Wilson Yuen, president of ICA, gave an overview of China’s gemstone market at the 2012 World Jewellery Industry Development Summit-Hong Kong on November 30. He addressed the need to build an integrated colored gemstone database in China.

In his speech, 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.

When being asked if there is any timeline proposed by the Chinese government 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 summit was held on November 30 and December 1, with more than800 participants. The overall theme was “branding and innovation” and was also addressed by other industry experts such as Mr. François Curiel, President of Christie’s Asia and Mr. Dominique Riviere, jewellery design instructor of Fashion Institute of Technology, New York.

The 2012 World Jewellery Industry Development Summit was funded by the Create HK 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.