Turkey's first diamond market starts operations

Turkey's first diamond and precious stones market on Monday started operations, eyeing to become one of the world's major hubs in the industry.

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

The market will trade rough diamonds as well as cut and polished diamonds within the Kimberly Certification Process, Osman Sarac, IAB's acting-president told the Anadolu Agency.

"Our goal is to bring major players in the sector under our roof. Reduction in tax rates and other incentives can help divert a substantial part of the 1 billion USD business volume to this market," Sarac said.

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.


/World Bulletin/