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RAPAPORT... The Istanbul Chamber of Jewelry (IKO) and the World Jewelry Hub in Panama signed a memorandum of understanding, agreeing to cooperative growth and development of the jewelry markets in both Turkey and Latin America. The agreement was signed by IKO's chairman of the board, Norayr İsler, and the World Jewelry Hub's president, Eli Izhakoff, during the presidents meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) in Tel Aviv this week.
With almost 4,000 members, the IKO provides a range of administrative, professional, economic and educational services to the trade in Turkey and, at its own initiative, created the Diamond Dealers Club of Turkey, which has applied for membership to the WFDB. IKO has also expressed an interest in establishing a physical presence at the World Jewelry Hub complex in Panama City. The World Jewelry Hub serves specialized needs of the diamond, colored gemstone and jewelry sectors and houses the Panama Diamond Exchange (PDE), Latin America's only WFDB-affiliated diamond bourse. The hub's second building phase, which will feature a state-of-the-art office tower, is scheduled to open at the end of 2017.
Izhakoff said, "There is a natural synergy between our two centers. As one of the world's top five gold jewelry producers, Turkey's jewelry industry is an easy fit for Latin America and the World Jewelry Hub is uniquely equipped to enable its members' entry into the market. We also are an important a source of gemstones, precious metals and finished jewelry produced in Latin America and this expands the range of possibilities for the Turkish jewelry sector." Isler said, "This is a very significant agreement, because in many respects our two organizations represent the future growth of the international gemstone and jewelry industries. Turkey, as a market in its own right, but also as a springboard into all of Eastern and Central Asia, is a channel to a region that is already important and is likely to increase in volume and value significantly during the coming years. At the same time, Panama is set to become the access point to Latin America, one of the world's most exciting growth markets."
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