ICA Executive Director Barbara Wheat has announced that the ICA Congress, which opened on May 6 in Panyu, China to nearly 1000 participants including 160 foreign delegates, was the largest congress to be held to date.



At the opening event, several high-level Chinese officials discussed the rapidly expanding Chinese market in terms of exports, imports and domestic jewelry consumption (nearly $30 billion).



The speakers also spoke of ways that foreign firms can gain access to the growing Chinese domestic market, which is the world’s largest consumer of platinum, second largest consumer of diamonds, and third largest consumer of gold.



Colored gemstone jewelry constitutes about 5% of total domestic jewelry sales but is steadily growing as Chinese women increasingly regard jewelry as a fashion statement rather than an investment vehicle. The most popular colored gemstones in China are jade, rubies, sapphires, and emeralds although other gems are gaining popularity as consumers become more educated about the stones.



One of the conference’s main focuses was the presentation of a project for the standardization of colored gemstones in China with the aim of improving quality, industrial competitiveness and consumer awareness. ICA has signed a memorandum of agreement with China’s National Gemstone Testing Center (NGTC) to work together for the implementation of nomenclature and quality standards.



The ICA Congress will end today May 10, in Panyu, China’s largest jewelry manufacturing area.