The Diamond and Precious Stone Market was opened on April 4, 2011 as a result of the studies carried out within the Istanbul Gold Exchange in order to give the jewelry sector an international identity, to increase credit opportunities, and to provide an organized trade opportunity with individuals and organizations in the world that carry out diamond and precious stone transactions.

In addition to being an organized and transparent market in the field of diamonds and precious stones, with the Council of Ministers Decision No. 2006/11115 on the Regulation and Supervision of Rough Diamond Trade, the Istanbul Gold Exchange (currently Borsa Istanbul A.Ş.) has been designated as the rough diamond import and export authority of Turkey. Accordingly, Borsa Istanbul A.Ş. has been authorized to carry out the import and export operations of rough diamonds within the framework of the Kimberley Process Certificate System, to examine whether the certificates submitted meet the minimum standards specified in the documents related to the Kimberley Process, to obtain the confirmation of the certificates before the export authority of the participating country and to issue certificates.

Trading Rules

In the Diamond and Precious Stones Market, transactions are evaluated separately according to the type of transaction, and commission and transaction procedures differ.

1- Imported Precious Stones Traded for the First Time

The importing member get an evaluation report for the imported diamonds and precious stones from below evaluation organizations;

• International Diamond Laboratories) Değerli Taşlar Laboratuvarı-IDL 
• International Gemological Science Laboratories Değerli Taş Laboratuvarı-IGSL 
• İstanbul Gemoloji Enstitüsü-IGE
• İstanbul Kuyumcu Esnaf Ve Sanatkarlar Odası-GLT laboratuvarı-GLT

After getting report the importing member enters the transaction in the Stock Exchange record with the payment of the transaction commission and valuation fee.

In order for these transactions to begin, the member should apply to the appraisal institution together with;

• Physically precious stones,
• Customs Declaration,
• Calibration House Report
• Import Invoice

2- Diamond and precious stones kept in stocks

Members are obliged to have their precious stones, which were previously in inventory but could not be subject to any transaction, valued at valuation institutions without the need for any documents and pay the relevant fees. After the valuation process, the transaction is carried out on the Stock Exchange after the Exchange Share and Valuation fee are paid.

The relevant valuation institutions are;

• International Diamond Laboratories) Değerli Taşlar Laboratuvarı-IDL 
• International Gemological Science Laboratories Değerli Taş Laboratuvarı-IGSL 
• İstanbul Gemoloji Enstitüsü-IGE
• İstanbul Kuyumcu Esnaf Ve Sanatkarlar Odası-GLT laboratuvarı-GLT

3- Precious Stones to be Traded as a Secondary Transaction

Precious stones that have already been traded on the Stock Exchange can change hands between two members of the Exchange without being subject to valuation.

In this case; The buyer and seller are required to submit the following documents separately to the Exchange;

• Filling out the Off-Exchange Trade Notification Form and signed and stamped, 
• Invoice
• Buyer and Seller Bank Receipts,
• Exchange First Trade Form -Seller Party

The commission of the relevant transactions is % 0.75 + BIIT on the transaction amount, and taken separately from the buyer and the seller. This amount is paid in the currency in which the transaction takes place.

If these transactions are made in any currency other than TL, USD and Euro, the Borsa Istanbul contact person should be consulted about the account information.

Off-Exchange Trade Notifications can be reported to the Exchange as soon as they are made between members, or they can be reported to the Exchange collectively within the first three business days of the month following the month in which the transaction is made. After the notification, the registration process is carried out by the Exchange. If the specified period is exceeded, the members who made the transaction are required to pay a tiered penal commission.

4- Precious Stones to Be Treated as Valuable Articles

All or part of the precious stones previously traded on the Stock Exchange can be converted into valuable articles and can change hands between two members of the Exchange without being subject to any valuation. In this case, members should follow these steps:

• The buyer and seller must fill out the Diamond and Precious Stones Market Valuable Articles Notification Form separately signed and stamped,
• Seller-Party Invoice,
• Buyer and Seller Bank Receipts,
• Exchange First Trade Form-Seller Party

must submitted to the Stock Exchange.

