On orders from the Istanbul Chief Public Prosecutor's Office, police raided 23 businesses in the 15th-century covered marketplace, arresting 40 people.
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Turkish police have seized jewels and antiques worth an estimated €26 million from businesses in Istanbul's Grand Bazaar as part of a probe into diamond smuggling, local media reported.
The operation was launched after 10 suspects were initially detained for smuggling gems into Turkey, according to broadcaster CNN Turk. The origin of the diamonds is unknown.
On orders from the Istanbul Chief Public Prosecutor's Office, police raided 23 businesses in the 15th-century covered marketplace, arresting 40 people.
About 135 pieces of jewellery, 1,132 ingots of precious metals and 267 historical artifacts with a value of 1.25 billion Turkish liras (€26mn) were confiscated, according to reports.
Police also seized firearms and unspecified digital material.
The prosecutor's office said the investigation focused on crimes including "establishing an organisation for criminal purposes" as well as violations of the country's anti-smuggling law, news outlet Türkiye Today reported.
The Grand Bazaar is one of the world's most visited tourist sites and hosts thousands of small businesses.
It was established by Sultan Mehmet II shortly after he conquered the city from the Byzantine Empire.
Often described by tour guides as the world's first shopping mall, the Grand Bazaar is no stranger to the attentions of law enforcement.
In April, investigators raided a company dealing in foreign currency and precious metals over money laundering claims.