The World Diamond Mark Foundation (WDM) and Borsa Ä°stanbul, the only bourse regulated under Turkish Capital Market Law have signed a co-operation agreement with the objective to institutionalize diamond trading in Turkey and in other key markets, the two organisations said in a joint statement released today. This initiative will use Borsa Ä°stanbul's extensive networking capabilities and ready access to markets in Europe, the Middle East and Asia.    

Tuncay Dinç, Borsa Istanbul CEO who signed the agreement said that the co-operation comes at a crucial moment. “The international diamond and diamond jewellery industry is currently facing significant competition for market share in the luxury consumer product market,” he said.

The efforts at stimulating consumer desire for diamonds and diamond jewellery can also be the catalyst that can open up new employment opportunities for the industry in Turkey, he added.

WDM Chairman Alex Popov said, "As the gateway for trade between Europe, the Middle East and Asia, Turkey, by means of Borsa Ä°stanbul and a significant number of third parties, will play an important role as a WDM ambassador.”

He added, “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."

 In a separate release, WDM also announced that it will be conducting a seminar entitled "What consumers expect retailers to know about diamonds," during the upcoming VICENZAORO January 2016 fair that will be held from January 22 to 27.