Sheikha Lubna bint Khaled Al-Qasimi, UAE minister of economy, said that Dubai exports of precious and semi-precious gemstones in the first six months of 2006 alone have exceeded values of AED2.4 billion, firmly establishing the emirate as a new world center for the gemstone trade.

In her keynote speech at the launch of the 12th Biennial International Colored Gemstone Association (ICA) Congress in Dubai yesterday, she said "last year, the UAE accounted for more than AED22 billion of the AED537 billion global jewelry market, almost a third of the regional total." "The gemstones sector is playing an increasingly larger role in this trade. In the first six months of 2006, Dubai exported AED2.44 billion worth of precious and semi-precious stones, which adds up to over 28 percent of total exports. The import, export and re-export of precious commodities as a whole, meanwhile, amounted to over AED 22 billion. Truly impressive figures."

"What the International Colored Gemstone Association is witnessing here in the UAE as regards promoting the colored gems business is phenomenal," said Joseph Menzie, New York based International Colored Gemstone Association president at the opening ceremony.

"In a region that culturally embraces color in every aspect of peoples day-to- day and ceremonial life, where sales of emeralds, rubies and sapphires, as well as the myriad of other gemstones, set the pace for other global markets, we applaud the efforts of DMCC and the Dubai Gold and Jewelry Group to raise the profile and develop the colored stones industry to these impressive heights. New benchmarks in business development and marketing are being set here, and the ICA is committed to work with these industry bodies in any and all ways possible to promote the Emirates to our global gem network and to create a new and exciting global gateway for the gemstone trade," he said.
Some 250 key representatives of the world gem trade attended the conference.