GemBureau Middle East to provide broad range of resources to ICA members

DMCC and ICA sign agreement to set up dedicated Dubai-based facility

Dubai, November 29, 2007: The Dubai Multi Commodities Centre (DMCC) announced today that it has signed an agreement with the International Coloured Gemstone Association (ICA) to establish ICA GemBureau Middle East, a Dubai-based dedicated facility designed to meet the needs of ICA members and trade representatives, including those based in the Middle East and overseas. The agreement was signed by Mr. Andrew Cody, President of the ICA, and Ms Gaiti Rabbani, Executive Director, Coloured Stones and Pearls at DMCC.

ICA, a non-profit trade association that represents the international coloured gemstone industry, has over 500 members in 46 countries worldwide. The Coloured Stones and Pearls division at DMCC works closely with members of the trade to implement initiatives designed to develop these sectors, and grow the value and volume of trade in coloured gemstones. Earlier this year, in a sign of the increasing importance of Dubai to the international coloured gemstones trade, ICA held its 12th Biennial Congress in the emirate, which met with resounding success.

As part of its continuing effort to support the coloured stones industry, the ICA partners with industry bodies and organisations worldwide to set up GemBureaus, which provide ICA members with information, knowledge and expertise about coloured gemstones. The proposed Dubai-based ICA GemBureau Middle East will effectively complement existing GemBureaus to offer comprehensive services to ICA members worldwide.  In addition to its headquarters in New York, ICA GemBureaus are currently operational in Germany to service the Europe-based members and Thailand to service Asia.

Specifically established to service the region, GemBureau Middle East will be the representative office for ICA in the Middle East. It will serve as the central point of access for all matters related to the organisation, and will provide a broad range of resources for ICA members.

"As the only global organisation that works to increase the understanding, appreciation and sales of coloured gemstones, we recognise that the region is growing significantly in importance for the gemstone industry. The opening of the dedicated Middle East GemBureau in Dubai will provide important infrastructure to support the coloured stones trade, contribute to the growth of the region and foster increased cooperation within the ICA," said Cody.

"We are pleased to be partnering with DMCC in this venture, since the Centre brings along a wealth of expertise in facilitating the commodities trade and also represents the height of local industry expertise in coloured stones. The strong support that DMCC provides as an initiative of the Government of Dubai also adds greatly to the credibility and integrity of the venture, making it the natural choice for a partner," he added.

"Through initiatives such as GemBureau Middle East, DMCC continues to demonstrate its commitment to growing the coloured gemstones trade," said Rabbani. "The DMCC has a longstanding association with the ICA, and we look forward to strengthening our valuable relationship with the GemBureau initiative. Working together with the ICA, we will continue to encourage the continued growth of the coloured gemstones sector here in Dubai and across the wider region. Indeed, the signing of this agreement with ICA marks another important step in the development of DMCC's long-term strategy to make the emirate a hub for the global trade."

The proposed GemBureau Middle East will offer ICA members fully equipped business centre facilities, qualified administrative staff and promotional support to conduct GemBureau activities. Open to all ICA members and members of the regional and international gems trade, GemBureau Middle East will host ICA member and board meetings, and will be the centralised point of access in the region for all matters related to ICA. It will also represent the association at relevant trade shows and industry events.

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About DMCC
Coloured Stones and Pearls The Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai, is committed to reviving the pearling tradition in the UAE, in addition to creating a significant platform for the coloured gemstone trade. The DMCC established a dedicated Coloured Stones and Pearls Division in 2007, to provide traders with the tools they need to continue to grow the market in addition to fostering relations with the international trade and developing industry services. The Current DMCC projects in the portfolio of the Coloured Stones and Pearls Division include the Dubai Gems Club and the Dubai Pearl Exchange.

About ICA
The International Coloured Gemstone Association, headquartered in New York City, is a non-profit trade association that represents the international coloured gemstone industry, an extremely important and influential segment of the jewellery business. ICA has over 500 members in 46 countries worldwide. 

For further information, please contact:
Nicholas Nesson / Sudha Hemmad
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Email: n.nesson@asdaa.com / s.hemmad@asdaa.com

© Press Release 2007