Business | Markets
Dubai could become major centre for gem trade
Dubai as an established jewellery trading hub has the potential to become a major centre for the business in stones such as ruby, emerald and sapphire, industry officials said.
- By Shakir Husain, Staff Reporter
- Published: 00:00 May 8, 2007
Dubai: Dubai as an established jewellery trading hub has the potential to become a major centre for the business in stones such as ruby, emerald and sapphire, industry officials said.
The local gems market is still in its infancy, said Andrew Cody, new president of the International Coloured Stone Association (ICA).
"Dubai has created an environment for the gem industry to take advantage of. The potential is enormous. Coloured gemstones are a beautiful commodity, which is underutilised here. There is not a lot of knowledge here," Cody told Gulf News yesterday at the first ICA conference in Dubai.
The lack of awareness among consumers is considered one of the difficulties in promoting the trade.
Sarwat Abdul Razzak, a director of ARY gold jewellery group, found in a survey that 77 per cent of people in Dubai were not aware that there were synthetic and artificial gemstones. "There is hardly any awareness about coloured stones," she said.
The survey found that only 37 per cent of potential gemstone buyers showed a preference for coloured stones against 63 per cent for diamonds.
There are dozens of different coloured stones and Brazil, Nigeria, Sri Lanka, Colombia and Tanzania are among top producers.
Cody said members of his association have begun talks with Dubai businesses to promote the trade in the emirate.
He said removal of the five per cent customs duty on gems imports will boost the trade. "We see lowering of taxes from five per cent to zero to be important."
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
