silver products, serving jewelers, banks, and consumers. It pioneered Turkey's Gram Altın product category and digitizes household gold through bank partnerships.

Ownership category

akta.pro rank

Product category

Precious Metals Refining

NAICS

Jewelry and Silverware Manufacturing (33991)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Jewelry, Precious Metal (3911)

akta.pro primary industry

Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

• Precious metals refining
• Gold bullion production
• Gram gold products
• Gold banking services
• Silver refining

Headquarters

HQ city

Yenibosna

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Gold and Silver Refining Services: Refining of gold and silver for domestic and international clients, including jewelers, miners, and financial institutions. Revenue is generated through refining fees based on the weight and purity of metal processed.
2. Gold Bar and Gram Gold Production & Sales: Production and sale of gold bars in various sizes (Large Bar, Kilobar) and gram gold products (Gram Altın, Gram Gümüş) to jewelers, banks, individual investors, and through retail channels. Primary revenue driver representing the bulk of company revenue.
3. International Exports: Export of gold bars and gram gold products to international markets including USA, Germany, Spain, UK, Switzerland, and Dubai. The company holds COMEX and LBMA accreditations enabling international trade of its products.
4. Gold Banking / Altın Bankacılığı Services: Through partnerships with Turkish banks, the company facilitates the collection of household gold and its digitization into bank deposits, earning fees and strengthening relationships with banking partners.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Istanbul Gold Refinery refines gold and silver into high-purity bullion and manufactures physical gold products including Large Bars, Kilobars, Gram Altın (gram gold), minted coins, granule gold, and specialty chemicals. It also operates gold banking programs (Altın Bankacılığı) that digitize household gold into bank deposit accounts through partnerships with Turkish banks, and runs direct-to-consumer sales via gramaltin.com and PTT post offices.

Product overview

Istanbul Gold Refinery (İstanbul Altın Rafinerisi) operates as a gold and precious metals refinery with a diversified product portfolio. The core products include Large Bars and Kilobars (standard bullion products), Gram Gold and Gram Silver (gram-denominated investment products that pioneered a new financial instrument category in Turkey), Çekili Altın (minted coins), Granule Gold and Silver (industrial materials), and specialty chemicals like Potassium Gold Cyanide. The company also offers account-based digital gold (Hesaba Altın) that integrates with banking systems. Sub-brands include Football Club Golds, BJK Commemorative Golds, Custom Gram Golds, Country-Specific Gram Golds, and the Yeniçeri Jewelry Series combining investment and ornamental use. Services include refinery operations (refining, smelting, casting, laboratory testing), treasury management (İAR Hazine), sales/marketing, and the Altın Günleri program for bringing household gold into the formal economy. Digital platforms include gramaltin.com for direct consumer sales and IAR Platform for trading services. The company operates in partnership with multiple Turkish banks for gold banking services and PTT for nationwide gold sales through postal network.

Differentiator

Problem solved

Functional benefit

Brands

• Gram Altın: Consumer-facing brand for gram gold products - the company's main retail gold brand that pioneered the gram gold category in Turkey. Achieved 149th position in Capital 500 ranking, rising 301 positions, recognized as Turkey's 3rd fastest-growing company by revenue increase.

Products and services

• Large Bar (Büyük Altın Bar) Standard gold bullion bars in larger weights produced with internationally recognized LBMA certification for global trade; sold to jewelers, banks, and institutional buyers.
• Kilobar One-kilogram gold bullion bars meeting international standards for weight and purity; LBMA-accredited and accepted globally for trading.
• Gram Altın (Gram Gold) Gram-denominated gold bars and coins widely accepted in Turkish banking systems and international markets; the pioneering financial-instrument product category created by IAR.
• Gram Gümüş (Gram Silver) Silver products in gram denominations for investment and ornamental purposes.
• Çekili Altın (Minted Gold Coins) Minted gold coins produced by the refinery, including commemorative and standard designs for collectors and investors.
• Granül Altın ve Gümüş (Granule Gold and Silver) Granular-form gold and silver supplied for industrial and manufacturing applications.
• Hesaba Altın (Account Gold) Digital gold held in bank accounts, allowing customers to own gold without physical possession and integrate it with banking deposits, withdrawals, and transfers.
• Rodyum (Rhodium) Rhodium metal products supplied for industrial applications.
• Potasyum Altın Siyanür (Potassium Gold Cyanide) Potassium gold cyanide chemical compound supplied for gold electroplating and industrial applications.
• Futbol Kulübü Altınları (Football Club Golds) Commemorative gold products themed around Turkish football clubs for collectors and fans.
• BJK Hatıra Altınları (Beşiktaş Commemorative Golds) Special commemorative gold products produced for Beşiktaş sports club supporters.
• Kişiye ve Kuruma Özel Gram Altınlar (Custom Gram Golds) Custom-designed gram gold products personalized for individuals or organizations.
• Ülkelere Özel Tasarlanan Gram Altınlar (Country-Specific Gram Golds) Gram gold products designed with country-specific themes for international markets and souvenir distribution.
• Yeniçeri Takı Serisi (Yeniçeri Jewelry Series) Jewelry collection combining investment utility with ornamental use, featuring Turkish cultural motifs (tulip design); available in 0.625, 1, 1.25, 2.5, and 5 gram options.
• Rafinasyon (Refining Services) Gold refining services that purify raw gold into high-purity bullion for jewelers, miners, and financial institutions.
• Ergitme ve Döküm (Smelting and Casting) Gold smelting and casting services for producing various gold forms and shapes to client specifications.
• Laboratuvar (Laboratory Assay Services) Quality testing and assay services for gold purity verification and certification, supporting LBMA-grade output.
• İAR Hazine (IAR Treasury Services) Treasury management services for gold and precious metals, including storage and logistics solutions for institutional clients.
• Rafineri Satış / Pazarlama (Refinery Wholesale Sales) Wholesale refinery sales and marketing of gold products to jewelers, manufacturers, and institutional buyers directly from the Istanbul factory.
• Altın Günleri (Gold Days Collection Program) Gold collection program that brings household gold ('yastık altı altını') into the formal economy by valuing and digitizing it into bank deposit accounts through partner bank branches.
• ATM Altını (ATM Gold Service) Gold withdrawal and purchase service operated through automated teller machines, offering 24/7 access to physical gold (partner banks including Kuveyt Türk introduced the world's first ATM gold dispensing service).
• gramaltin.com E-commerce Platform Official online retail platform selling internationally certified gram gold, gram silver, and gold bars directly to consumers with secure payment, insured delivery, and free shipping across Turkey.
• IAR Platform Digital platform for gold and precious metals trading and management services for institutional and partner-bank use.

