ICA congress attracts coloured gemstone industry experts

ICA Congress on the future of coloured gemstones, hosted by the Dubai Multi Commodities Centre (DMCC) Free Zone Authority, received a positive response from from the participants and global executives.

During the four-day event, the industry experts discussed how to stay up-to-date on the geopolitical and social dynamics that are shaping the gemstone industry today.

Ashish Vijay, founder and chairman of House of Ashish Vijay, said there is a huge potential for coloured gemstones industry to grow in Dubai.

"Dubai is a financial hub that connects all of Africa. We are creating a platform that will help finance and connect small scale miners to get the goods directly in Dubai for auctions in DMCC. I believe this will have a strong impact on the coloured gemstones industry and support grow the idea of building a community right here in Dubai," said Vijay, who is also presenting sponsor of the event.

On the future plan for auction and tender for coloured gemstones in Dubai, he said: "We are also working towards a joint venture between house of Ashish Vijay and ICA to conduct tenders and auctions in DMCC."

He said there is no doubt that Dubai will emerge as the centre for the coloured gemstones industry where miners, traders and manufacturers create an encouraging atmosphere for the future.

Ahmed bin Sulayem, executive chairman, and chief executive officer of DMCC, said Dubai has become a destination for the record-breaking stones; whether they're diamonds, emeralds, rubies, sapphires.

"We've had a number of pearl tenders as well. So, today I'm looking to do more. We're looking to engage. We're looking to educate and show the world that you could get colour stones that are more valuable than the famous diamonds,” he said.

Damien Cody, incoming president of the International Coloured Gemstone Association, said: “We've just had a trade show here in Dubai, which from all reports, was highly successful. The auctions, Sotheby's, Christie's auctions around the world are setting record prices. So, the future for coloured gemstones remains very bright, very strong. And Dubai, as being a central hub for that growth is going to be vitally important.”

On future collaboration between ICA and DMCC, he said: “We've only just begun. It's a beautiful love affair that we started back in 2007 and now some 13-14 years later, it's really blossoming into something potentially very big for the colour gemstone industry."

"We're really looking forward to developing all of these thoughts with DMCC. The idea of having a free port for coloured gemstones in the UAE would be an incredible boost for our industry, and it would really set off Dubai as the hub for coloured gemstones worldwide."

Clement Sabbagh, president of the International Coloured Gemstone Association, said: “We think it's a very important moment to join forces with the international gem community with the Dubai team here at the DMCC under Mr Ahmed. And we see a great future ahead of us here.”

— business@khaleejtimes.com

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