Creating awareness on coloured stones

ICA recently held its first congress in Dubai. Andrew Cody, the new president of the organisation, talked to Gulf News about developing the Dubai gemstones market through creating awareness about coloured stones.

Gulf News: Why did you choose Dubai for your conference?

Cody: We were approached by the DMCC to hold the conference here. They believe the market for gemstones is quite large here. It is a new developing market. So what better way to introduce the colour gem industry than to have a convention in Dubai. We decided on Dubai because we see that this market is going to grow for sure. The potential is enormous. Colour gemstones are a beautiful commodity, which is under-utilised here. There is not a lot of knowledge here. So we will assist our members to come into this market probably by doing exhibitions with wholesalers. We can also straight go the consumer and educate the consumer. We can have special exhibitions for emeralds, for rubies and so on. Slowly but surely the market will become used to these gems. It is a multi-billion market worldwide.

Gulf News: Is the market very small in Dubai?

Cody: Yes, at this stage it is in its infancy. But what a great opportunity! Dubai has created an environment for the gem industry to take advantage of. We see lowering of taxes from five per cent to zero to be important. We see changes to the Carnet system. It is an international system which allows commodities to go from one country to another without paying duty and taxes. There are 80 countries that are part of this arrangement and Dubai is about to join it. Our members are already forging partnerships here with members of the Dubai gem and jewellery community.

Gulf News: What is the global trade value in gems?

Cody: It is difficult give a figure. It is all part of the jewellery trade which is $170 billion. We do not know what percentage of that is coloured stones. It is certainly going to be in billions of dollars.

Gulf News: How do coloured stones compete with diamonds?

Cody: They compete because they are natural beauty, although there is no marketing force behind coloured gemstones as it is with diamonds. People are definitely going towards coloured stones. Any fashion magazine you choose, they are looking at different colours. The coloured gem industry is blossoming. Lots of larger organisations are getting involved in coloured gems.

Gulf News: What are the growth prospects in Dubai?

Cody: We see a great deal of potential here. And think of tourism. Seven million tourists in a small place is a great number. Even if there is 10 per cent increase per annum it is still phenomenal business that will come from that.