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ICA president speaks on China’s gemstone market
Says the market’s development model is similar to the U.S.
By: Diamond World News Service
Dec 19 2012 2:58PM
Reference: 7488  


Presenting his views on China’s gemstone market at the 2012 World Jewellery Industry Development Summit- Hong Kong, Wilson Yuen, president of ICA spoke of a need for building an integrated colored gemstone database in China. The event took place on November 30, 2012.

Yuen predicted that the development model of the China market would be similar to that of the United States. Products priced at low-to-mid level are most consumed. With the increasing consuming power of the middle class, the mid-to-high priced products will see a smooth development. As for the high-end designs, many international auction houses have entered Hong Kong in recent years, which manifested the great potential of the Greater China market.

Answering the query on whether the Chinese government has proposed a timeline on the colored gemstone tax break, Yuen said we need to make that happen step by step. “It will be much easier to lobby the government if the database on colored gemstones is systemized. Governments of Hunan province and Changsha city, and ICA are working together on the International Gemstone Cultural and Creative Industrial Park project. One of our missions is to build the database,” said Yuen.

The overall theme of the summit which spanned form November 30 to December 1, was ‘branding and innovation’. Many industry experts participated including Mr. François Curiel, President of Christie’s Asia and Mr. Dominique Riviere, jewellery design instructor of Fashion Institute of Technology, New York. The summit was funded by the CreateHK under the Commerce and Economic Development Bureau of HKSAR government. It was organized by Hong Kong Jewelry Manufacturers’ Association (HKJMA). ICA is the summit’s supporting organization.

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