According to Reuters, Turkey is all set to begin its first diamond market this month. It would trade in both polished and rough diamonds and the market would operate within the IGE, a member of the Kimberley Process Certification Scheme (KPCS). The establishment of the market is apparently the outcome of a growing demand for diamonds in Turkey.%%Oguzhan Aloglu, the vice president of the Istanbul Gold Exchange (IGE) said that “The 25% increase per year in the country’s diamond consumption is driven mainly by the younger generation, which prefers diamonds to more traditional jewellery. The ‘diamonds and precious stones market’ will start to operate soon, hopefully in the coming few weeks.”%%As of today, Turkey’s rough diamond sales stand at about $600 million, while that of diamond jewellery is around $1.2 billion. Turkey, according to reports, purchases diamonds from Belgium, Dubai and Israel mostly in polished or semi-polished form. With the opening of its own diamond market, Turkey intends to develop its presence in the Middle Eastern, particularly Dubai and Israel, while also adding to the domestic demand.