Quantifiable outcome

• 13 tonnes of physical gold (~1.3 billion TL) digitized into the formal economy since 2011 through the Altın Bankacılığı program
• +5 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature4 records

Partnerships

18 partnerships are on record, tiered core and minor.

• Kırgızistan Devlet Kuruluşu — Kırgız Altın (Kyrgyz Gold)coreStrategic or Co-development PartnerUnder the Turkey-Kyrgyzstan Joint Economic Cooperation Protocol signed between Turkish Deputy Prime Minister Bekir Bozdağ and Kyrgyz Deputy Prime Minister Coomart Otorbayev, IAR entered a comprehensive partnership with Kyrgyzstan's largest state-owned gold enterprise, Kyrgyz Gold. The agreement covers cooperation in gold mining, refining, consumer products, and banking system projects. IAR will share its know-how and operational expertise across the full gold value chain from mining to final consumers and banking.
• Ziraat BankcoreChannel Partner/ Reseller/ DistributorGold banking (Altın Bankacılığı) partnership in which IAR provides expert valuers and operational support for collecting household gold from bank customers and converting it to gold deposit accounts. Part of a network of 9+ bank partners with 150 IAR experts deployed across branches.
• AkbankcoreChannel Partner/ Reseller/ DistributorGold banking partnership including Altın Daveti Günleri (Gold Invitation Days) events where IAR experts visit Akbank branches to evaluate and collect customer gold items. Akbank is among the largest gold banking partners, holding nearly half of the 16 billion TL in bank gold deposits in Turkey. General Manager Hakan Binbaşgil visited IAR's Kuyumcukent factory in January 2013.
• DenizBankcoreChannel Partner/ Reseller/ DistributorGold banking partnership for collecting household gold and converting to bank deposit accounts. Added 125 million TL in gold to its balance sheet through IAR's gold collection programs.
• İş BankasıcoreChannel Partner/ Reseller/ DistributorMajor gold banking partner holding nearly half of the 16 billion TL in total bank gold deposits in Turkey. IAR supports gold deposit account operations with expert valuation services.
• Kuveyt Türk Katılım BankasıcoreChannel Partner/ Reseller/ DistributorParticipation bank (Islamic finance compliant) gold banking partner. Kuveyt Türk notably introduced the world's first ATM gold dispensing service. The partnership enables gold deposit accounts compliant with Islamic finance principles.
• FinansbankcoreChannel Partner/ Reseller/ DistributorGold banking partnership for gold account services, with IAR expert valuers deployed across branches to evaluate customer gold items.
• Bank AsyacoreChannel Partner/ Reseller/ DistributorGold banking partner. Added 200 million TL in gold to its balance sheet through IAR's gold collection programs — the largest increase among all bank partners.
• Türkiye Finans Katılım BankasıcoreChannel Partner/ Reseller/ DistributorParticipation bank gold banking partnership for gold deposit account services compliant with Islamic finance.
• ŞekerbankcoreChannel Partner/ Reseller/ DistributorGold banking partnership for gold account services. IAR provides expert valuation support across Şekerbank branch network.
• PTT (Posta ve Telgraf Teşkilatı)coreChannel Partner/ Reseller/ DistributorPTT signed a contract with IAR for the sale of gram gold ('Pttaltın') through post office branches and Pttmatik ATMs nationwide. Initially launched in 14 main directorates and 2 Pttmatik locations (Ankara Ulus and Istanbul Bakırköy), with a target of approximately 5 tonnes of gold sales per year. IAR produces the Pttaltın products, and prices are set by IAR.
• Shanghai Gold Exchange (Shanghai Altın Borsası)minorStrategic or Co-development PartnerShanghai Gold Exchange Chairman Jiao Jinpu led a delegation to visit IAR on April 6, 2018. Discussions focused on cooperation in gold markets and strengthening the market. The visit was part of a trip that also included the Dubai Precious Metals Conference 2018.
• Borsa İstanbul (Istanbul Stock Exchange)coreStrategic or Co-development PartnerBorsa İstanbul and IAR have a long-standing relationship. IAR is listed on Borsa İstanbul. Borsa İstanbul's Precious Metals and Precious Stones Market is headquartered at Kuyumcukent where IAR is located. Borsa İstanbul Chairman İbrahim Turhan visited IAR's facilities and highlighted the strategic importance of the gold sector.
• Türkiye Cumhuriyeti Merkez Bankası (TCMB / Central Bank of the Republic of Turkey)coreStrategic or Co-development PartnerCentral Bank Governor Erdem Başçı visited IAR at Kuyumcukent facilities. The Central Bank accepts gold as reserve collateral (munzam karşılık), which directly benefits from IAR's gold banking programs that bring household gold into the formal banking system, ultimately supporting TCMB's gold reserves.
• LBMA (London Bullion Market Association)coreOthersIAR has been an accredited member of the LBMA Good Delivery List since September 2011. This accreditation enables IAR's gold bars to be traded globally regardless of weight or purity. IAR has maintained this status for over 5 consecutive years.
• COME (New York Mercantile Exchange)coreOthersIAR is the first and only Turkish gold refinery accepted by COMEX (world's largest futures gold exchange, New York). IAR branded gold bars can be used in clearing transactions on COMEX.
• Dubai Gold ExchangecoreOthersIAR became a member of the Dubai Gold Exchange in 2007, gaining access to Middle East gold markets.
• Kuyumcukent Kat Malikleri Yönetim Kurulu (Kuyumcukent Property Owners Board)coreOthersIAR's Chairman Özcan Halaç serves as Chairman of the Kuyumcukent Kat Malikleri (Property Owners Board). IAR is headquartered within the Kuyumcukent complex, Turkey's largest integrated gold and jewelry manufacturing and marketing center.

