Istanbul Exchange and WDM to Cooperate on Diamond Jewelry Promotion

(IDEX Online News) – Turkish diamond exchange Borsa İstanbul and the World Diamond Mark Foundation (WDM) have signed an agreement solidifying the cooperation between the two entities, with the specific objective of institutionalizing diamond trading in Turkey and in other key markets.

"The international diamond and diamond jewelry industry is currently facing significant competition for market share in the luxury consumer product market,” said Borsa İstanbul CEO Tuncay Dinç.  

“We believe that the WDM, which operates under the umbrella of the World Federation of Diamond Bourses, is the ideal body that will not only bundle the efforts by our industry in stimulating consumer desire for diamonds and diamond jewelry, but will also be the catalyst that can open up new employment opportunities for our well established high quality jewelry craftsmanship industry."

"The Turkish diamond, gem and jewelry industry and trade is uniquely placed to adopt and implement the WDM's promotional programs for diamonds and diamond jewelry,” said WDM chairman Alex Popov.  

“We expect that on the one hand, Turkey will play a pivotal role in the promotion of diamonds in its target markets, while on the other hand it will be among the first industries to reap the benefits of the WDM's activities," he added.

WFDB president Ernest Blom, who is also the WDM Vice Chairman, said the agreement with Borsa İstanbul couldn't come at a better time. "Turkey's access to both established and emerging markets, combined with its strong and broad industrial base, will prove an enormous asset to WDM. At the same time, the Turkish industry stands to benefit from the added value that WDM's programs can bring to retailers, its target markets, and help them boost and grow diamond and diamond jewelry sales to consumers."