The commission of the relevant transactions is % 0.75 + BIIT on the transaction amount, and taken separately from the buyer and the seller. This amount is paid in the currency in which the transaction takes place.

If these transactions are made in any currency other than TL, USD and Euro, the Borsa Istanbul contact person should be consulted about the account information.

Notifications of Off-Exchange trade of precious stones in the Valuable Articles can be reported to the Exchange as soon as they are made between members, or they can be reported to the Exchange collectively within the first three business days of the month following the month in which the transaction is made. After the notification, the registration process is carried out by the Exchange. If the specified period is exceeded, the members who made the transaction are required to pay a tiered penal commission.

Trading Hours

Except for holidays and other cases to be announced in advance, Monday, Tuesday, Wednesday, Thursday, Friday are determined as session days, and 09:45-17:30 hours are determined as session duration. Transactions are carried out in the Market session hall allocated by the Exchange.

Trading parties, market members, member representatives, authorized Exchange officials, authorized Exchange personnel can enter the session hall.

Diamonds and Precious Stones That Can Be Traded

Pursuant to the Decision on the Regulation and Supervision of Foreign Trade in Rough Diamonds, which was put into effect by the Decision of the Council of Ministers dated 10.10.2006 and numbered 2006/11115, rough diamonds included in the Kimberley Process Certificate System and polished diamonds of all types and shapes are traded in the market.

In the market, following precious stones (as defined in Decision No. 32) can be traded; raw or processed diamond, ruby, emerald, topaz, sapphire, chrysolite and pearl. The forms of the precious stone can be;

• Raw natural,
• Polished natural,
• Polished and physical/chemically treated natural,
• Raw synthetic,
• Polished synthetic.

Custody and Custodial Fees

Upon the request of the market member and the signing of the Diamond and Precious Stone Market Safe Deposit Box Agreement, the appropriate size and number of safes can be rented for annual or daily periods. A safe room has been established in the market to be used for the storage of diamonds and precious stones, and the security of this safe is provided by the Stock Exchange. The custodial market member must return the key delivered to him at the end of the lease period. The insurance of the stored commodity belongs to the market member. The lessor of the safe is responsible for the commodity to be stored in the safes, and the Exchange, which ensures all kinds of security of the safe room, cannot be held responsible for any damage incurred due to the commodity stored in the safes.

The fee schedule to be applied for the storage of precious stones and diamonds to be applied for diamonds and precious stones to be stored in the Diamond and Precious Stones Market if requested by the members has been determined as follows.

• 200 TL per year, 2 TL per day for small case cases,
• 250 TL per year, 3 TL per day for medium-sized cases,
• 300 TL per year for oversized cases, 4 TL per day

If the safes are rented by daily, the rental amount is calculated to include Saturdays, Sundays and holidays within the rental period. A fee of USD 50 is charged from the member who rents a safe for the key that is not returned or lost at the end of the rental period.

Exchange Fee

WFDB Member Foreign Stock Exchange Visit Form

Our members who want to visit foreign Diamond Exchanges that are members of the World Federation of Diamond Bourses (WFDB) must fill out the attached form and have it approved by our Exchange.

It is important to enter the actual visit dates in the visit dates field in this form.

The Form That Must Be Filled Out And Approved By Our Members Who Want To Visit WFDB Member Overseas Diamond Exchanges

Arbitration Committee

Duty of the Arbitration Committee is to resolve disputes on the market impartially. Full members and substitute members of the Diamond and Precious Stone Market Arbitration Committee are designated in the first meeting of the Exchange Board of Directors following to achievement of adequate number of members.

According to the article 30 of the Regulation, referees fee is determined in the Arbitration Committee selection meeting of the Board of Directors

WFDB Visitors Application Form