The #jewelryindustry has proposed turning #Istanbul into a global trading hub as instability in the Middle East disrupts business in #Dubai, where more than 20% of the world’s gold trade takes place. Ayhan Güner, Vice Chairman of the Mücevher İhracatçıları Birliği (Jewelry Exporters’ Association), said the conflict involving the United States and Israel against Iran has severely affected the jewelry trade in Dubai. He called on policymakers to think more strategically instead of imposing quotas and additional taxes on the sector. “Rather than placing quotas and taxes on the jewelry industry, we should think bigger. Istanbul could become the world’s gold and jewelry center,” Güner said. Güner made the remarks while responding to a proposal to introduce a 20% Special Consumption Tax (#ÖTV) on diamond imports used as raw materials in jewelry production. He rejected claims that diamonds are tax-free in Turkey, stating that both domestic production and imports of diamond jewelry are alr...