Istanbul Gold Exchange Opens to Diamonds, Gems

Source: National Jeweler (4/7/11)

"The IGE was established in 1993 to develop gold-based investment vehicles, at which point Turkey fell in line with the international per-ounce price of gold."

The Istanbul Gold Exchange (IGE) is now also trading diamonds and precious stones, the bourse announced on its Web site.

According to announcement posted in English on the site, the new trade will include both rough diamonds with Kimberley Process (KP) certificates and polished diamonds.

Diamond and precious stone transactions will take place on the IGE's trading floor between 9:30 a.m. and 4:30 p.m. local time, Monday through Friday.

The bourse will provide a "strong room" (vault) and security for the safe-keeping of stones. Any disputes in this new market will be resolved impartially by the Diamond and Precious Stones Market Arbitration Committee, the announcement states.

The IGE was established in 1993 to develop gold-based investment vehicles and for international integration of the gold sector in Turkey. After establishment of the IGE, gold prices in Turkey fell in line with the international per-ounce price of gold.

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