ICA Congress Opens in Dubai

A host of speakers took to the stage at the opening session of the International Colored Gemstone Association’s (ICA) 12th biennial congress in Dubai Monday. Discussions on the role the emirate can play for members of the ICA, dominated the first day of discussions.

Ahmed bin Sulayem, COO the Dubai Multi Commodities Centre (DMCC) told participants that consumers are showing greater interest in gemstones in the Middle East.

“The gems sector is playing a larger role in the [jewelry] trade,” said Sheikha Lubna al Qassimi, Minister of Economy UAE, adding that the United Arab Emirate’s jewelry market in 2006 was worth more then $6 billion, almost a third of the regional total.

Qassimi went on to pitch the UAE‘s business-friendly environment, its free trade zones, and major tax breaks as reasons to invest in local facilities.

The future of world trade is in the Far East, emphasized Peter Meeus, special advisor diamonds for the DMCC, noting that there were 10 million engagements and weddings in China last year alone. “The increase of the population in India and China in the next 10 years will equal the existing population in America and Europe.”