The Israeli diamond industry is taking a keen interest in harnessing the many advantages that Turkey offers for the trade of precious stones. Leading players in this market from Israel find that Turkey’s proximity to both Europe and Arab countries puts it in a unique position to set up what could potentially be an extremely remunerative industry. It is with this view that Israel Diamond Exchange will help Turkey establish a wider diamond industry, according to a report in Globes recently.
According to senior VP of the Israel Diamond Exchange, Jacob Kattan, if Israel doesn’t take a lead on this front, there are several other contenders waiting to take advantage of this lucrative business opportunity. In this arena, Israel views countries such as South Africa and India as key competitors. He stated that players in the jewelry industry in Turkey do appreciate Israel’s interest as well as capabilities. The countries hope that they will soon be able to collaborate and set up industry-leading diamond polishing establishments.
The invitation that was sent out by the IKO-the largest organized group of Turkish jewelry businesses—was accepted by about 20 diamond merchants from Israel. The IKO, which comprises over 3,000 members, had extended an invitation to Israeli diamond merchants to partake in an international jewelry exhibition in the country’s capital, Istanbul.
The Israeli jewelry merchants said that they were impressed by the determination exhibited by Turkish authorities to develop the domestic diamond industry not just to earn revenues, but also to help create more employment. It is important to note at this point, that while the Turkish jewelry industry is regarded among as a world-leading entity, Turkey still heavily relies on countries such as India, Israel and Belgium to import polished diamonds.