The International Colored Gemstone Association (ICA) is about to enter the Chinese gem and jewelry consumer market by establishing an ICA trading foothold, as well as an ICA trademark for colored gemstones.
Negotiations to establish an ICA trading platform in China are “in an advanced stage,” ICA says in a statement. Details of the program will be revealed at the ICA Congress to be held in Bangkok from Feb. 18 to 21.
For the ICA, the Chinese market poses a true challenge, said Joseph Menzie, ICA president, who recently visited the country with others in the jewelry industry.
“It was expressed to me that with effective promotion and marketing campaigns, we can help lift the colored stone business beyond the turnover of the diamond business,” he said. “Of course, to make this work for ICA members to sell gemstone products in China, we will need a platform to work from. An ICA duty/tax-free, state-approved ICA gemstone bourse can and will be crated either in Shanghai or in Beijing. We will also build an ICA brand that will function as a full-fledged quality and trademark for the colored gemstones sold under it.”
Menzie said he believes that in China, ICA has a very rare opportunity to play a pivotal role in the growth of the colored gemstone market, whilst maintaining standards [and] creating a brand for ICA gemstones, giving its membership new opportunities for sales.
“The creation of this brand will help develop consumer confidence, and we will not be competing in a price point battle against other gemstones. This in turn makes possible wider margins for the retailer, and hence more purchases and sales of ICA driven gemstones,” Menzie said.
The full congress program can be downloaded from the ICA web site at www.gemstone.org.