The International Colored Gemstone Association (ICA) has signed a letter of intent with the government of Hunan, China to establish a national manufacturing and training center for colored gemstones and jewelry in the province's capital, Changsha.

A top-level ICA delegation signed the agreement for the joint-venture project that will also provide for the promotion of colored gemstones, jewelry and minerals throughout China. Wilson Yuen, ICA’s president, also signed an agreement for the joint organization of the ICA's Annual Congress in 2013 to be held in Hunan.

"This is an extremely significant breakthrough for the ICA and the colored gemstone and jewelry industry," said Yuen. "The government of Hunan has been very forward-looking in recognizing the growth of the colored gemstone sector, and the increasing popularity of jewelry set with precious gems in China, and throughout Asia.”

Chinese jewelry buyers are showing a strong preference for items set with colored gemstones, recognizing the versatility they provide from a fashion viewpoint, and this joint venture will create a large manufacturing base, he explained.

ICA earlier this month moved its international headquarters to Hong Kong from New York and now the gemstone center in Changsha will give them a direct connection with local manufacturers looking for a supply of a wide range of gemstones.

ICA and Gemfields Plc have also signed a letter of intent with the Changsha National Economic and Technical Development Zone. The signing ceremony was also attended by Benjamin Mchwampaka, the assistant commissioner for Minerals at Tanzania's Ministry of Energy & Minerals, Jean-Michel Roux, regional director at Greater China Swarovski Gems, and several other industry officials.

ICA, a non-profit organization, was founded in 1984 and has now almost 700 gemstone dealers, cutters, and miners from 47 countries.