Today`s Zaman quotes the Deputy President of the Istanbul Gold Exchange (IAB) Osman Sarac as calling for Turkey to build its own diamond market.

In the aftermath of Turkey`s newly awarded membership in the Kimberley Process, Sarac noted: "The consumption of luxury items like diamond jewelry is on the increase. Russia`s population has increased in demand. The demand in Turkey is also slowly rising. Consumer preferences change. People used to be interested in 22 carat gold items, but now they are more interested in more refined items with quality design. Therefore, the future of the diamond market is promising."

Sarac noted that the volume of precious stones in Turkey exceeded
$1 billion last year and suggested that the introduction of a diamond market will boost this figure due to the fact that the added value of a diamond is higher than that of gold.

Sarac called for the reestablishment of expertise in the diamond field in Turkey and said: "If Turkey achieves this it will overtake Belgium and Israel, the two top countries in the diamond trade."