IDL Opens Lab in Turkey

International Diamond Laboratories, an initiative of the Dubai Multi Commodities Centre, has opened a facility in Istanbul to offer its diamond grading services.

The newly opened laboratory will offer IDL’s expert diamond grading certificates. It will also offer the IDL Color Meter service, which the lab says takes the human error out of the equation in color grading and therefore providing accuracy and consistency. The lab will operate from the IKO headquarters in the center of the diamond and jewelry district of Istanbul.

“Considering Turkey’s leading position as a jewelry manufacturing centre and its growing consumer market for high quality diamond jewelry, entering the Turkish market is an important step for us,” said Peter Meeus, IDL chief executive officer. “Our newly established lab in Istanbul will provide diamond grading certificates for loose diamonds and diamond jewelry.”

Annual sales of rough diamonds in Turkey stand around $600 million while the consumption of diamond jewelry is around $1.2 billion and the consumption of diamonds has risen around 25 percent annually. A growing population and Turkey’s position at the border of Middle East and Europe makes it an ideal location for trading and holds great potential for IDL’s services, officials said.

“IDL’s entry is a sign that the market is maturing and consumers and retailers are becoming more aware of the importance of diamond grading certificates. Their specialized services will definitely benefit the diamond industry as it helps to build consumer confidence. We welcome IDL’s presence in the country,” said Allaattin Kameroclu, President of IKO which represents 6,000 wholesalers and retailers from the Istanbul region.