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ICA Congress opens in Dubai

May 08, 2007

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Dubai, United Arab Emirates—Discussions about Dubai's economic climate and its role in the jewelry industry dominated the first day of discussions at the International Colored Gemstone Association (ICA) Congress.

The 12th Biennial ICA Congress opened on Monday at the Al Murooj Rotana Hotel and Suites in Dubai's business district.

"Gold and jewelry have always been an essential aspect of life in Dubai," Dubai Multi Commodities Centre (DMCC) Chief Executive Officer Ahmed bin Sulayem said in a presentation.

Sulayem and several other DMCC executives highlighted the growth potential of the jewelry trade in Dubai. Last year, the United Arab Emirates' gross domestic product (GDP) increased 23 percent to $163 billion, with an economic growth rate of almost 9 percent.

A recent report by AT Kearney finds that the United Arab Emirates' GDP could increase by 60 percent by 2010, with an 11 percent average growth rate, through continued economic diversification based on direct investment, globalization and the development of new industries. The United Arab Emirates' government is reviewing its current trade policies to ease the movement of commodities, including the possible elimination of a 5 percent duty on colored gemstones in certain regions.
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