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Magazine > Industry News > News Content

World Jewelry Center gets its first close-up

Author: Susan Thea Posnock 10/28/2006 6:13:21 PM

OCTOBER 27, 2006 - Las Vegas -- With its founding companies onboard, the World Jewelry Center (WJC) held a ceremony here Wednesday to officially introduce the ambitious, several hundred million dollar project.

Former Gemological Institute of America President Bill Boyajian was joined by developer Robert Zarnegin and Las Vegas Mayor Oscar B. Goodman as they kicked off the project, which will be built on about 5.4 acres in Union Park, a downtown urban development project.

The center is billed as a jewelry mega-market, bringing together the corporate offices of several hundred domestic and international gem and jewelry companies, who will buy space in an impressive trade tower, as well as a free-standing gallery of retail jewelry stores meant to target middle-market consumers. The WJC also calls for an educational component that will include a museum. It is planned to open for business sometime in late 2009 or mid-2010.

"There is definitely a need in the jewelry trade for a visionary project that brings the world together in a one-stop shop," Boyajian, managing director, told attendees.

He said the 10 companies that have agreed to be a part of the project so far are Alan Friedman Designs, Chow Tai Fook Group, Estet Jewelry Co., JPI Packaging, Kazanjian Bros., Lucent Diamonds, Robert Wan Tahiti, SimplexDiam, Super Bell Jewelry and Tycoon Inc.

He added that the American Gem Society, which is based in Las Vegas, has signed a letter of intent to also be a part of the project.

Boyajian said with its fast growth and millions of yearly visitors, Las Vegas is the best site for the center.

"I don't believe that this project would work in any other city in the world," he said.

Goodman said the project is the perfect fit for a city that is called "the jewel of the desert."

"We're very excited about this global project coming to our city. The World Jewelry Center will revolutionize the jewelry industry as well as change the way people and businesses view Las Vegas," said Goodman in a statement. "The entire concept of the World Jewelry Center is very progressive and will fit in well with all the other innovative, international business projects coming to our city. The tower itself will change the face of the Las Vegas skyline and become a key landmark."

In addition to being a jewelry commerce center, Boyajian said he's working with the Council for Responsible Jewellery Practices (CRJP) on getting companies who sign on to the WJC to become CRJP members to ensure that they hold to the highest ethical standards.

Among the features meant to attract companies to the WJC are state-of-the-art security, secure shipping and receiving, gem-grading labs and educational facilities, trade associations and plans for a dedicated Foreign Trade Zone.

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