Scale indicators14 records

Recent moves4 records

Expansion highlights7 records

Direct peers

• Perth Mint: Australian government-backed precious metals mint and refinery producing LBMA-accredited gold bars, coins, and investment products. Comparable in minting capabilities, government affiliation, and retail investment product lines.
• Asahi Refining: North American precious metals refiner with LBMA Good Delivery status (formerly Johnson Matthey refining operations). Direct comparable in gold/silver bar production for institutional and retail channels.
• PAMP Suisse: Swiss-based LBMA Good Delivery precious metals refiner producing gold bars, kilobars, and minted products for global markets. Direct comparable in refining capacity, LBMA accreditation, and product portfolio of investment-grade bars.
• Valcambi: Swiss LBMA-accredited refiner specializing in gold, silver, platinum, and palladium bars and coins. Direct comparable in refining operations, LBMA Good Delivery status, and investment-product focus.
• Metalor Technologies: Swiss precious metals refiner with LBMA Good Delivery status producing gold, silver, and PGM bars and coins. Comparable in refining scope, banking-channel distribution, and international accreditation footprint.
• Nadir Metal Rafineri: Turkish precious metals refiner and direct domestic competitor to IAR, producing gold and silver bars for jewelry, investment, and export markets. Comparable in product portfolio and Turkish market focus, though IAR leads on LBMA/COMEX accreditations and scale.

Broad incumbents

• Tanaka Kikinzoku Kogyo: Japanese precious metals refiner and producer with LBMA Good Delivery accreditation. Comparable in industrial and investment precious metals refining, though operating primarily in Asian markets with a different distribution model.
• Royal Canadian Mint: Canadian Crown corporation producing precious metal coins and refinery products, including LBMA Good Delivery gold. Comparable in sovereign-backed minting operations and global distribution of investment-grade gold products.
• Heraeus Precious Metals: German-headquartered global precious metals group operating one of the world's largest refineries. Comparable in LBMA accreditation and industrial precious metals supply, but operates at much larger scale and across multiple metal categories.

Regional players

• Emirates Gold: UAE-based DMCC-accredited gold refiner and bullion producer serving Middle Eastern and international markets. Comparable in regional refining operations and Dubai Gold Exchange membership, though IAR operates primarily in Turkey.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/altinrafinerisi
• YouTubeyoutube.com/user/altinrafinerisi
• Facebookfacebook.com/AltinRafinerisi
• Instagraminstagram.com/istanbulaltinrafinerisi
• LinkedInlinkedin.com/company/istanbul-altin-rafinerisi

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Istanbul Gold Refinery