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Turkey’s diamond market sparkles
Paying for diamonds in instalments has enabled a segment of the Turkish population who formerly could not afford this luxury item to enter the market. According to a recent study the diamond sector grew by only 3% on average worldwide, but in Turkey it reportedly grew by 25%.
In an interview with the International Diamond Laboratories which opened in Istanbul last month, it was noted that the value and the price of diamonds has decreased over the years as a growing sector of the population is able to own these items. The retail value of Turkey's diamond jewellery market is valued at $816 million and this figure is expected to reach $1 billion in two years.
Turkey is the world's third-largest polished diamond exporter after Italy and India. A number of other semi-precious stones are found in Turkey and their market potential has yet to be exploited. Jet stone (black amber), fire opal, chalcedony and amber are among the precious stones that are extracted in Turkey, with only a few people aware of their real value.
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