[ World Jewelry Center Las Vegas ]
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Possibility of a New Diamond Exchange in Las Vegas
(December 18, '06, 4:58 Signe Katz found at idexonline.com
)
The team from the World Jewelry Center project in Las Vegas is in Israel trying
to drum up potential clients for its new jewelry complex set to open in 2010.
Managing Director of the project, William Boyajian, said, “There is talk of
creating a diamond exchange, a bourse, in the building, if it’s good for the
industry and I’m leaning in that direction right now.”
Ya’akov Almor, media liaison for the World
Federation of Diamond Bourses (WFDB), said that a new bourse “is welcome,
it all depends on the needs of the trade. The WFDB
is always in favor of enlarging its base as long as there is a viable basis for
its existence.”
Boyajian admitted that the new center may take away from other world centers but
that he hopes the jewelry industry can see the advantages in having a world
jewelry center in Las Vegas.
Boyajian is meeting with Israeli diamantaires to tell them about the benefits of
buying a piece of the World Jewelry Center. The building will be composed of two
structures; the 60-story tower for jewelry dealers and manufacturers with the
top 12 floors reserved for residential condominiums, and a retail jewelry center
that will hold approximately 60 retail stores. The offices are for sale with no
option for leasing while the retail center will only be available for lease.
A strong draw for the jewelry industry, according to Boyajian, is the fact that
the center will most likely be “a foreign trade zone.” For the industry,
that means goods can move in and out of Las Vegas duty-free and could thus, be
used as a distribution center. Duty would only apply to goods once they are
sold.
Boyajian said he would like to see 10 to 15 quality Israeli firms buy properties
in the tower over the next six months. He described interest from Israeli
diamantaires as “good.” He said that so far, Avi Paz, president of the
Israel Diamond Exchange, has signed a letter of intent to buy a property in the
building. Shmuel Schnitzer, former president of the IDE, has also signed a
letter of intent.
The World Jewelry Center plans
to attract unique clients from the diamond, pearl, colored gem, and jewelry
industries. To this end, the project will launch a multi-million dollar
advertising campaign. The Center has been given one year by the City of Las
Vegas to get 25 percent of the clients to sign letters of intent. In the first
four months, the Center said it has signed on 15 percent of the number of
clients they require to move ahead with the project.
Las Vegas is the fastest growing city in the U.S. with 40 million visitors in
2005. It is also the country’s largest convention market.
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