A) Diamond and Precious Stones Which are Traded
According to the article 9 of the Regulation; with Cabinet decision which is about Decree on the Regulation and Control of Foreign Trade of Cure Diamond dated on 10/10/2006 and numbered 2006/11115, both crude diamond in market which are included Kimberley Process Certification System and all polished diamonds which are any type of shape are traded in market.
B) Custody of Diamond and Precious Stones in the Exchange
According to the article 10 of the Regulation; if there is demand from market member and contract of safe (APPENDIX 1) deposit boxes is sign, appropriate size and number of safety boxes can be rented for yearly or daily. For use in custody of diamond and precious stones strong room (vault) is established in market and security of strong room is provided by Exchange. Market members which is received custody service, must give back key of safety boxes when rental period ends. Insure of commodities is in responsibility of market members and they are responsible for commodities which are in their safety boxes. Exchange is responsible for only security of diamond and precious stones vault and not to be responsible for any damage/loss which is coming from commodities in safety boxes.
C) Transaction Method
According to the article 12 of the Regulation; transactions of diamond and precious stones, are occurred in session floor which was organized for market transactions with participation of both exchange officials and representatives of members. Seller and buyer members are come together in appropriate place for analysing, weighing and interweaving of commodities. It is necessary that transactions are done by physically. After agreement between buyer and seller side, transaction forms must be filled (APPENDIX 2) and given to exchange officials by representatives of members. All evaluation of each diamond and precious stones must be done by buyer and seller and the amount of carats are saved by exchange. Exchange haven’t got any liability and can’t be side of transactions which are occurred in market. The transactions which are occurred in Exchange are saved by Exchange officials with approval of buyer and seller side in the transaction day.
D) Custody Fees
According to the article 15 of the Regulation; if there is a demand for custody of diamond and precious stones from Diamond and Precious Stones Market members, the custody fees which are listed below will be applied; For small size safety boxes 100 US$ / Year, 1 US$ / Day, For medium size safety boxes 125 US$ / Year, 1,5 US$ / Day, For big size safety boxes 150 US$ / Year, 2 US$ / Day,
E) Exchange Fee
According to the article 16 of the Regulation, exchange fee is paid for every transaction by the buyer and the seller separately over weight that is recorded. Exchange fee is 1 US$/carat and minimum 0, 5 US$/carat for the transaction that is below 1 carat.
F) Session
According to the article 17 of the Regulation, session is between 09:30 – 16:30 form Monday to Friday except holidays and other occasions that are announced in advance. Transactions are done in the session floor of the Exchange.
G) People may enter to the session floor
According to the article 18 of the Regulation, buyers, sellers, market members, representatives of members, Exchange officials that are authorized in the market and Exchange staff that are authorized by Exchange Presidency may enter to the session floor. Entry cards with photo will be held for representatives of the market members. These cards should be hung on the collar.
H) Arbitration Committee
According to the article 25 of the Regulation, duty of the Arbitration Committee is to resolve disputes in the market impartially. Full members and substitute members of the Diamond and Precious Stones Market Arbitration Committee are designated in the first meeting of the Exchange Board of Directors following to achievement of adequate number of members.
I) Arbitration Fee and Expenditures
According to the article 30 of the Regulation, referees fee is determined in the arbitration committee selection meeting of the Board of Directors.
J) Diamond and Precious Stones Finding Lost in the Exchange Building
According to the article 32 of the Regulation, market members are informed about diamond and precious stones finding lost in the Exchange building. Final decision about precious stones that are declared as a lost by member or members is issued by the Board of Directors. Precious stone that its owner is not found are preserved for 5 years by the Exchange. At the end of the 5 years any application about the precious stone are not considered. At the end of the 5 years that precious stone are sold according to the article 36 of the Regulation and also its worth is recorded as revenue of the Exchange.
Membership Undertaking
DIAMOND AND PRECIOUS STONESS MARKET MEMBERSHIP UNDERTAKING
