Turkey set to launch first diamond and precious stones market

Turkey is set to launch its first diamond and precious stones market on April 4, aiming to become one of the world's major markets in the industry, Anadolu News Agency reported.

"Our goal is to achieve a similar success like we have done in the gold business. This is an opportunity to become one of the global centers of precious stones industry," Osman Sarac, acting-president of the Istanbul Gold Exchange (IAB) told the Anadolu Agency earlier this week.

The market will operate under the IAB and allow 85 members of the IAB and other major players of the diamond and precious stones sector in the country.

Sarac said the IAB had become a member to the World Federation of Diamond Bourses.

Turkey ranks among the top five country's in the world gem and jewelry market, according to the World Diamond Council.

The country is among the top five in production and it is one of the top three in consumption.

Africa, Canada, Russia and Australia are the major sources of raw material for the global industry. Primarily India, China, Turkey and Italy are the countries which are involved in jewellery manufacturing and diamond processing and the retail markets are in US, Europe, Far East, Middle East and Asia.


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