Colored Stones

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ICA to launch gem bureau in Dubai

November 30, 2007

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New York—Like their diamantaire counterparts, colored-gemstone dealers are gravitating toward Dubai, United Arab Emirates, as an important new frontier for business operations.

The International Colored Gemstone Association (ICA) announced on Thursday that it has signed an agreement with the Dubai Multi Commodities Centre (DMCC) to establish the ICA Gem Bureau Middle East in Dubai. The facility is designed to be the representative office for ICA in the Middle East, and to provide ICA members and trade representatives, including those based in the Middle East and overseas, with a variety of resources as well as any needed information, knowledge and expertise on colored gemstones.

In addition to its headquarters in New York, ICA operates gem bureaus in Germany, India, Japan, Korea and Thailand as a service to some 500 members of the international colored-gemstone industry in 46 countries worldwide.

ICA President Andrew Cody and ICA Vice President Prida Tiasuwan were in Dubai for the official signing of the agreement with Gaiti Rabbani, the DMCC's executive director for colored stones and pearls.

"As the only global organization that works to increase the understanding, appreciation and sales of colored gemstones, we recognize that the region is growing significantly in importance for the gemstone industry," Cody said in a press release. "The opening of the dedicated Middle East Gem Bureau in Dubai will provide important infrastructure to support the colored-stones trade, contribute to the growth of the region and foster increased cooperation within the ICA."

The colored stones and pearls division at the DMCC works closely with trade members to implement initiatives designed to develop the two sectors, and to grow the value and volume of trade in colored gemstones overall. Earlier this year, in a nod to Dubai's growing role in the international colored-gemstone trade, the ICA held its 12th biennial Congress in the city, which met with great success, the ICA release said.

Partnering with the DMCC, a strategic initiative of the Dubai government, brings "credibility and integrity" to the venture as the ICA simultaneously draws on a wealth of local industry expertise in colored stones, Cody said.

"Working together with the ICA, we will continue to encourage the continued growth of the colored-gemstones sector here in Dubai and across the wider region," Rabbani said in the release. "Indeed, the signing of this agreement with ICA marks another important step in the development of DMCC's long-term strategy to make the emirate a hub for the global trade."

The new bureau will offer ICA members fully equipped business center facilities, qualified administrative staff and promotional support to conduct Gem Bureau activities. Open to all ICA members and members of the regional and international gems trade, Gem Bureau Middle East will host ICA member and board meetings, and will be the centralized point of access in the region for all matters related to the ICA. It will also represent the association at relevant trade shows and industry events.
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