Dubai’s DMCC showcases potential of coloured gemstones at ICA Congress

Given the ease of doing business element, Dubai will emerge as the centre for the coloured gemstones industry where miners, traders, and manufacturers create an encouraging atmosphere for the future

Hosted by the Dubai Multi Commodities Centre (DMCC) Free Zone Authority, the ICA Congress on The Future of Coloured Gemstones garnered a positive reception from global executives and participants as they deliberated upon nuances and intricate art of the industry to stay attuned to the ever-evolving geopolitical and social landscape that influence its present state. 

During the four-day event, the august gathering discussed the potential of the coloured gemstones in the market, citing Dubai as a destination for valuable coloured stones including diamonds, emeralds, rubies, sapphires, and pearls vis-à-vis informing the world about the value of colour stones and their potential in the market. 

It is beyond doubt that, given the ease of doing business element, Dubai will emerge as the centre for the coloured gemstones industry where miners, traders, and manufacturers create an encouraging atmosphere for the future.

Ashish Vijay, Founder and Chairman of House of Ashish Vijay, said “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 auction in the DMCC. I believe this will have a strong impact on the coloured gemstones industry and support ideas of building a vibrant community right here in Dubai,” 

Ashish Vijay, who is also presenting sponsor of the event, further said, “we are working towards a joint venture between the House of Ashish Vijay and the ICA to conduct tenders and auctions in the DMCC as the future plan for coloured gemstones in Dubai.”

Ahmed Bin Sulayem, the Executive Chairman and CEO of the DMCC, said, “The success of the diamond community in Dubai sends a message to the colour stones industry not to overlook the Emirates, especially during the pandemic. I have full confidence in the economic ability of the UAE to bounce back and create opportunities for traders, and relationships and trust building in the industry.”

“We’ve had several 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.

Ahmed Bin Sulayem further said, “The global recession in 2008-2009 impacted the luxury industry first, but he does not believe that the same will happen this year. In 2017 and early 2018, the VAT was implemented on B-to-B gold and diamond businesses, but His Highness Sheikh Mohamed bin Rashid instructed the cabinet to reverse it. I am confident that the same will happen for coloured stones, lab-grown diamonds, and pearls this time around also.”

Damien Cody, incoming president of the International Coloured Gemstone Association, said: “We’ve just had a trade show here in Dubai, which was highly successful. The auctions, Sotheby’s, and Christie’s auctions around the world are setting record prices. So, the future for coloured gemstones remains very bright, and 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 collaboration that we started back in 2007 and now some 13-14 years later, it’s blossoming into something potentially very big for the colour gemstone industry.”

“We’re looking forward to developing all of these thoughts with the 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 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 critical juncture 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. I think the success of the diamond community here also sends a message to the colour stones industry as well that this is a place not to overlook.”

“This year our upcoming tenders include diamonds, precious and semi-precious stones. This is the first time it is happening and when concluded successfully, it will be a great addition to the achievements of the DMCC and Dubai.”